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Sunday, 14 October 2012 10:22

MiBiz Growth Report: Oct. 15, 2012

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Russell Block, Muskegon Russell Block, Muskegon Courtesy photo

Here is the Oct. 15, 2012 MiBiz Growth Report, which includes a roundup of news briefs of M&A and expansions in the region:

M&A
• Allegan-based Perrigo Co. (Nasdaq:PRGO;TASE) successfully closed on the acquisition of the privately held Omaha, Neb.-based Sergeant’s Pet Care Products Inc. for about $285 million in cash. Sergeant’s manufactures over-the-counter pet health care products. The acquisition gives Perrigo its first entry into the pet care market.

• Grand Rapids-based restaurant operator Meritage Hospitality Group Inc. announced it acquired three Wendy’s restaurants in the Charlotte, N.C. designated market area. Meritage said the acquisitions would be accretive and would add approximately $4 million in annual sales. Meritage reported net income from continuing operations of $2.7 million on sales of $91.9 million in fiscal 2011. The company employs approximately 3,000.

• Grand Rapids-based Star Truck Rentals Inc. acquired Michigan Fleet Services, a Roseville-based truck maintenance firm with nine employees. Star Truck Rentals, which employs about 330 people and has annual revenues around $60 million, will immediately add revenue of $1.5 million with the acquisition, said Thomas Bylenga, the company’s president. Warner Norcross & Judd LLP and Plante Moran PLLC advised Star Truck Rental on the transaction.

• Byron Center-based M&K Quality Truck Sales Inc. expanded into the Chicago area with the acquisition of four businesses: Chicago Mack Sales & Service, Mack of Joliet, Chicago Truck Sales & Service and Truck Lease Chicago. The acquisition places M&K among the five largest Volvo and Mack dealer groups in the nation, the company stated in a release.

• The William L. Bonnell Company Inc., a subsidiary of Richmond, Va.-based Tredegar Corp. (NYSE: TG), acquired Elkhart, Ind.-based AACOA Inc. – a manufacturer of aluminum extrusions – for $50.8 million. AACOA has about 500 employees and operates production facilities in Elkhart and Niles, Mich.

• Lansing-based Neogen Corp. (Nasdaq: NEOG) acquired the stock of Fort Collins, Colo.-based Macleod Pharmaceuticals, a family-owned animal health company. Neogen will continue to operate Macleod’s facility. Macleod’s revenues for its most recent 12 months were approximately $4 million, the company reported.

• Hudsonville-based Royal Technologies Corp. signed a letter of intent to acquire Mission, Texas-based Hi-Tech Plastics, a plastic injection molding manufacturer, according to a statement. Royal plans to close the deal by the end of the year. The two companies had formed an alliance more than a year ago. The acquisition strengthens Royal’s business in the southern states. Royal employs 850 people in Hudsonville and in Cullman, Ala.

Expansion
• Grand Rapids-based Heeren Bros. Inc. plans to consolidate several existing locations to a new $22 million 170,000-square-foot facility in Alpine Township, which will house its corporate headquarters, warehouse and distribution center, and storage and packing operations. Dixon Architecture designed the new facility, which will be built by First Companies.

• Kalamazoo-based Sigma Machine Inc. has leased nearly 22,000 square feet at Midlink Business Park in Comstock Township, according to a statement from Midlink. The machining manufacturer has options to expand up to 74,000 square feet.

Source One Digital of Norton Shores, an affiliate of Muskegon-based RC Productions Inc., invested more than $5 million in new digital printing equipment that will result in the creation of six new jobs.

Read 2524 times Last modified on Sunday, 14 October 2012 10:37

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