Here is the MiBiz Growth Report for October 24, 2021.
- Two Grand Rapids-area credit unions, Western Districts Members Credit Union and West Michigan Credit Union, expect to close their merger in early 2022, pending member approval. In the deal, Western Districts Members Credit Union would add two Grand Rapids offices to West Michigan Credit Union, which has locations in Grand Rapids, Reed City, Big Rapids, Cadillac and Manistee. West Michigan Credit Union had 16,339 members and $217.1 million in assets, according to the most recent quarterly financial report to federal regulators. Western Districts Members Credit Union, whose members need to approve the merger, had $48.3 million in assets and 2,860 members, according to a filing.
- Grand Rapids-based global insurance brokerage Acrisure LLC would expand into South America under an agreement to acquire It’sSeg, the largest independent benefit management and insurance brokerage firm in Brazil with more than 1,000 corporate clients. The deal marks Acrisure’s entry into the Brazilian market and represents substantial expansion of its Latin American operations, the company said. Terms of the deal were not disclosed.
- Tallmadge Charter Township-based Fireboy-Xintex LLC, a maker of safety products in fire suppression and fire and gas detection, was sold by Itasca, Ill.-based W.S. Darley & Co. to United Safety & Survivability Corp. of Exton, Pa. in a deal that closed Sept. 30, according to a statement. Fireboy-Xintex was founded in 1973 and serves the recreational and commercial marine, transportation, and industrial markets. The company also has an office in the U.K. The deal allows United Safety to grow its footprint in Europe and Asia and expand into the marine market. Terms of the deal were not disclosed.
- TowerPinkster and Indiana-based Kovert Hawkins Architects Inc. are merging to create a more geographically diverse design firm, the companies announced this month. The two architecture and design firms combined have nearly 200 employees and a three-state footprint. The deal achieves an expanded geographical reach, additional services and increased expertise for both companies. The deal will maintain TowerPinkster’s offices in Grand Rapids and Kalamazoo, as well as Kovert Hawkins locations in Jeffersonville, Ind. and Louisville, Ky. The Kovert Hawkins offices will fall under the TowerPinkster umbrella over the next year, TowerPinkster President and CEO Bjorn Green told MiBiz.
- Walker-based Pipp Horticulture, a division of private equity-backed Pipp Mobile Storage Systems Inc., also of Walker, acquired Ontario-based GGS Group of Companies, a manufacturer of greenhouses and turnkey growing solutions, including rolling benches, heating and ventilation systems and curtain systems. The deal includes GGS Structures Inc., JGS Ltd. and Niagrow Systems Ltd. Pipp Horticulture manufactures vertical farming and multi-level mobile cultivation systems for commercial agricultural production. Since 2012, Pipp has been a portfolio company of Novacap, a Toronto, Ontario-based private equity firm. Executives at Novacap said the complementary nature of the companies’ capabilities will allow Pipp to continue executing its growth strategy to serve all segments of the horticulture industry. Terms of the deal were undisclosed.
- Portage-based Clark Logic LLC, a provider of single-source transportation, logistics, facility and real estate solutions, acquired F.W. Burns Mail Contracting, a family-owned mail contracting business in Kalamazoo that has been in business for nearly five decades. Clark Logic CEO David Casterline said the cultural fit between the two companies led the firm to pursue the acquisition, which “will help us grow our footprint in the logistics arena.” Clark Logic manages a fleet of more than 50 trucks and 4,000 trailers. The company also has more than 4 million square feet of real estate throughout Southwest Michigan and Northern Indiana.
- S.M. Osgood Co., a Bloomington, Minn.-based independent sales representative agency, has acquired Muskegon-based Kroes Corp., the companies announced earlier this month. Also an independent sales rep agency, Kroes primarily focuses on the marine OEM industry in the Great Lakes region while S.M. Osgood specializes in marine, RV and sporting goods. Kroes Partner Kevin Hannula, who’s been with the company for 21 years, will join S.M. Osgood, and said he “couldn’t be happier with this new opportunity.” Terms of the deal were undisclosed.
- Grand Rapids-based Elevator Service LLC, an elevator maintenance and repair company serving the Midwest, has acquired Milwaukee, Wis.-based Express Elevator LLC, according to a statement. Express Elevator provides similar services to more than 350 customers in the greater Milwaukee area and across eastern Wisconsin. The firm’s brand and team will remain unchanged after the acquisition. With the deal, Elevator Service now claims it is the largest independent elevator service provider in Michigan and Wisconsin. Elevator Service was acquired in 2019 by Carroll Capital LLC, a Greenwich, Conn.-based family office. Carroll Capital also provided financial support for the Express Elevator deal.
- Worldwide Diesel LLC, a diesel engine and parts distributor located in Niles, was recently acquired by an individual investor. Worldwide Diesel, which sells overhauled, rebuilt and new engines, worked with Grand Rapids-based M&A firm Calder Capital LLC to complete the sale. Rich Campbell, a Michigan native who relocated to San Francisco, purchased the company. Terms of the deal were not disclosed.
- Adhesive tape manufacturer Tesa Tape Inc. started construction this month on a $36 million expansion at its Sparta facility, which is expected to bring at least 25 new jobs to the area. It’s the second expansion in Sparta in the past five years for the company, a subsidiary of Germany-based Beiersdorf AG. Dan Vos Construction Co. serves as the general contractor on the project at 324 S. Union Ave. About 10,000 square feet will be added to the plant’s product development area, which will include a customer solution center. Another 28,000 square feet will be added to the company’s manufacturing space.
- L3Harris Technologies Inc., a global tech company that supplies the defense industry, has announced a $2.58 million expansion at its Cascade Township facility. The Melbourne, Fla.-based L3Harris specializes in technology that ranges from missile warning and defense systems to electronic warfare and autonomous systems. The project at 5353 52nd St. SE is expected to create between 34 to 50 new jobs at a facility that currently employs 234 people. The company considered a variety of sites across the United States where it could consolidate its avionics products manufacturing facilities, and eventually landed on the Cascade Township location.
- Muskegon Family Care named Tracy McDaniel as its new CEO. McDaniel has more than 20 years of experience in establishing and supporting the goals of large and small health care organizations, including an $18 million Federally Qualified Health Center in New York. He most recently served as CEO of Long Island Select Care, a community health center that provides clinical and rehabilitative services across Suffolk County, N.Y. McDaniel started at Muskegon Family Care on Oct. 18.