Published in Breaking News

MiBiz Growth Report: July 24, 2017

BY MiBiz Staff Sunday, July 23, 2017 02:23pm

Here is the MiBiz Growth Report for July 24, 2017.

• M&A: Ludington-based West Shore Bank acquired Ellis Capital Management in Muskegon. The deal, which closed July 17, extends West Shore Bank’s wealth management services into Muskegon, Ottawa and Kent counties. The bank, with assets of $426 million, previously provided wealth management at its seven branches in Ludington, Manistee and Hart. Ellis Capital Management founder David Ellis, who started the firm in 1997, and his staff joined West Shore Bank’s Wealth Management group. He became a senior vice president primarily responsible for growing the Grand Rapids and Muskegon regions. Ellis Capital Management offices in downtown Grand Rapids and Muskegon will operate under the name of West Shore Bank-Wealth Management. Warner Norcross & Judd LLP advised West Shore Bank in the transaction. Ellis Capital Management was advised by the law firm of Parmenter O’Toole PC.

• M&A: C&S Electric, a subsidiary of Steelcase distributor Custer Inc. of Grand Rapids, acquired Erickson Electric Service Inc., a Grand Haven-based electric contractor that works in the commercial, industrial, telecommunications and residential markets around West Michigan. Erickson Electric Service will now operate as C&S Electric, according to a statement. The deal, the terms of which were not disclosed, will allow both firms to bolster their services in West Michigan and enable them to work on larger-scale projects. Custer acquired C&S Electric in 2014 as part of a strategy aimed at integrating office furniture and technology, allowing the company to “integrate electrical distribution into projects.”

• M&A: Traverse City-based Quantum Sails has acquired the manufacturing assets and sailmaking rights of Newport, R.I.-based Hood Sailmakers. The acquisition comes as Quantum Sails looks to bolster its presence in the Northeastern portion of the United States, according to a statement. The Hood Sailmakers headquarters in Rhode Island will become a new regional sales and service hub for Quantum Sails. Company executives noted the acquisition will also expand Quantum Sails’ exposure to the sailboat racing market — one of the main focuses of the company.

• M&A: Muskegon-based ScentLok Technologies Inc. acquired the assets of Minnesota-based Robinson Outdoor Products LLC out of Chapter 11 bankruptcy. The manufacturer of human odor control technology and clothing for hunters purchased Robinson Outdoor Products — which also makes odor control technology, clothing and safety devices for hunters — after it declared bankruptcy on March 28, according to reports. The deal includes the ScentBlocker, ScentShield, Tree Spider and Whitewater Outdoors brands, which ScentLok executives hope will add new technology to the company’s portfolio. ScentLok will also add hunter safety products with Robinson Outdoor’s Tree Spider brand. Terms of the deal were not disclosed, but the Minnesota-based bankruptcy court authorized Robinson Outdoor Products to sell its assets and accounts receivable for approximately $5.7 million and $727,512, respectively.

• Grand Rapids-based Miller, Johnson, Snell & Cummiskey PLC served as legal adviser for Ann Arbor-based Speyside Equity Fund I LP in its acquisition of the assets and business of Vernon, Calif.-based West Coast Stainless Products Inc. and Dynatek Machines Inc. of Huntington Park, Calif.

Read 3320 times