Here is the MiBiz Growth Report for Aug. 20, 2018.
- Greenville-based investment firm Tillerman Seeds LLC acquired Legacy Seeds Inc., a producer of alfalfa, corn, wheat and soybean seeds in Scandinavia, Wis. The transaction included Legacy Seeds’ assets and real estate, as well as operations in Nampa, Idaho. Following an acquisition last October of Dansville, Mich.-based DF Seeds LLC, Tillerman Seeds’ combined operations generate nearly $40 million in annual revenues and supply more than 800 farms in Michigan, Wisconsin and Idaho with seeds tailored to local microclimates. Grand Rapids-based investment banking firm Tillerman & Co. helped with capital formation for the deal. Horizon Bank provided senior debt financing to Tillerman Seeds for the transaction, while Effingham, Ill.-based private equity firm Open Prairie Ventures provided subordinated debt financing. The Grand Rapids office of law firm also advised Tillerman Seeds on the deal.
- Medbio Inc., a Grand Rapids-based manufacturer of injection moldings, assemblies and packaging for the medical device and biotech industry, sold a majority stake to Philadelphia-based Graham Partners, a private equity firm. Terms of the deal, which became effective July 17, were undisclosed. President and CEO Chris Williams said his family will continue to hold a substantial interest in Medbio after the deal. Southfield-based investment banking firm Cascade Partners LLC and its affiliate Cascade Growth Partners recapitalized its investment in Medbio along with the Graham Partners deal.
- Grand Rapids-based private equity firm Auxo Investment Partners has acquired Williamston-based Midway Rotary Die Solutions. The deal adds new capabilities to Auxo’s existing die manufacturing platform, which includes Elkhart, Indiana-based Atlas Die LLC and the Rochester Hills-based Bernal LLC. The deal for Midway includes a 20,000-square-foot facility in Williamston. Auxo plans to bring on all 50 of Midway’s employees. Terms of the deal were not disclosed. Advisers on the deal were NuVescor Group LLC; law firms Miller, Johnson, Snell & Cummiskey PLC and Barnes & Thornburg LLP; accounting firm BDO USA LLP; Mercantile Bank of Michigan; investment firm Oxer Capital Inc.; Aon plc; and Advantage Benefits Group Inc.
- M&A: Grand Rapids-based private equity firm Concurrence Capital Holdings LLC closed on a deal to acquire Utility Contracting Co. of Sparta, MiBiz was first to report this month. The full-service telecommunications contractor works with clients ranging from local telephone service providers and wireless carriers to municipal networks and private companies. The company operates four field offices in Grand Rapids, Kalamazoo, Lansing and Saginaw. Terms of the deal were not disclosed. Concurrence Capital raised more than $3.8 million in equity from 20 investors in conjunction with the transaction, according to filings with federal securities regulators.
- Muskegon-based Betten Baker Auto Group has acquired Kent City Ford, its fifth dealership deal this year. Betten Baker plans to relocate the franchise to Coopersville. The company expects the new Ford store to open in 2019, according to a statement. Terms of the deal were not disclosed. In Kent City, Betten Baker plans to keep open a used vehicle sales office, as well as a parts and service center. The growing dealership group operates stores in 18 locations and employs more than 850 people.
- Byron Center-based M&K Truck Centers has acquired two Michigan-based Volvo truck dealerships in Flint and Saginaw from Graff Truck Centers Inc., according to a statement. Terms of the deal were not disclosed. M&K now operates 18 dealership locations spanning Michigan, Indiana, Illinois and Pennsylvania. The company added 20 new employees along with the deal, bringing its headcount to more than 800 people.
- Private equity-backed Blue Sky Vision LLC acquired Sussex Vision Center in Coldwater and EyeCare Associates of Haslett and Perry. In Coldwater, the investment will allow Dr. Michael Sussex, who founded the eye care practice more than 30 years ago, to begin transitioning to retirement. Sussex Vision has locations in Coldwater, Sturgis and Three Rivers. Terms of both deals were undisclosed. A management services company, Blue Sky Vision formed in early 2017 when Chicago-based private equity firm Sterling Partners acquired a majority stake in Grand Rapids Ophthalmology PC. Blue Sky Vision has since acquired Vitreo-Retinal Associates, Michigan Optical, Shoreline Vision, Walker Surgical Center, Lakeshore Eye, and Surgical Care Center of Michigan.
- The Center for Physical Rehabilitation acquired O’Donald Physical Therapy in downtown Greenville. Founded by Kimberlee O’Donald, O’Donald Physical Therapy employs five staff members. Kimberlee O’Donald will serve as the clinic manager. The Center for Physical Rehabilitation, which now operates six practices in West Michigan, has plans for cosmetic updates to the interior of the 2,200-square-foot office.
- Grand Rapids-based RedWater Restaurant Group LLC signed a definitive agreement to acquire Boatwerks Waterfront Restaurant in Holland from Joe Walsh. Walsh started the business — located at 216 Van Raalte Ave. — in 2006. Terms of the deal were not disclosed. RedWater operates six Grand Rapids-area restaurants.
- Lansing-based Triton Industries Inc., the manufacturer of the Manitou brand of pontoon boats, has agreed to sell to Bombardier Recreational Products (TSX: DOO), a Quebec-based vehicle manufacturer, according to a statement. The family-owned Triton employs about 160 people and maintains a network of 150 dealers. The deal is expected to close in the third quarter of BRP’s current 2019 fiscal year. Terms of the deal were not disclosed.
- Grand Rapids-based packaging manufacturer Precision Poly LLC was acquired along with parent company Spire Flexpack Inc. in a deal with Franklin Park, Ill.-based Transcendia Inc. The acquisition enhances Transcendia’s growing food and beverage segment, according to a statement. Terms of the transaction were not disclosed. Spire Flexpack was advised by Cleveland, Ohio-based banking firm KeyBanc Capital Markets Inc. and Atlanta, Ga.-based law firm FisherBroyles LLP. Transcendia was advised by New York City-based law firm Fried, Frank, Harris, Shriver & Jacobson LLP and Chicago, Ill.-based Richter Consulting Inc.
- Spartan Michigan LLC, a joint venture of Ireland-based Glanbia plc, Select Milk Producers Inc. and the Dairy Farmers of America, plans to develop a $425 million, 146-acre processing facility in St. Johns that will process more than 8 million pounds of milk per day. The company expects construction on the 360,000-square-foot facility to be completed by December 2020. The state will create a new agricultural processing renaissance zone for the Spartan Michigan project. The zone will also benefit Proliant Dairy Michigan, which plans to invest up to $85 million to build an adjoining 85,000-square-foot facility. Proliant aims to produce an estimated 400,000 pounds daily of permeate solids, a byproduct of milk processing.
- Coloma-based bulb grower DeGroot Inc. plans to add 60,000 square feet to its existing Berrien County warehouse, including a 9,000-square-foot cooler. The $1 million investment in Coloma Township could result in the creation of five new full-time jobs and 15 part-time positions, according to a statement. The company received a tax abatement from Coloma Township and assistance from Cornerstone Alliance, a Berrien County economic development agency. The expansion is expected to be completed sometime in December.