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Sunday, 17 February 2013 22:00

MiBiz Growth Report: Feb. 18, 2013

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Outdoor festival marketplace planned for The BOB in downtown Grand Rapids. Outdoor festival marketplace planned for The BOB in downtown Grand Rapids. COURTESY RENDERING

Here is the MiBiz Growth Report for Feb. 18, 2013:

M&A

  • Allegan-based Perrigo Co. (Nasdaq: PRGO) acquired Leeds, U.K.-based generic prescription manufacturer Rosemont Pharmaceuticals Ltd. for approximately $283 million in cash. The acquisition allows Perrigo immediate access to Rosemont’s oral liquid formulations business, which fits with Perrigo’s strategic objective of broadening its product base and gaining a leadership position in a growing market. Rosemont’s 200 employees will join Perrigo. As a result of the deal, Perrigo expects reported earnings of between $4.67 and $4.87 per diluted share for fiscal year 2013, compared to $4.18 in fiscal year 2012.
  • Grand Rapids-based Greatland Corp. acquired ExpressTaxForms.com and ExpressChecks.com from Portland, Ore.-based Express Internet Companies.com. Terms of the transaction were not disclosed. Both companies, formed in 1997, provide small and mid-size businesses with online W-2 and 1099 forms as well as custom checks and other banking forms. Their business operations will relocate to Greatland’s Grand Rapids headquarters.
  • Agility Health, a Grand Rapids-based provider of physical rehabilitation and software services, picked up four new locations in the Boston, Mass., area with the acquisition of McGovern Physical Therapy Associates. The deal extends Agility Health’s national reach to 160 partnered or owned sites in 14 states that handle more than 1 million patient visits annually.
  • Grand Valley Co-Op Credit Union in Grand Rapids and Preferred Federal Credit Union in Greenville plan to merge. Under the merger proposal, Grand Valley Co-Op offices in Grand Rapids, Hastings, Kalamazoo and Ludington would take on the Preferred Federal Credit Union name, according to a report by Credit Union Times.

    Grand Valley Federal Co-Op has more than 14,000 members and assets of $88 million. Preferred Federal, with offices in Greenville and Belding, has more than 10,000 members and assets of $51 million, Credit Union Times reported.

Expansions

  • The BOB, a property of The Gilmore Collection of Grand Rapids, plans to add an “outdoor festival marketplace” and beer garden as part of a multi-million dollar expansion project that will also include new dining options and concert and event space with seating for up to 2,000 people. Phase one of the project will include the renovation of Gilly’s restaurant street-level space into a new concept set to debut July 1. A later phase to be completed by June 1 next year is expected to include the event space, beer garden and piazza, featuring low-cost space local vendors could rent as a way to test out a food business, according to a statement.
  • Newmarket, N.H.-based Profile Metal Forming, a Tier II automotive stamping and welding assembly manufacturer, plans to invest $5 million to open a new facility in Potterville, Mich., near Lansing. The project is expected to create 25 jobs over the next two years, according to Lansing Economic Area Partnership. The company has ordered $1.7 million in tooling from other Michigan-based firms.
  • White Plains, N.Y.-based Jackson Lewis LLP opened a new office in Grand Rapids with the hiring of Timothy J. Ryan and Linda L. Ryan, both formerly of Kotz Sangster Wysocki PC, according to a statement. The new office is expected to complement the firm’s existing office in Detroit.
  • New Holland Brewing Co. has started on a $1 million renovation project at the company’s pub at 66 E. 8th Street in downtown Holland. The project includes an expanded kitchen and other inside improvements, as well as a new beer garden with additional seating, an outdoor bar and a stage on the south side of the building. The renovations, which are expected to wrap up by May 2013, could create four to six new jobs, the company said. New Holland is working with Elzinga Volkers and architect J. Andrew Baer on the project.

New business

Welcome Home Grand Rapids aims to ease the transition into a new home for out-of-the-area professionals moving to West Michigan. Founded by Shirley Boundy, formerly of Hubers & Associates, the company provides move-in services ranging from cleaning the new residence, supervising repairs and unpacking to linking the family with community resources and helping a spouse find opportunities. Welcome Home will work with professionals directly or with local companies as they recruit from outside the area.


Read 1824 times Last modified on Saturday, 23 February 2013 10:22
Joe Boomgaard

Managing Editor

jboomgaard@mibiz.com

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