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Sunday, 09 December 2012 23:00

MiBiz growth report for Dec. 10, 2012

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Here is the Dec. 10, 2012 MiBiz Growth Report, which includes a roundup of news briefs of M&A and expansions in the region:

M&A

• Grand Rapids-based X-Rite Inc. acquired the Bonn, Germany-based Sensible Graphics GmbH, according to a report in Plastics News. Terms of the deal were not disclosed. An executive at X-Rite said the acquisition helps bring added sophistication to the company’s color-matching products. X-Rite also plans to establish a graduate school in digital appearance at the University of Bonn, the report stated.

• Singapore electronics group Flextronics acquired Rochester Hills-based Saturn Electronics & Engineering Inc., a solenoid and wiring harness supplier which has a location in Coopersville, according to a statement. Terms of the deal were not disclosed. Saturn recently reported more than $300 million in annual revenue. A report in Crain’s Detroit Business speculated the move would allow Flextronics to expand into the automotive industry.

• Lansing-based architecture and engineering firm C2AE, which also has offices in Grand Rapids and Kalamazoo, merged with the 12-member engineering firm Burley-Guminiak & Associates, Consulting Engineers PLLC of Canton, N.Y., according to a statement.

• The 3,900-member Charlotte-based Eaton County Educational Credit Union with assets of $32.8 million announced it would merge with the 169,000-member Michigan State University Federal Credit Union, the Credit Union Times reported. The East Lansing-based MSUFCU had assets of $2.3 billion. ECECU executives cited the economy and recent financial legislation as hampering the small credit union’s growth and forcing it to look for a larger partner to continue to serve its members.

Expansion

• Grand Rapids-based Meritage Hospitality Group Inc. (OTCQX: MHGU) announced plans for Freighters, a new, casual dining concept in Port Huron. The restaurant is scheduled to open next spring. The full-service restaurant is part of the new $24 million Hilton Double Tree Hotel and Blue Water Area Convention Center that Meritage is co-developing with Grand Rapids-based Orion Construction. The development also features a new Baker College Culinary Institute.

• Grand Rapids-based DK Security added an office in downtown Lansing to better serve the mid-Michigan market, according to a statement.

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Jayson Bussa

Staff writer/Web editor

[email protected]

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