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Sunday, 13 October 2013 22:27

MiBiz Growth Report: Oct. 14, 2013

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Oct. 14:

M&A: Marshall-based Johnson System Inc., a manufacturer of catwalks, towers and support structures, was acquired by Grain Systems Inc. of Assumption, Ill., a global brand of Duluth, Ga.-based AGCO, an agricultural equipment maker. Grain Systems retained all 70 employees in the acquisition. The deal provides Grain Systems with new growth opportunities and expertise in the grain handling business, according to the company.

M&A: NeXt I.T., a Muskegon-based technology solutions firm, has acquired Common Sense Computing, a Traverse City-based networking and communications company. According to a release, the acquisition will allow NeXt I.T. greater penetration into the northern Michigan market.

M&A: Marquette General Hospital acquired Upper Michigan Cardiovascular Associates (UMCA), the largest cardiology and vascular physician group practice in the Upper Peninsula, according to a statement. The move follows the implementation of a new clinical integration model at the hospital. The group will be unified under the Marquette General Heart and Vascular Institute moniker.

M&A: Susan J. Demas Communications LLC acquired Inside Michigan Politics, a biweekly Michigan newsletter founded by Bill Ballenger in 1987, according to a statement. Journalist Susan J. Demas will serve as publisher of the company. Under the deal, Ballenger will serve as associate editor for three years.

M&A: A subsidiary of Grand Rapids-based Universal Forest Products Inc. (NASDAQ: UFPI) will purchase certain assets of SE Panel and Lumber Supply, according to a statement. The South Daytona, Fla.-based company is a distributor of concrete forming panels and lumber products for the concrete forming and construction industries. Terms of the transaction, which is expected to close by mid-November, were not disclosed. Two SE Panel executives will join the company and help Universal grow its concrete forming business.

Capital raise: Coldwater-based Monarch Community Bancorp Inc. raised $16.5 million through a private stock placement. The parent corporation of Monarch Community Bank will use about half the proceeds to retire $8.2 million in debt through the U.S. Department of Treasury Troubled Asset Relief Program. The rest will support the bank’s growth. Monarch Community Bank has five offices in Branch, Calhoun and Hillsdale counties. The bank is also undergoing a restructuring that will reduce staff and generate about $1.3 million in annual cost savings.

Expansion: Belle Tire recently expanded with a new 10,000-square-foot store in Greenville, the Michigan-based company’s ninth location in the greater Grand Rapids area, reports Tire Review.

Read 1416 times Last modified on Sunday, 13 October 2013 22:39

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