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Sunday, 07 July 2013 20:00

MiBiz Growth Report: July 8, 2013

Written by  MiBiz Staff
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 Here is the MiBiz Growth Report for July 8, 2013:

M&A: Sparta-based Great American Media Services, a division of Great American Publishing Inc., acquired two titles, Coach and Athletic Director and Winning Hoops, from Lessiter Publications of Brookfield, Wis., the company said in a statement. Both new publications will be relocated to Sparta. The purchase included related websites and e-newsletters.

M&A:EPS Security of Grand Rapids acquired Lowell-based Browning Detection Systems, according to a statement from EPS. Terms of the deal were not disclosed. EPS gains more than 50 security accounts with the transaction.

M&A: Holland-based IT provider NET(net) acquired xPeerient of Natick, Mass., the developer a cloud- based IT marketplace, according to a statement. The deal will allow NET(net) to expand its business into IT supplier management tools. Mark Hall, xPeerient’s founder, will join NET(net) as senior vice president and chief technology officer overseeing new a subsidiary, WIN(win).

M&A: Power IT LLC of Petoskey, a business technology solutions company, was acquired by Troy- based IT firm Center for Computer Resources (CCR), according to a statement. CCR will con- tinue to provide service in northern Michigan under the Power IT name.

M&A: Privately held Pioneer Surgical Technology of Marquette, Mich. is set to be acquired for $130 million in cash by Alachua, Fla.-based RTI Biologics Inc. (Nasdaq: RTIX), a provider of orthopedic and other biologic implants. Under the deal, RTI will acquire all of Pioneer’s outstanding stock. The transaction will be funded through a combination of cash on hand; a new five-year, $80 million senior secured facility, which includes a $60 million term loan and a $20 million revolving credit facility; and a concurrent $50 million private placement of convertible preferred equity from Water Street Healthcare Partners, a health care-focused private equity firm.

M&A:Lundin Mining Corp. entered a definitive agreement with Rio Tinto Nickel Company to purchase its ownership stake in Rio Tinto Eagle Mine LLC, the owner of a nickel and copper underground mine located in Michigan’s Upper Peninsula, according to a statement. Lundin will pay $325 million for the Eagle mine, including $250 million for the purchase plus project expenditures totaling about $75 million.

M&A:Parkland Development Corp. recently bought the Holiday Inn Muskegon Harbor hotel, owner Jon Rooks told MiBiz. Terms of the deal were not disclosed, although Rooks said he turned the deal around less than a week after he sold his HighBrook Townhomes development in Hudsonville. Rooks plans to invest $1.5 million back into the Holiday Inn as part of a brand agree- ment with InterContinental Hotels Group.

Expansion:All Fresh GPS LLC, a Grand Rapids- based marketer and distributor of Michigan apples that launched in 2011 when Ridgeking Apple Packing & Storage joined forces with Michigan Fresh Marketing LLC and Applewood Orchards Inc., has secured commitments to represent Heeren Bros. Inc. and Elite Apple Co., two new apple packing facilities slated to come online later this year. The deals will give All Fresh the ability to market three new apple varieties: SweeTango, Pinata and Kiku. The company has also hired a new quality control coordinator and manager of new business development. All Fresh represents more than 75 family-owned apple growers.

Expansion:Precision Aerospace Corp. of Grand Rapids plans to invest $5 million to consolidate its operations to a facility at 5300 Corporate Grove Blvd. SE in Cascade Township. The company will transfer all of its current 186 employees to the new facility, where it anticipates adding 40 new jobs over the next two years. The township approved a tax abatement to support the project. The company will purchase the 140,000-square-foot facility, but will share the space with existing tenants.

Expansion: Elkhart, Ind.-based Postle Aluminum Co. will invest more than $12.5 million at its operations in Cassopolis, the South Bend Tribune reported. The company, a producer of extruded aluminum products for recreational vehicles, plans to build a new 52,000-square-foot facility and add up to 40 new jobs. The village of Cassopolis was awarded a $400,000 Community Development Block Grant by the Michigan Strategic Fund for on-the-job training to support the expansion.

Expansion:Boxed Water Is Better opened a new 11,000-square-foot bottling and distribution center in Holland, which is seven times the size of its former facility, the company said in a statement. The expansion will allow Boxed Water to produce 250,000 of its 500ml units per week and have the ability to store more than 500,000 units in inventory.

• Expansion: Battle Creek-based TRMI Inc., a subsidiary of Tokai Rika Group of Japan and supplier of interior electrical switches for the automotive industry, plans to invest $11.1 million in a new manufacturing process, according to the Michigan Economic Development Corp. The MEDC awarded TRMI a $700,000 performance-based grant under the Michigan Business Development Program. The project will create 153 new jobs.

Expansion:Merhow Industries of Indiana, which manufactures luxury horse trailers, plans to invest $1.1 million to move to a vacant facility in the village of White Pigeon in St. Joseph County, south of Kalamazoo. The project, which is projected to create 46 new jobs, received a $200,000 Michigan Business Development Program performance-based grant.

Expansion: Grand Rapids-based restaurant operator Meritage Hospitality Group Inc. (OTCQX: MHGU) announced that it opened its 113th restaurant with a new Wendy’s in Jacksonville Beach, Fla. Meritage employs 3,600 people and operates restaurants in Michigan, Florida, Georgia, North Carolina, South Carolina and Virginia.

Expansion: The Zeeland City Council voted unanimously to approve Gentex Corp.’s expansion plans that include an addition to its plant north of Riley Street and west of 88th Avenue, the Holland Sentinel reported. The expansion is expected to add 1,000 jobs in Ottawa County.

Funding: Grand Rapids-based DornerWorks was awarded a Small Business Innovation Research (SBIR) Phase I contract to test the feasibility of one of the company’s open-source systems for the Defense Advanced Research Project Agency (DARPA). DornerWorks previously received two SBIR awards from the U.S. Navy for the system, the company said in a statement.

Read 2213 times Last modified on Friday, 19 July 2013 13:38

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