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Sunday, 18 August 2013 23:07

MiBiz Growth Report: Aug. 19, 2013

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Aug. 19, 2013:

M&A: Hudsonville-based Bloem LLC, a manufacturer of planters and other outdoor living products, acquired Duraco Products and the Garden Scene brand from Allied Precision Industries of Elburn, Ill., according to a statement. Bloem said it plans to update the Duraco product line.

M&A: Home appliance manufacturer Whirlpool Corp. (NYSE: WHR) announced last week that its wholly-owned subsidiary, Whirlpool (China) Investment Co. Ltd., plans to become the majority shareholder in another home appliance manufacturer, Hefei Rongshida Sanyo Electric Co. Ltd., of Hefei, China, for approximately $552 million in cash. Whirlpool said it plans to acquire all the shares in Hefei Sanyo that are currently owned by Sanyo Electric Co. Ltd. of Japan and its Chinese affiliate, Sanyo Electric Co. (China) Ltd. The shares amount to a 29.51 percent share of the Hefei Sanyo. Whirlpool plans to acquire additional shares through a private placement that will, in aggregate, give it a 51-percent share in the company. In a filing with the SEC, Whirlpool said that it plans to use cash on hand or public or private debt financing to complete the transaction, depending on the timing of the close and the market conditions. The deal, which is subject to Chinese regulatory and Hefei Sanyo shareholder approval, is expected to close by the end of 2014. The deal should be accretive in its first full year of integration, Whirlpool said.

M&A: The operations of Tri-County Emergency Physicians PC, which staffs and manages the emergency department for Memorial Healthcare in Owosso, Mich., was acquired by TeamHealth of Knoxville, Tenn., according to a statement. Tri-County provides emergency care for approximately 28,000 patients annually. TeamHealth took over the operations on Aug. 1. Memorial Healthcare CEO Brian Long said the deal should help the hospital “advance our emergency department, allowing us to reach even higher levels of quality, safety and patient care.”

M&A: LaFleur & Godfrey Inc., a Grand Rapids-based investment adviser with about $400 million in client assets, joined Focus Financial Partners LLC of New York City, according to a press release. A few days after announcing the deal, Focus Financial also acquired Southfield-based investment manager Telemus Capital Partners, which has more than $2.2 billion in client assets.

Expansion: Pine Rest plans to open its second thrift store, Pine Rest Thrift Store, in a 20,000-square-foot retail space at 2741 28th Street SE in Grand Rapids at a former Michaels location east of Breton Avenue. The store will open in October of this year. CBRE Grand Rapids negotiated the lease of the building.

Expansion: Dairy cows are working overtime as two new frozen yogurt joints are set to open in Kalamazoo. BAB Inc., the Illinois-based licenser and franchiser for Big Apple Bagels, My Favorite Muffin, and Brewsters Coffee, recently reached an agreement with local operators Loti Linc Inc. to open a SweetDuet Frozen Yogurt & Gourmet Muffins in Portage next month with a second location to follow shortly thereafter in the Kalamazoo area. Owner-operators Loti Linc currently run two Big Apple Bagels in Kalamazoo.

Expansion: The Downtown Market in Grand Rapids announced two new vendors planned to locate in the facility: Fish Lads of Grand Rapids, which will sell seafood flown in daily, and Tacos El Cunado, a Mexican restaurant. The Downtown Market is scheduled to open on Aug. 26.

Expansion: The Grand Rapids Downtown Development Authority (DDA) last week approved incentive support for a handful of building rehabilitation developments along with some major new construction. The projects are expected to leverage approximately $94 million in private investment and will add more than 100,000 square feet of retail, commercial and office space along with as many as 284 new housing units in the downtown, according to a statement from the DDA. Projects receiving incentives include Rockford Construction’s Morton House at 55 Ionia Avenue, The Trust Building owned by CWD Real Estate at 40 Pearl Street, Brookstone Capital’s proposed 14-story development at 20 East Fulton Street, the new Arena Place Development LLC project at 158 Weston Street, and two reuse projects at 141 Ionia Avenue and 333 Grandville Avenue. The 284 residential units are estimated to contribute an increase of roughly $5.2 million in consumer spending potential, according to the DDA.

Investment: Farmington Hills-based private equity firm Beringea LLC announced it has invested $3 million in Freeosk Inc., a marketing services company with operations in St. Joseph, Mich. and Chicago. First Analysis of Chicago also participated in the $6 million Series A funding round. Freeosk provides a quick way for consumers to receive free samples of new products and has pilot tests in a handful of retail operations with plans to roll out nationwide later this year.

Read 1587 times Last modified on Sunday, 18 August 2013 23:14

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