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Sunday, 20 January 2013 15:14

MiBiz Growth Report: Jan. 21, 2013

Written by  MiBiz Staff
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Here is the MiBiz Growth report for Jan. 21, 2013.

 

M&A: Grand Rapids-based Meritage Hospitality Group (OTC: MHGU) acquired two Wendy’s franchise groups with 19 restaurants in Georgia and Virginia, according to a report in Restaurant News. The company now operates 111 restaurants across markets in six states.

• M&A: Michigan Tire & Wheel of Crystal, Mich. — just east of Stanton — was acquired by Delphos, Ohio-based K&M Tire Inc. in December. K&M has existing locations in Grand Rapids and Detroit, and the purchase will help the company expand in Michigan, according to a statement.

• M&A: Grand Rapids-based Knape & Vogt Manufacturing Co. acquired the furniture components business of CompX International Inc. (NYSE: CIX) of Dallas, Texas for about $59 million in cash, according to a statement. The business generated about $46.4 million in sales for the nine-month period that ended Sept. 30. CompX manufactured at plants in Kitchener, Ontario, Canada and Taipei, Taiwan, according to a statement. Knape & Vogt also acquired Las Vegas-based Diamond Storage Concepts LLC, marketers of the Hyloft brand of storage products, according to a report in Woodworking. The acquisition was expected to add new products to Knape & Vogt’s garage and utility storage products line, the report stated.

• M&A: Glencoe Capital acquired an equity investment in Kalkaska-based oil field services firm Arrow Energy Services Inc., according to a release. The investment will help the nine-year-old company continue its growth in the Midwest and Northeastern U.S. and gives Arrow capital and added financial and business expertise, according to a statement. Arrow Energy employs 90 people in Michigan.

• M&A: Menominee, Mich.-based Enstrom Helicopter Corp., a helicopter manufacturer for defense and commercial applications, was acquired by Chongquin Helicopter Investment Co. Ltd. of Chongquin, China, according to a statement. Analysts at IHS Inc. called the acquisition “one of the most high profile in a series of transactions in which Chinese companies have purchased U.S. companies involved in the aerospace and defense sector.” In a statement, Enstrom said the deal should help the company better reach into the Asian market. It expects increased demand to result in expansions at the Upper Peninsula facility.

• M&A: Grand Rapids-based insurance and title company Lighthouse Group announced this month that it had merged with Mills Benefit Group, also of Grand Rapids. In a statement, the companies said the merger would strengthen relationships with carriers. Mills Benefit Group will operate as a Lighthouse Company, according to a statement, and the firm’s 11 team members will join Lighthouse’s benefits department.

Read 1197 times Last modified on Monday, 28 January 2013 11:51
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