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Sunday, 23 June 2013 23:25

MiBiz Growth Report: June 24, 2013

Written by  MiBiz Staff
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 Here is the MiBiz Growth Report for June 20, 2013:

• M&A: In its latest acquisition, Perrigo Co. bought the ophthalmic sterile ointment and solution product portfolio and an affiliate company from Long Island, NY-based Fera Pharmaceuticals for $93 million. The acquisition will bring nine prescription products into the Allegan-based Perrgio’s product lineup. Fera generated more than $30 million in sales during 2012. The deal includes additional potential contingent payments of about $36 million if Perrigo secures additional product rights from Fera.

• M&A: Grand Rapids-based private equity firm Blackford Capital acquired Mope Inc., a producer of pathology and mortuary equipment based in Oak Park in suburban Detroit. The acquisition is the second for Blackford’s Michigan Prosperity Fund that invests in mature manufacturing companies in the state. Terry O’Rourke, the former president of Caledonia-based medical device maker Aspen Surgical, joined Mopec as CEO.

• M&A: Oak Brook Terrace, Ill.-based Pump Solutions Group, the parent company of Blackmer in Grand Rapids, acquired Ebsray Pumps Pty Limited of Brookvale, Australia, according to a statement. Ebsray will be integrated into Blackmer as a result of the transaction. The acquisition helps PSG and Blackmer expand in vertical markets, and Ebsray’s products complement Blackmer’s offerings, stated Tom Madden, the general manager of Blackmer.

• M&A: The newly formed RedWater Restaurant Group of Grand Rapids has acquired the Reds on the River restaurant in Rockford, Mich., according to a report in the Rockford Squire. The company also owns Watermark Grille, FireRock Grille and Rush Creek Bistro.

• Transaction: A partnership involving two Illinois companies acquired a portfolio of six industrial properties in West Michigan and one in northern Indiana totalling more than 1.5 million square feet. Crosslake Partners, a joint venture between two principals at Colliers International’s office in Chicago and another Chicago-based private real estate investment firm, closed on an approximately $29.3 million deal for the properties on June 12. The sites’previous owner was CenterPoint Properties. The deal includes more than 1.3 million square feet in West Michigan and nearly 200,000 square feet in South Bend, Ind. The industrial properties have 23 existing tenants —including Wacker Neuson, Tubelight and PIPP Mobile Storage —and are 75-percent leased, Colliers stated in a release.

• Expansion: Kent Manufacturing Co., a Grand Rapids- based manufacturer of pressure-sensitive, adhesive coated materials used in the automotive, medical, electronic, and office furniture industries, completed a $3.2 million expansion project that gives it 70,000 square feet of manufacturing space, plus 5,000 square feet of office space. Wolverine Building Group handled construction for the project.

• Expansion: Grand Rapids-based Making Thyme Kitchen, a provider of ready-to-cook frozen entrees and bulk prepared foods, plans to move a retail operation and kitchen to the Market Hall inside the Grand Rapids Downtown Market, according to a statement. Additionally, Empire, Mich.-based Grocer’s Daughter, a maker and retailer of artisan chocolates, plans to grow by adding a location in the Grand Rapids Downtown Market. The facility is set to open in August.

• Expansion: Post Foods announced plans to invest $30 million in a West Michigan facility and create 92 jobs by consolidating production from a plant in California, according to a statement from Battle Creek Unlimited. The Michigan Strategic Fund awarded a $700,000 business development grant to support the company.

Read 2293 times Last modified on Friday, 19 July 2013 13:39

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