Here is the MiBiz Growth report for June 20, 2022:
- Iron Mountain-based Boss Snowplow, a division of The Toro Co. (NYSE: TTC), has acquired the liquid deicing assets of Le Center, Minn.-based Voigt Smith Innovation LLC, according to a statement. Privately held Voigt Smith Innovation manufactures brine making liquid deicing equipment and applicators, including connected technologies, that are used by snow and ice contractors. Under the agreement, Voigt Smith Innovation’s staff will join the Boss team. Terms of the deal were not disclosed. The strategic acquisition follows a period of growth last year at Boss Snowplow’s headquarters in the Upper Peninsula. The company announced plans to double its office space in October, and completed a 44,000-square-foot manufacturing expansion in April 2021. Toro acquired Boss for $227 million in 2014.
- Grand Rapids-based private equity firm Blackford Capital made four exits of portfolio companies last week. Blackford sold Grand Equipment Co. in Hudsonville to Chicago-based investment firm Cognitive Capital Partners LLC. The exit comes seven years after the Grand Rapids-based Blackford Capital acquired Grand Equipment, a dealer for new and used heavy construction equipment and parts. Cognitive Capital Partners invests in technical and business services, as well as manufacturing and industrial products and services. Terms of the sale by Blackford’s Michigan Prosperity Fund were undisclosed. Also last week, International Inc. — a subsidiary of Carolina Wholesale Group — announced that it acquired Buffalo Grove, Ill.-based International Toner Co., Reno, Nevada‐based Supplies Wholesalers, and Illinois-based Cartridge World USA from Blackford Capital.
- Chicago-based Help at Home, a national provider of in-home care for seniors, acquired Alliance Home Health Care Services in Holland. Alliance Home Health provides in-home care services in seven counties in Southwest Michigan and has offices in Allegan, Dowagiac, Holland, Muskegon, St. Joseph and Grand Rapids. The acquisition expands Help at Home’s existing nine-branch network in Michigan. Jennifer Lemkuil, Alliance president and CEO, became director of market operations for Michigan for Help at Home.
- Gemini Media in Grand Rapids, a wholly owned subsidiary of Troy-based Hour Media, acquired Holland-based Group Tour Media, publisher of Group Tour Magazine, Youth Travel Planner Magazine, Heritage & History, Urban St. Magazine and Pike Magazine. The portfolio includes a quarterly publication serving a national audience of group tour planners, as well as related custom publications, most notably Circle Michigan.
- Food retailer and distributor SpartanNash Co. has closed on a deal to purchase the Shop-N-Save Food Center chain of grocery stores. After announcing last month that it had struck an agreement to purchase the three-store chain with locations in Benzonia, Fremont and Ludington, SpartanNash (Nasdaq: SPTN) formally announced the deal last week and its plan to rebrand the three locations as Family Fare stores, one of SpartanNash’s marquee brands. By rebranding the three Shop-N-Save stores, SpartanNash now operates 86 Family Fares.
- Grand Rapids-based insurance brokerage and fintech Acrisure LLC announced that it has acquired independent and tech-enabled insurance agency QuickInsured, which is based out of Columbus, Ohio. Under the deal, Acrisure acquired QuickInsured’s technology platform, which includes a digital sales funnel. The company’s digital tools are designed to allow the insurance broker to deliver solutions to clients in a more streamlined and cost-effective way.
- Traverse City-based National Vacuum Equipment Inc. has been acquired by a Swedish multinational company that owns and operates a group of industrial tool and equipment manufacturers around the world. Atlas Copco, based in Nacka, Sweden, recently announced that it has purchased National Vacuum Equipment, adding the company to its vacuum solutions portfolio. The deal is expected to close sometime in the third quarter. Terms of the deal were not disclosed.
- Marshall Excelsior Group, a PE-owned provider of liquefied gas equipment, announced that it has acquired Speciality Valve Group LLC, which is headquartered in Dallas. Marshall Excelsior Group is based in Marshall and owned by privately-owned, multinational PE firm Harbour Group, which is headquartered in St. Louis, Mo. Marshall Excelsior both designs and manufactures parts and equipment that are used in the transportation, storage and consumption of compressed and liquefied gases. Speciality Valve Group, was founded in 2010 and serves as the United States’ exclusive distributor for Xanik products, a brand of specialty valves that is also owned by Marshall Excelsior Group and produced in Mexico.
- Pfizer Inc. will invest $120 million in Kalamazoo County to increase production of the antiviral medication Paxlovid that’s used to treat COVID-19. The expanded production capacity for active pharmaceutical ingredients will enable U.S.-based production of the oral medication and create 250 jobs in Portage.
- The Women’s Resource Center, a nonprofit that provides workforce assistance for women, plans to relocate and expand its services to the Grand Rapids’ southeast side. Currently located at 678 Front Ave. NW on the city’s west side, the Women’s Resource Center purchased the 6,234-square-foot building at 816 Madison Ave. SE on March 16 for $680,000, according to property records. An affiliate of nonprofit housing developer ICCF Community Homes previously owned the property. The Women’s Resource Center plans to renovate and construct an 842-square-foot addition to the southeast corner of the building.
- MSU Federal Credit Union plans to add a second office in the Grand Rapids market. The second-largest credit union in Michigan plans to build a new, full-service office at 4580 28th St. SE in Kentwood that will open in the spring of 2023. The office will become the second branch in the Grand Rapids area for MSU Federal Credit Union, which is based in East Lansing and first entered the market in 2017 with the opening of an office on Monroe Center in downtown Grand Rapids. Nearly 7,500 of the credit union’s members live within 10 miles of the planned Kentwood office.
n Los Angeles-based private equity fund Vance Street Capital LLC has made another capital investment in Motion Dynamics Corp. in Fruitport, a manufacturer of custom micro springs, medical coils and wire components with fine tolerances, primarily for the medical device, industrial and aerospace industries. Vance Street Capital first invested in the 30-year-old Motion Dynamics in September 2016. The company has since doubled its production footprint, expanded manufacturing capabilities and pursued strategic mergers and acquisitions. Terms of the latest deal were undisclosed.
- A joint venture between Trinity Health and Havenwyck Hospital Inc. will soon begin construction on a new psychiatric hospital in southwestern Kent County after securing final state approval. The Southridge Behavioral Hospital, planned for a site near Trinity Health’s outpatient medical campus at 64th Street and Byron Center Avenue, plans to open in 2024. The new facility will accommodate up to 96 beds and include 60 adult inpatient beds and 24 geriatric beds. Havenwyck Hospital is a subsidiary of King of Prussia, Pa.-based Universal Health Services Inc., which owns Forest View Hospital in Grand Rapids.