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Published in Economic Development

MiBiz Growth Report: Sept. 26, 2022

BY Sunday, September 25, 2022 10:14pm

Here is the MiBiz Growth Report for September 26, 2022:

M&A

  • Walker-based pallet solutions firm Kamps Inc. has closed on three acquisitions, including a deal this month for Hugo, Minn.-based Northland Pallet Inc., a pallet recycling and manufacturing company with customers in Minnesota and northwestern Wisconsin. The company also nationally distributes wood pellets created from compressed wood waste. Northland Pallet employs 60 people and operates out of a 100,000-square-foot facility. Last month, Kamps Inc. acquired a Jacksonville, Fla. location from Pallet Express Inc. on Aug. 15 and closed on a deal for Orlando-based All-State Pallets Company LLC on Aug. 29, according to a statement. The pair of Florida deals added 65 people to the Kamps Inc. team, along with 103 trailers. Since 2020, Kamps Inc. has been majority owned by Los Angeles, Calif.-based private equity firm Freeman Spogli & Co.
  • Grand Rapids-based Service Express Inc., a third-party data center maintenance provider, has acquired Beaverton, Ohio-based Sherlock Services Inc., a provider of third-party data center maintenance services that was founded in 1991. For Service Express, the acquisition complements its existing third-party maintenance offerings, while positioning the company to provide expanded services to Sherlock’s customer base, according to a statement. Terms of the deal were not disclosed. The acquisition is the fourth this year for Service Express, which has been a portfolio company of New York-based private equity firm Harvest Partners LP since 2019.
  • Grand Rapids-based fintech and global insurance broker Acrisure LLC has acquired Schaumburg, Ill.-based B2Z Insurance, a company that helps small businesses obtain quotes and buy customized coverage online. The deal extends Acrisure’s digital capabilities and complements a recent acquisition of QuickInsured, a tech-enabled independent insurance agency in Columbus, Ohio that’s licensed in all 50 states.
  • Mutually Human LLC, a Grand Rapids-based digital transformation and software consultant, has acquired Mirrorlytics LLC, a data and business analytics firm also based in Grand Rapids. The two companies merged under the Mutually Human brand. The combined firm will offer clients a broader array of services. Terms of the deal were undisclosed. Century Technology Group, a Grand Rapids-based family office and Mutually Human’s parent company, managed the acquisition.
  • Individual investors Wes and Aimee Muller acquired Grand Rapids-based The Shade Shop, a family-owned window covering retailer founded in 1935 and located at 422 Leonard St. NW. The deal allows Shade Shop’s third-generation owners, Barry and Susan McKey, to transition into retirement. Grand Rapids-based Small Business Deal Advisors LLC advised the sellers on the deal, the terms of which were undisclosed.

 

Expansion

  • The Botanical Co. is opening the first adult-use cannabis dispensary in the village of Middleville and its fourth store overall. The location, set to open in early October, includes a coalition of local owners, including Middleville residents Jarred Biggs, Dennis Weiss and Kirk Weiss, and Grand Rapids-based entrepreneurs Jonathan Jelks and Willie “Willie the Kid” Jackson. CopperRock Construction Inc. completed the build-out of the space, which cost about $1.6 million, according to the owners. The Botanical Co. also has dispensaries in Lansing, Tawas and Kalkaska, where it also operates a cannabis consumption lounge. Biggs also built a 2,000-plant cannabis grow facility called Bigg Canna in Edmore.
  • Union Bank opened a new corporate office at 670 W. Cascade Parkway SE in Grand Rapids. The 6,500-square-foot facility that opened Sept. 12 includes a full-service branch. Formerly headquartered in Lake Odessa, Union Bank has seven offices with $315.3 million in total assets and total deposits of $288.4 million, according to a June 30 quarterly financial report to the FDIC.

 

Venture capital

  • Strong interest from investors led Grand Rapids-based Michigan Capital Network to expand the size of its new venture capital fund, the organization’s fourth since its inception, from $25 million to $35 million. The investment group set the higher amount for the fourth fund after raising $23.7 million from 81 investors so far over 14 months, according to a federal regulatory filing. Michigan Capital Network manages four venture funds and five affiliated angel investor groups: Grand Angels in Grand Rapids, Ka-zoo Angels in Kalamazoo, Woodward Angels in Detroit, Flint Angels and BlueWater Angels in Midland. As well, Michigan Capital Network participated in a Series B financing round that raised $23 million for Movellus Circuits Inc., a San Jose, Calif.-based tech company that has research and development operations in Ann Arbor and Toronto. Michigan Capital Network participated in the new capital round with MESH Ventures, which has offices in Taiwan and Portland, Ore., and South Korean semiconductor company SK Hynix.

 

Funding

  • The Van Andel Institute biorepository received a $7.9 million, five-year contract from the National Cancer Institute, a part of the National Institutes of Health, to continue serving as the biorepository for the federal Cancer Moonshot Biobank study. VAI has been the biorepository for the Cancer Moonshot Biobank since 2020, when it was first awarded a two-year subcontract to develop the framework and protocols for the initiative. The biobank study is expected to collect biospecimens from more than 1,000 participants that can provide insights into blood, lung, skin, prostate and gastrointestinal tract cancers.

 

Real estate 

  • Family Church, which has locations in Zeeland and Holland, acquired the 132,127-square-foot former Huntington Bank headquarters building in Holland Township for $7 million in a transaction that closed Aug. 9 with Charlotte, N.C.-based Arrowpoint Capital. Constructed in 1992, the building sits on 41.7 acres and features a large parking lot, fitness center, cafeteria, conference rooms, security offices and a loading dock. Family Church plans to use the first floor of the building for a sanctuary worship space and fellowship, while the upper floor will be used as an educational space. Family Church plans to begin services at the new building in 2023.
  • Waséyabek Development Co., the non-gaming economic development arm of the Nottawaseppi Huron Band of the Potawatomi, has purchased the manufacturing facility that houses one of its portfolio companies, RSI of West Michigan. The property deal includes a 4.5-acre vacant lot adjacent to the 30,000-square-foot facility on Getty Street that may allow for future expansion of RSI, which grew revenue about 20 percent over the last year, according to a statement. Waséyabek originally acquired RSI in 2020. 

 

Law

  • Grand Rapids-based law firm Miller Johnson PLC formed a subsidiary, Michigan Growth Advisors, to focus on local, state and federal economic incentives for corporate expansion and commercial real estate developers. The group is led by economic development expert Joe Agostinelli, who has worked with the state Legislature to craft economic development policy, the Michigan Economic Development Corp. and other regional economic development organizations, and private real estate developers.

CORRECTION: A previous version of this story incorrectly identifed Michigan Growth Advisors.

Read 1932 times Last modified on Tuesday, 11 October 2022 08:50
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