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MiBiz Growth Report: June 26, 2017

BY MiBiz Staff Sunday, June 25, 2017 08:33pm

Here is the MiBiz Growth Report for June 26, 2017:

  • M&A: Kalamazoo-based Stryker Corp. (NYSE: SYK) plans to acquire all issued and outstanding shares in Ontario-based NOVADAQ Technologies Inc. (Nasdaq: NVDQ, TSX: NDQ) for $11.75 per share, or $701 million. Stryker’s net purchase price for the company will be $654 million, accounting for $47 million in net cash, according to a statement. NOVADAQ is a developer of fluorescence imaging technology that helps surgeons visualize blood flow in blood vessels and tissues. The deal is subject to closing conditions, including approval by NOVADAQ shareholders at a special meeting on Aug. 4, the Ontario Superior Court of Justice and U.S. regulators. Stryker expects the transaction to close at the end of the third quarter. The deal is expected to be dilutive to Stryker’s 2017 net earnings by 3 cents to 5 cents per diluted share, neutral in 2018 and accretive in following years.
  • M&A: Traverse City-based Tri-Turf has been acquired by Fishers, Ind.-based Advanced Turf Solutions, according to a report in Turf Magazine. Terms of the deal, which is expected to close at the end of the month, were not disclosed. Tri-Turf owner and President Tom Reed, Sr. plans to retire after 36 years in the business. Tri-Turf also has a location in Grand Ledge. The deal allows Advance Turf to add Michigan to its current 10-state market.
  • M&A: Pets Naturally LLC of Traverse City has acquired D.O.G. Bakery, a retail and wholesale bakery business also based in Traverse City, according to a report in the Traverse City Record-Eagle. As part of the deal, D.O.G. closed its downtown store and is moving into a 1,200-square-foot addition at the existing location for Pets Naturally, a holistic pet supply store. Terms of the deal were not disclosed. The acquired business will now be known as Dog Bakery by Pets Naturally.
  • M&A: Traverse City-based Central Security and Electronics Corp. has been acquired by the privately-held Habitec Security Inc., of Toledo, Ohio, according to a report in Security Sales & Integration. Terms of the deal were not disclosed. The deal was announced as part of Habitec’s acquisition of two other Ohio-based security companies. Habitec had maintained an office in Charlevoix. Central Security’s Mike Tubacki has joined Habitec as a security technician.
  • M&A: Cleveland, Ohio-based insurance broker Britton Gallagher formed an investment partnership with Acrisure LLC in Caledonia. The arrangement gave Acrisure its first platform investment in Ohio. Acrisure has been growing rapidly for years through acquisition and has 123 locations in 29 states with about 3,300 employees.
  • M&A: Lakeshore Opticians in East Grand Rapids partnered with Grand Rapids Ophthalmology and changed its name to Lakeshore Eye. The practice is the first independent eye care provider to join Grand Rapids Ophthalmology and the Great Lakes Management Services Organization, which was formed earlier this year when private equity firm Sterling Partners made a major investment in Grand Rapids Ophthalmology. William Schultz, OD, will continue to see patients at Lakeshore Eye and Dave Lintula will remain as an optician.
  • M&A: Michigan City, Ind.-based Horizon Bancorp (Nasdaq: HBNC), which has 12 offices in Michigan, plans to acquire Midland-based Wolverine Bancorp Inc. (Nasdaq: WBKC) in a cash-and-stock deal valued at about $88.2 million. Pending approval from regulators and Wolverine Bancorp shareholders, the deal could close late in the third quarter or early in the fourth quarter.
  • M&A: Gordon Food Service Inc. has signed an agreement to acquire Birmingham, Ala.-based Red Diamond Foodservice, according to a statement. Following the transaction, Gordon Food Service plans to use its Douglasville, Ga.-based distribution center to service Red Diamond’s customers. The company is a division of the family-owned Red Diamond Inc., which makes and distributes a range of coffee and tea products, a business unit it will continue to operate.
  • Expansion: Quality Precast Inc., a manufacturer of manholes and retaining walls, plans to move its headquarters and build a new 25,000-square-foot production and headquarters facility in Kalamazoo County’s Alamo Township, according to a statement from Southwest Michigan First. The company, currently based in Kalamazoo, is expected to add 20 jobs with the $1.34 million expansion.
  • Expansion: Grand Rapids-based Mill Steel Co., a manufacturer of flat-rolled steel, soon will begin operations at a new 100,000-square-foot facility in Houston. The new facility houses three production lines capable of processing 50,000-pound coils up to 60 inches wide, according to a statement. Mill Steel aims to service its customers in the Southern U.S. and Mexico with the new facility and plans to incorporate additional product lines in the future. The company declined to disclose how much it invested in the new facility.
  • Expansion: Adventure Credit Union began construction on a new branch on Wilson Avenue in Wyoming to consolidate two outdated locations into a new 2,950-square-foot office. Orion Construction expects to complete the project in early 2018. Adventure Credit Union has seven offices in the Grand Rapids area and three in Lansing with 31,569 members as of March 31 and total assets of $363.1 million, according to a quarterly financial report filed with federal regulators.
  • Expansion: Honor Credit Union began construction on a new branch in South Haven. Designed by architect Jeff Klymson of Collective Office and built by contractor E.C. Moore, the new office on County Road 388 is targeted for completion in late 2017. It will replace an office on Phillips Street that will remain open until the new location is complete. Honor Credit Union has 21 offices in southwest Michigan and the Upper Peninsula and as of March 31 had 64,880 members and assets of $734.9 million, according to a quarterly report.
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