GRAND RAPIDS — Proos Manufacturing Inc. has come under new ownership.
The Grand Rapids-based metal stamper and fabricator has reached an agreement to sell the company to its existing president, Bryan Howard, according to a statement released on Monday.
Amy Proos, the company’s outgoing CEO and third generation owner, will take on the role of “chief thought officer.”
In addition to the change in ownership, the company said it plans to increase manufacturing capacity and add 25 jobs over the next two years. Currently, Proos employs 140 individuals.
“Our team has paid close attention to market trends and made adjustments where necessary,” Howard said in a statement. “In this industry, it is important to diversify and be able to offer products and services for multiple industries.”
Proos’ 60,000-square-foot planned expansion will take place at the company’s existing facility at 2140 Oak Industrial Drive. Inside the new space, the company will relocate its office and assembly functions.
Kent County property records show that a Proos-affiliated entity acquired that facility and one other in late-September for approximately $4 million.
Terms of the deal were not disclosed
To Proos, a 37-year veteran of the company and its first female owner and CEO, the acquisition by Howard provides her “an opportunity to step aside at a time where I can enjoy more time with my family and being involved in other activities.”
Since taking over many of Proos’ development functions, Howard has helped the company experience additional sales of $10 million through the third quarter of 2018, the company said.
To support the expansion, the Michigan Strategic Fund provided a $998,000 loan to the company.
“Through initiatives set in place by Amy, the company has become a leading provider of manufacturing and engineering solutions for the material handling, automotive, industrial, and office furniture industries,” Howard stated.
MiBiz reporter Nick Manes contributed to this report.