Published in Breaking News

MiBiz Growth Report: May 16, 2016

BY MiBiz Staff Sunday, May 15, 2016 12:30pm

Here is the MiBiz Growth Report for May 16, 2016: 

• M&A: Indianapolis-based The XLerate Group, a portfolio company of Detroit-based private equity firm Huron Capital Partners LLC, has acquired Jenison-based Grand Rapids Auto Auction. The deal represents the second acquisition in a year for The XLerate Group, which acquired Schoolcraft-based Greater Kalamazoo Auto Auction in May 2015. XLerate provides dealer-to-dealer auto auctions for used vehicles. Grand Rapids Auto Auction, located at 2380 Port Sheldon Ct., provides used vehicle remarketing to fleet and leasing companies and dealers in Michigan, Illinois and Ohio. Terms of the deal were undisclosed. Through the acquisition, XLerate now has local auto auctions that operate 17 physical and mobile sites in Michigan, South Carolina, California, Texas, Wisconsin and Florida.

• M&A: The 250 employees at Grand Rapids-based Crystal Flash have purchased the fuel distribution company from longtime owner and Chairman Tom Fehsenfeld via an employee stock ownership plan following a two-year preparation process. As a leveraged ESOP, Crystal Flash’s employees borrowed an undisclosed sum from Mercantile Bank to purchase the company instead of the owner contributing stocks to the employees, as is the case in a non-leveraged ESOP. Grand Rapids-based Charter Capital Partners and Warner, Norcross & Judd LLP advised Crystal Flash on the process. Fehsenfeld will continue to serve as the company’s chairman.

• M&A: Clare-based Cops & Doughnuts LLC has acquired McDonald’s Bakery Inc., a Ludington-based commercial bread and bun maker, according to a report in the Ludington Daily News. The bakery was renamed Cops & Doughnuts as of May 15. The deal came about as McDonald’s Bakery’s owners, Mike and EllaMae McDonald, looked to retire, according to the report. 

• M&A: Kewill Inc., a global provider of supply-chain software, is acquiring Holland-based LeanLogistics from Australian-based Brambles Ltd. LeanLogistics’ cloud-based platform supports shippers across the U.S. and Europe, managing a network of 14,000 carriers. Terms of the deal with U.K.-based Kewill were not disclosed. Kewill supports supply chains for 7,500 companies in more than 100 countries. The Holland office for LeanLogistics will become the largest for Kewill.

• M&A: Planned Parenthood Mid and South Michigan and Planned Parenthood West and Northern Michigan merged into one entity known as Planned Parenthood of Michigan as of May 1. The merger of the two reproductive health care and sexuality education service providers comes partially in response to the 2015 retirement of longtime West and Northern Michigan CEO Katherine Humphrey. Mid and South Michigan President and CEO Lori Carpentier will take over as leader of the newly merged organization. The efficiencies gained by reducing some executive headcount between the two organizations will help the $20 million statewide nonprofit have access to more resources, Carpentier said. Planned Parenthood operates 20 health centers across Michigan, with headquarters in Ann Arbor. 

• M&A: Fox Brothers Co., a distributor of roofing, siding, windows, doors and other products, has been acquired by Virginia-based Beacon Roofing Supply Inc. Fox Brothers operates locations in Lansing, Grand Rapids, Kalamazoo and Howell. Terms of the deal were not disclosed.

• M&A: Lansing-based Neogen Corp. has acquired Nevada-based Preserve International and Tetradyne LLC. Neogen inked the deal to gain access a line of products and manufacturing facilities in Memphis, Tenn. and Turlock, Calif., according to a statement. Preserve International and Tetradyne are sister companies owned and operated by the Preserve International corporation. Terms of the deal were not disclosed.

• M&A: Kalamazoo-based Stryker Corp. bought U.K.-based orthopaedic implant firm Stanmore Implants Worldwide Ltd. from SIW Holdings Ltd. for 35.6 million euros, according to a statement. In announcing the deal, Stryker described Stanmore Implants as an “innovative orthopaedic business focused on serving the needs of surgeons that treat adult and juvenile orthopaedic oncology” with implants designed to salvage patients’ limbs.

• Expansion: Deerfield, Ill.-based Pregis LLC will invest $17 million in an expansion project for its Eagle Film Extruders Inc. facility in Grand Rapids. The manufacturer of packaging materials for a variety of industries plans to use the investment to raise the roof at its 90,000-square-foot facility, accommodating a new line of extrusion machines, according to a statement. Pregis acquired Eagle Film Extruders last year and will rename the business under its brand with the expansion. The company employs 80 workers at its Grand Rapids facility and plans to hire an additional 50 workers when the new equipment becomes operational.

• Expansion: Traverse City-based craft beer bar and restaurant 7 Monks Taproom will open its third location at 740 Michigan St. NE. The site is part of a recently-completed mixed-use development from 616 Lofts LLC that offers 54 apartments, ground-floor retail and underground parking. 7 Monks’ proprietors Matt Cozzens and Jim Smolak plan about 5,500 square feet of space in the building. The taproom will include 25-foot ceilings and a mezzanine that overlooks the main bar. The partners hope to have the Grand Rapids location open by late fall. A second 7 Monks location in Boyne City should be open this summer, according to Cozzens.

• Expansion: Cargill Kitchen Solutions will invest $27 million in a 28,000-square-foot expansion at the company’s egg processing facility in Lake Odessa, according to a statement. Cargill will hire an additional 50 workers as a result of the expansion, bringing total employment at the facility to 236 people. A previous $10.6 million investment in 2014 added an additional 22,500 square feet of cooler and storage space to the facility.

• Expansion: Physical rehabilitation provider Athletico Physical Therapy opened a Grand Rapids location on 28th Street SE. The location provides physical therapy, treatments for worker compensation injuries, endurance rehabilitation and injury screenings. The Oak Brook, Ill.-based Athletico provides physical and occupational therapy at more than 340 locations in nine states.

Read 4118 times Last modified on Monday, 23 September 2019 15:27