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Sunday, 02 February 2014 20:57

MiBiz Growth Report: Feb. 2, 2014

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Feb. 2, 2014:

• M&A: Valhalla, N.Y.-based USI Insurance Services entered into an agreement to acquire Wells Fargo Insurance’s brokerage and consulting locations in Grand Rapids and 41 other locations, according to a statement. Terms of the deal, which is expected to close in the second quarter, were not disclosed.

• M&A: Christian Counseling Center signed a letter of intent with Pine Rest Christian Mental Health Services in Grand Rapids to consolidate operations. The two organizations will now work on crafting a definitive agreement to combine. Christian Counseling Center on Leonard Street would operate as one of Pine Rest’s 16 outpatient clinics.

• M&A: A subsidiary of Grand Rapids-based Universal Forest Products Inc. is acquiring the assets of National Fiber, a Belchertown, Mass. maker of cellulose insulation, according to a statement. Universal Forest Products expects the transaction to close by Jan. 31. Sales for National Fiber are forecast at $12.5 million for 2014. Terms of the deal were not disclosed.

• M&A: Ludington-based private equity firm SRS International Holdings Inc. formed American Light Metals LLC to acquire the assets of Empire Die Casting Co. Inc. of Macedonia, Ohio out of bankruptcy in November, according to a statement. SRS operates Whitehall Industries in Ludington. Amherst Partners LLC of Birmingham served as financial adviser to Empire in the sale.

• M&A: Michigan’s two largest regional health exchanges plan to merge. The Grand Rapids-based Michigan Health Connect and Great Lakes Health Information Exchange in East Lansing signed a letter of intent in mid-January to merge operations and begin a due-diligence period that’s expected to wrap up by the end of March. The two health exchanges combined serve more than 100 hospitals and more than 2,000 physician offices across the state, enabling care providers to readily transfer and access patient data electronically as they are referred from one doctor or facility to another.

• M&A: Two community banks in Alpena plan to merge. First Federal of Northern Michigan Bancorp Inc. and Alpena Banking Corp., the parent company of the Bank of Alpena, expect to close on the $4.26 million stock transaction late in the second quarter or in the third quarter of 2014. The Bank of Alpena, with $66.7 million in deposits and assets of $73.7 million, will become a branch of First Federal Bank, which has assets of $287.6 million and deposits of $22.48 million.

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