rss icon

Sunday, 15 September 2013 22:19

MiBiz Growth Report: Sept. 16, 2013

Written by  MiBiz Staff
Rate this item
(0 votes)

Here is the MiBiz Growth Report for Sept. 16, 2013:

M&A: The law firm of Smith Haughey Rice & Roegge PC acquired the Muskegon-based law firm Even & Franks PLLC, a business and commercial litigation firm serving the Muskegon and lakeshore area since 1994. Four attorneys and their staff will now operate under the Smith Haughey name.

M&A: California-based investment group Peer Advisors LLC announced that it signed a definitive agreement to acquire all the stock of Celink, a Lansing-based servicer of reverse mortgages. Terms of the transaction were not disclosed. Clearlake Capital Group of California provided financing to Peer Advisors for the transaction.

M&A: Revue Holding Co. Inc., publishers of the regional business publication MiBiz and the entertainment guide REVUE West Michigan, acquired Recoil, a regional satire, entertainment and counterculture magazine on Sept. 5. Terms of the transaction were not disclosed. Brian Edwards, president of Revue Holding, said the firm has plans to increase the monthly magazine’s circulation and to expand its geographic distribution in Michigan. Cliff Frantz, founder of Recoil, will serve as the publication’s managing editor. The deal follows the company’s February 2013 acquisition of the Grand Rapids-based web development firm <engine/> and its acquisition of MiBiz in September 2011. Revue Holding continues to look for merger and acquisition opportunities in specialty magazines and digital media, Edwards said.

M&A: Grand Rapids-based HC Capital Group Inc., which owns and operates 25 Hansen Collision and Glass locations in West Michigan and northeastern Indiana, was acquired for $23.6 million by Boyd Group Income Fund (TSX: BYD.UN), a publicly traded mutual fund trust based in Winnipeg, Manitoba. Boyd Group planned to use cash, seller notes and a $2 million unit issuance to the sellers to pay for Hansen. The acquisition is expected to be immediately accretive to Boyd Group’s earnings and cash flow. Hansen Collision and Glass had sales of $38 million for the 12-month period that ended June 30, 2013, according to a statement. Boyd Group now operates 253 collision centers in 15 states and five Canadian provinces. The company also has auto glass retail operations in 28 states.

M&A: Holland-based Charter House Innovations has acquired Greystone Public Seating of Zeeland. In a statement, Charter House President Chuck Reid said the deal made sense because the two companies shared a commitment to product quality and locally sourced materials. The transaction also expands Charter House’s product categories and offerings. Terms of the deal were not disclosed. Greystone manufactures theater, performance, worship and educational seating, while Charter House designs and manufactures seating and décor for the restaurant and hospitality industries.

M&A: Reid Tool Supply of Muskegon was acquired by Action Industrial Supply of Grand Rapids, according to a report in the Muskegon Chronicle. Terms of the deal were not disclosed. Reid was owned by Filtrona PLC, which acquired it for $32 million in August 2011.

M&A: Ann Arbor-based Kaydon Corp. (NYSE: KDN), which operates a 230,000-square-foot bearing manufacturing facility in Muskegon, signed a definitive agreement to be acquired by the Swiss company AB SKF (OMX: SKF B) in an all-cash transaction for $1.25 billion, including debt, according to a statement. Under the agreement, SKF would purchase all of Kaydon’s outstanding shares for $35.50. Kaydon also has the right to solicit alternative acquisition proposals through Oct. 15.

M&A: Grand Rapids-based VantagePointe Financial Group merged with Legacy Financial Partners in South Bend, Ind. Legacy Financial’s managing partner Rex Sallak will become VantagePointe’s director of operations and VantagePointe President David Pasciak will lead the combined firm, which has 16 offices in three states and 80 financial professional associates. Both firms are part of the John Hancock Financial Network.

M&A: Lansing-based commercial real estate brokers NAI Mid-Michigan and TMN Commercial of Okemos have merged, according to a statement. The combined firm, known as NAI Mid-Michigan/TMN Commercial, will have more than 400 commercial listings for sale or lease and more than $13 million under contract or in pending transactions.

M&A: Axson Technologies US Inc. of Eaton Rapids acquired Madison Heights-based CASS Polymers of Michigan Inc. from CASS Polymers of Oklahoma City, Okla., according to a statement. The company will be integrated into Axson, a provider of polymer formulations headquartered in France, and the acquisition gives Axson a more complete line of products for the tooling, adhesives and composites industries. The deal also included the brands Tool Chemical Composites, ADTECH Plastic Systems, ADTECH Marine Systems and SPARTITE.

M&A: Grand Rapids-bases tech company Atomic Object LLC acquired SRT Solutions, an Ann Arbor software development firm, according to a statement. Terms of the acquisition were not disclosed. Atomic Object will keep SRT’s team and its office in downtown Ann Arbor. SRT’s clients have included General Motors, Dominos and the University of Michigan. The deal brings total employment at Atomic Object to 45 people. The firm recently added a Detroit office.

Read 2493 times Last modified on Sunday, 15 September 2013 22:25

Breaking News

September 2018
S M T W T F S
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Follow MiBiz