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Sunday, 09 June 2013 23:16

MiBiz Growth Report: June 10, 2013

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for June 10, 2013:

• M&A: First Community Federal Credit Union of Parchment, Mich. plans to merge with E&A Credit Union of Port Huron, Mich. to form a new credit union, name to be determined, that will have more than 100,000 members and assets approaching $1 billion, CU Times reported. FCFCU has more than 71,800 members and assets of $704 million, while E&A has nearly 35,400 members and $278 million in assets. Combined, the new credit union would employ more than 375 people at 21 branches in Michigan, Illinois and Wisconsin, according to the report. The agreement is subject to member and regulatory approvals.

• M&A: Hastings Manufacturing Co., a manufacturer of piston rings for OEM and aftermarket engine customers, was acquired by New Canaan, Conn.-based private equity firm RFE Investment Partners in partnership with the company's management, according to a statement. The deal is part of RFE's eighth fund. RFE said Hastings' brand recognition, manufacturing capability, leadership and future growth potential drove its investment in the company.

• M&A: Portage-based W-L Molding Co. was acquired in late May by W-L Molding of Michigan LLC, a new company formed by a private investment group headed by Nigam Tripathi of the Lansing area. W-L Molding primarily manufactures equipment for firefighting and abrasive power tools. Matthew Miller, managing partner of Grand Rapids-based BlueWater Partners LLC, served as the financial adviser for the seller. Miller cited W-L's 14-percent annual growth rate, diversified customer base and new market opportunities as the reasons for Tripathi's interest in the company. W-L Molding has approximately 70 employees. Terms of the deal and annual sales were not disclosed.

• M&A: Accurate Sheet Metal Inc., a Holland-based sheet metal manufacturer, was acquired by financial buyer Randy VanderPloeg in an all-cash transaction that included the business assets and about 11,000 square feet of real estate. Terms of the deal were not disclosed. VanderPloeg, a former sales executive in the HVAC industry, cited the company's growth potential as the driver for the purchase. Accurate had annual revenues of less than $1 million. Kent Snyder, a transaction coordinator at Zeeland-based Rua Associates LLC, served as the merger and acquisition representative.

• M&A: Spring Lake-based Hines Corp., a family-owned industrial holding company, announced this month that it acquired Crane Carrier Corp., a manufacturer of custom-built, heavy-duty diesel, CNG and hybrid truck chassis based in Tulsa, Okla, according to a statement. Crane will continue to operate autonomously. Hines currently operates six other companies around North America and employs approximately 700 people.

• M&A: The current owner of the Muskegon Lumberjacks plans to sell the United States Hockey League team to a new ownership group, pending the league's approval, the group announced last week. FOX 17 reported that former NHL hockey players Chris and Peter Ferraro of Long Island, N.Y. were partnering with a representative of a private equity firm and a commercial real estate attorney to purchase the Lumberjacks from owner Josh Mervis.

• Expansion: Amway Corp. began construction on an $81 million project to convert its 317,000-square-foot warehouse facility on Spaulding Avenue in Ada into a manufacturing site for the company's Nutrilite products, according to a statement. When it begins operations in 2015, the plant is expected to manufacture more than 3 billion tablets and 1.3 billion softgel capsules per year. The repurposing will add about 200 manufacturing jobs.

• Expansion: Grand Rapids-based DK Security announced it was awarded a three-year, $1.5 million contract to provide unarmed security services at the Gerald R. Ford International Airport. The new business led DK to hire 20 new employees.

Read 1899 times Last modified on Friday, 19 July 2013 12:11

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