Here is the MiBiz Growth Report for Jan. 8, 2018:
• M&A: Holland-based Lakewood Fab Tech LLC was acquired by Pewaukee, Wis.-based Venturedyne Ltd., the holding company for Holland-based Thermotron Industries, a manufacturer of environmental test chambers and vibration test systems. Thermotron was Lakewood’s primary customer, supplying the firm with various stainless steel components for its test chambers. The companies also are located across the street from each other. Terms of the deal were not disclosed.
• M&A: Fort Wayne, Ind.-based Franklin Electric Co. Inc. (Nasdaq: FELE) acquired Lansing-based Valley Farms Supply Inc. for $9 million, according to a statement. Valley Farms, which had consolidated annual sales of about $28 million, has three locations in Michigan and one in neighboring Indiana. The company will operate under Headwater Companies, a wholly owned distributor of Franklin Electric.
• M&A: Hungerford Nichols CPAs + Advisors in Grand Rapids merged with Gerbel & Co. PC in St. Joseph. Robert Gerbel, who founded the firm in 1968, and his company’s staff have joined Hungerford Nichols. The merger expands Hungerford Nichols’ staff to 90 people in Grand Rapids, Greenville and St. Joseph, and “strengthens our ability to serve our clients, as well as attract new ones throughout West and Southwest Michigan,” said Tom Prince, a shareholder at Hungerford Nichols. Terms of the deal were undisclosed.
• M&A: Sassy 14 LLC, a Grand Rapids-based producer and marketer of products for the development of babies, was acquired by Hamco Inc. in Gonzales, La. Hamco, a wholly owned subsidiary of Crown Crafts Inc. (Nasdaq: CRWS), paid a preliminary price of $6.5 million for Kentwood-based Sassy 14’s inventory, intellectual property and other assets, while also assuming certain liabilities. The final purchase price may change after the completion of an inventory valuation. Hamco plans to integrate sourcing and sales for Sassy 14’s product lines into its Gonzales facility and maintain a product development office in Grand Rapids.
• M&A: Emeryville, Calif.-based Devon Self Storage has acquired a family-owned portfolio of self-storage facilities including two in Holland Charter Township and another in Georgetown Township. According to a statement, the deal involved Lakewood Self Storage Center at 257 W. Lakewood Boulevard, Felch Street Self Storage at 12285 Felch St. near Holland and Georgetown Mini Storage at 7062 12th Ave. in Jenison. The former owners of the portfolio were not disclosed. The deal involved 212,668 square feet of rentable space spread across 1,296 units, plus 47 stalls for recreational vehicles. Occupancy across the portfolio stands at 94 percent. Irvine, Calif.-based Talonvest Capital Inc., a boutique self storage and commercial real estate advisory firm, helped Devon secure a $9.1 million non-recourse loan for the West Michigan acquisitions, according to a statement.
• M&A: Zeeland-based subcontractor Town & Country Electric Inc. has acquired electrical contractor Pyramid Control Inc. of Midland. According to a statement, the deal positions Town & Country to serve Mid-Michigan customers from Pyramid’s offices in Midland and Ithaca. Pyramid, which was founded in 1982, specializes in heavy industrial and agricultural businesses, along with other commercial clients. Town & Country focuses on installing electrical technology for a variety of business clients. Terms of the deal were not disclosed.
• M&A: Holland-based JR Automation Technologies LLC has acquired the automation systems business of Waverly, Iowa-based Doerfer Corp. For JR Automation, the acquisition increases its automated solutions footprint in North America, enabling the company to better serve its customers, according to a statement. The deal includes Doerfer-owned operations in South Carolina, Tennessee, France, Romania, Singapore and China. Terms of the deal were not disclosed. Since 2015, JR Automation has been owned by Crestview Partners, a New York-based private equity firm.
• M&A: The owners of Saugatuck-based For The Love Of Shoes have acquired Saugatuck Traders, a men’s and women’s sportswear retailer, after former owner Marsha Burd decided to retire, according to a statement. The deal closed on Jan. 3. Saugatuck Traders plans to reopen by Feb. 1.
• Expansion: Symmetry Medical Manufacturing Inc., known as Tecomet, a leading provider of medical devices and aerospace and defense products, plans to invest $14.5 million into a Lansing-based project, adding 160 jobs. The company wants to create a precision machining center and a 30,000-square-foot expansion at the company’s 5858 Enterprise Drive location, according to a statement. The expansion project will be completed in December 2018 if approved by the Lansing City Council and State Tax Commission.
• Expansion: After outgrowing its Lansing-area facility, global apparel manufacturer Cintas Corporate Services Inc. (Nasdaq: CTAS) plans a $17 million expansion that’s expected to create 70 jobs. The company will purchase land adjacent to its existing Delta Township facility and build a new industrial cleaning facility with office space, according to a statement. The company didn’t indicate when construction would start on the project.
