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Sunday, 25 November 2012 21:40

MiBiz growth report for Nov. 26, 2012

Written by  MiBiz Staff
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Here is the Nov. 26, 2012 MiBiz Growth Report, which includes a roundup of news briefs of M&A and expansions in the region:

 

M&A

• Grand Rapids-based recognition and awards maker Baudville Inc. acquired a majority stake in hi5 Recognition LLC of Atlanta. According to a statement, Baudville will now offer some of hi5’s products. CEO Brad Darooge said the acquisition helps the company achieve its “aggressive growth initiatives in new and existing markets.” The company said it plans to add jobs in Grand Rapids as a result of the deal. The integration process is expected to last through the end of the year, according to a statement.
• Grand Rapids-based retailer Family Christian’s management team, in partnership with three Atlanta-based businessmen, acquired the company from an undisclosed New York-based private equity firm, the company said in a statement. Terms of the transaction were not disclosed. Harris Williams & Co. of Richmond, Va. advised on the deal. Family Christian operates 280 stores in 36 states. The company’s new owners intend to give away 100 percent of the company’s profits in the future and may convert to nonprofit status, according to a spokesperson.
• Alpena-based Panel Processing Inc., the employee-owned parent company of Holland Panel Products, purchased the assets of Modular Wood Systems Inc. of Claudeville, Va., according to a report in Woodworking Network. The acquisition allows PPI to better service the mid-Atlantic market, the company stated. Modular Wood Systems operated out of a 87,000-square-foot facility with 26 employees, the report stated.

Joint venture

• A unit of Eaton Rapids-based Spartan Motors Inc., Spartan ERV, has formed a formal joint venture with Paris, France-based Gimaex, a manufacturer of fire apparatuses. The new LLC will allow the companies to collaborate on the development, manufacture and distribution of products for the fire service markets in North America, South America, Asia, and Europe, Spartan said in a statement. The joint venture will focus on technology sharing, joint product development and purchasing clout, among other benefits.

Expansion

• Portage-based Tier I automotive supplier Summit Polymers plans to invest $9.3 million to expand operations in Portage, Sturgis and Vicksburg, creating 70 new jobs. The Michigan Economic Development Corp. awarded $370,000 in Michigan Business Development grant funding to the company.
• Undercar Products Group, an automotive supplier and subsidiary of Canada-based ABC Group, plans to invest $26 million and create up to 150 new jobs by expanding its facility in Wyoming. The Michigan Economic Development Corp. awarded $475,000 in Michigan Business Development grant funding to the company. The city of Wyoming offered a $1.2 million tax abatement for the project. According to a statement, the company needs to expand to fulfill new orders for its HVAC, interior seat and windshield washer systems.

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