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Sunday, 04 January 2015 15:40

MiBiz Growth Report: Jan. 5, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Jan. 5, 2015:

• M&A: Indianapolis-based HP Products Corp., a division of Newport News, Va.-based Ferguson Enterprises Inc., acquired Ship-Pac Inc. of Kalamazoo, a supplier of packaging supplies, according to a statement. Terms of the deal were not disclosed. HP Products is a distributor of facility maintenance supplies, safety supplies, packaging, equipment and other products.

• M&A: Spring Lake-based Nichols Paper & Supply Co. has acquired family-owned janitorial and industrial supply distributor Kellermeyer Co. of Bowling Green, Ohio, according to a statement. Terms of the deal were not disclosed. The Ohio location will operate as Kellermeyer-Nichols. The firm’s president and CEO, Jill Kegler, will stay on as general manager.

• Venture capital: Grand Angels, the angel investing group formed a decade ago to back young companies in Michigan, is apparently preparing to create new venture capital fund. A federal regulatory filing indicates the organizers of Grand Angels Venture Fund II LLC will seek to raise $20 million from investors by Aug. 31, 2015. The filing lists Grand Angels President Jody Vanderwel as a representative, along with Paul D’Amato, a member and director at the Holland-based angel group. When contacted by MiBiz, Vanderwel declined to comment. Articles of incorporation for the venture fund, as well as for a separate management company, also were filed in November with the Michigan Department of Licensing and Regulatory Affairs.

• Investment: Grand Rapids-based Founders Brewing Co. plans to better access international markets as part of a deal with a Spanish brewery. Founders will sell a 30-percent minority stake of the company to Mahou San Miguel, a family-owned company that operates seven brewing operations in Spain and one in India. Terms of the deal were not disclosed. Founders’ advisers on the deal included Robert W. Baird & Co. and the law firm of Greenberg Traurig. The company expects the deal to close in January. The partnership will allow Founders to “open new doors for growth as well as ensure our legacy for years to come,” CEO Mike Stevens said in a statement.

• Expansion: Pennsylvania-based Clemens Food Group recently announced its plans to open a pork processing operation in Coldwater Township. The company expects to invest approximately $255 million in the project and create 810 jobs at its new facility. The 550,000-square-foot new construction project will be supported by a $12.5 million Community Development Block Grant from the Michigan Economic Development Corp. Coldwater Township will also contribute $4.5 million for infrastructure improvements at the site. Originally established in 1895, Clemens has grown into an integrated pork production operation with farming, processing, transportation and logistical capabilities. The company currently employs 2,200 workers.

• Development: Grand Rapids-based CWD Real Investment LLC plans to redevelop the historic Olds Manor building at the corner of Michigan Street and Monroe Avenue in the city’s downtown. The mixed-use project will feature 9,500 square feet of street-level retail/restaurant space and 77 market-rate apartments, including one-bedroom and two-bedroom units. The developer expects the total project cost to reach $22 million to $26 million. The project will also have a “limited” number of condominiums on the upper floors, said Nick Koster, vice president of operations at CWD. Originally opened in 1923 as the Rowe Hotel, Olds Manor has been vacant since 2001, according to a statement. It has been owned by the DeVos family’s RDV Corp. since 2002. Integrated Architecture and Nederveld are handling the design and engineering of the project, which will be built by Triangle Associates Inc.

• Development: The Michigan State University board of trustees voted to demolish the building that formerly housed the Grand Rapids Press. The university intends to use the 4.3-acre site for an expansion of its College of Human Medicine and building a biomedical research center, set to open in 2017, pending approvals. There will also be room on the site for future expansions, either for the university or private developers. The budget for the demolition project is $3 million. Demolition is expected to begin in March and be completed by December of this year.

• Development: Naperville, Ill.-based Franklin Partners LLC has purchased 1340 Monroe NW, according to a statement. The 375,000-square-foot, five-story building was previously owned by Grand Rapids-based packaging company Display Pack Inc. Franklin Partners Principal Don Shoemaker cited the building’s proximity to the downtown area, the quality of the building and ample parking as reasons for the purchase. The price was not disclosed. The exact use of the building has not yet been decided, the company stated.

 

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