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Sunday, 29 September 2013 10:34

MiBiz Growth Report: Sept. 30, 2013

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Sept. 30, 2013:

M&A: Kalamazoo-based Stryker Corp. (NYSE: SYK) has entered a definitive agreement to acquire Ft. Lauderdale, Fla.-based MAKO Surgical Corp. (Nasdaq: MAKO), a medical device company specializing in robotic orthopedics. In the $1.65 billion deal, Stryker will acquire all the outstanding shares of MAKO for $30.00 per share, an 86-percent premium compared to MAKO’s stock price the day before the announcement. The acquisition “offers the potential to simplify joint reconstruction procedures,”Stryker CEO Kevin Lobo said in a statement. The company expects the acquisition to be dilutive to the company’s earnings by $0.10 to $0.12 per share in the first full year excluding acquisition and integration related charges, neutral in year two and accretive thereafter. Stryker was advised on the deal by Citigroup, and the firm of Skadden, Arps, Slate, Meagher & Flom LLP served as outside legal counsel.

M&A: Online trader Gain Capital Holdings Inc. closed last week on the acquisition of Grand Rapids-based Global Futures & Forex Ltd. (GFT) in a stock-and-cash mill- deal. Terms of the sale to the Bedminster N.J.- based Gain Capital include $40 million in cash for Global Trading & Forex, a $33 million five-year seller note, and 3.6 million shares. GFT founder and CEO Gary Tilkin told MiBiz when the deal was announced in April that selling was the best option for the company to grow aggressively growth in the future. The difficulty the industry faced in 2012 led Tilkin to conclude that GFT needed to align with a larger player that could provide the capital the company needed, he said at the time.

M&A: St. Joseph-based Honor Credit Union plans to open an office in Decatur by the end of 2013 that it’s acquiring from Edgewater Bank. The deal is pending regulatory approval. Once approved, deposit accounts at the bank will transfer to the credit union. Honor Credit Union has 12 offices across Southwest Michigan with 41,016 members and assets of $463.9 million as of June 30, according to a quarterly filing with the National Credit Union Administration.

M&A: Grand Rapids-based Meritage Hospitality Group Inc. (OTCQX: MHGU) acquired two Wendy's restaurants in the Jacksonville, Fla. market, according to a statement. The deal adds 90 employees to the company’s ranks. Meritage employs 3,900 people and owns 115 restaurants in Florida, Georgia, Michigan, North Carolina, South Carolina and Virginia.

Expansion: Grand Rapids-based ADAC Automotive was awarded a $650,000 performance-based Business Development Program grant to support its plans for a $7.9 million expansion in Muskegon. The expansion will add up to 97 new jobs, according to a statement from the company. The company chose to expand in West Michigan over a competing site in Mexico. The city of Muskegon also plans to offer property tax abatements. The company recently completed an $18 million expansion of its paint facility in Muskegon.

Expansion: Firstronic LLC, a Grand Rapids-based manufacturer of electronic components, plans to invest $2.45 million into building renovations, machinery and equipment at its plant at 1655 Michigan Street, according to an announcement from The Right Place Inc. The company received a $300,000 Michigan Business Development Program performance-based grant from the Michigan Economic Development Corp. The expansion should add 110 jobs at the company’s 35,000-square-foot facility, where it currently employs 68 people. The company serves a range of industries, but the expansion should help it continue to grow its focus on the medical device sector.

Read 1564 times Last modified on Monday, 30 September 2013 09:58

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