Published in Breaking News

MiBiz Growth Report: April 4, 2016

BY MiBiz Staff Sunday, April 03, 2016 03:54pm

Here is the MiBiz Growth Report for April 4, 2016:

• M&A: Cuyahoga Falls, Ohio-based Americhem Group acquired Vi-Chem Corp. of Grand Rapids, according to a statement. Vi-Chem is a supplier of plastic compounds for injection molding, extrusion and blow molding applications. Its customers include companies in the automotive, medical and industrial sectors. Terms of the deal, which closed March 18, were not disclosed. Americhem, a manufacturer of color and additive plastic compounds for the polymer industry, will maintain Vi-Chem’s Grand Rapids operations, where the company employs 85 people. 

• M&A: Pro-Temp Inc., a commercial HVAC and refrigeration service firm, was acquired by Holland-based Kroger Enterprises Inc., according to a statement. Pro-Temp, which is also based in Holland, will continue to operate under its current name. The seller was advised on the deal by Rua Associates LLC

 M&A: Lake Michigan Insurance Agency of Grand Rapids has added to its geographic service area with the acquisition of Traverse City-based Bonner Insurance Agency Inc. The independent Bonner Insurance Agency serves individual and commercial clients in the northwestern part of Michigan and was founded in 1984 by Fred Bonner, who will remain at the organization, according to a statement. For the buyer, a division of Lake Michigan Credit Union, the deal opens up new territory, while Bonner Agency gains access to the credit union’s host of services. Terms of the deal were not disclosed.

• M&A: New York City-based Lightstone Value Plus Real Estate Investment Trust III Inc. acquired the 86-room Hampton Inn hotel at 900 North Canal Road in Lansing for $10.5 million, according to a statement from real estate research firm CoStar Group Inc. The acquisition came from proceeds from the non-traded REIT’s initial public offering, according to the statement. The firm plans to spend approximately $500,000 to upgrade to the hotel.

• M&A: Grand Rapids-based Andy J. Egan Co. has acquired 3D Imaging Services LLC, a Flint-based construction technology and digital modeling firm, according to a statement. The acquisition will add laser imaging scanning and other capabilities to Andy Egan’s operation. 3D Imaging Services previously served Andy Egan as a prefered vendor. Terms of the deal were not disclosed. 3D Imaging Services will move its operation to the Andy Egan campus in Grand Rapids but continue to operate as a standalone entity.

• Joint venture: Rua Associates LLC in Zeeland formed joint venture with The Midland Group, a Fort Wayne, Ind.-based business advisory firm. The partnership comes as both firms look to expand their capabilities to include more family business transition services, while expanding both firms’ geographic footprints, according to a statement.

• Expansion: Spartan Motors Inc. (Nasdaq: SPAR) plans to build a new manufacturing plant at its campus in Charlotte, Mich. The company expects to use the 85,000-square-foot manufacturing facility to produce Class 6 and Class 7 medium- to heavy-duty trucks, according to city records. Production at the new facility, which is expected to create 55 new jobs, is slated to begin in the first quarter of 2017. 

• Expansion: British Columbia, Canada-based Western Logistics Inc. broke ground recently in Zeeland Township on a new 30,000-square-foot distribution center, according to a statement. The company plans to use the facility to support its expansion in the United States. Western Logistics, which currently operates a facility on 96th Avenue in Holland, specializes in transporting commercial and residential furniture. The company expects the new projects to be completed by mid-summer 2016. Zeeland-based Midwest Construction Group will serve as the general contractor for the project.

• Expansion: Aluminum manufacturer Tubelite Inc. announced it had completed a 33,000-square-foot expansion project at its corporate headquarters in Walker. The project adds an engineering test laboratory, fabrication training area, additional space for extrusion racking, and new equipment, according to a statement. Tubelite produces and distributes aluminum storefront, curtainwall, entrance and daylighting systems. 

• Expansion: Phoenix, Ariz.-based Knight Transportation Inc., a nationwide transportation and logistics firm, plans to open its first Michigan branch at 555 Fourth St. NW in Grand Rapids, where it will establish a “solutions team,” according to a statement. The firm will invest $574,000 in its new facility over the next three years and expects to hire 87 workers to support the operation.

• Expansion: Electronics manufacturer Firstronic LLC is planning to increase capacity at its Grand Rapids facility with the help of a $200,000 performance-based grant. Firstronic plans to invest up to $1.85 million in the project. 

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