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Friday, 30 January 2015 14:47

MiBiz Growth Report: Feb. 2, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Feb. 2, 2015.

M&A: Two small credit unions plan to merge into Community West Credit Union in Kentwood. Founders Community Federal Credit Union in Middleville, with 1,293 members and $6.4 million in assets as of Dec. 31, expects the deal with Community West to close by Feb. 2. Members of Rockford Community Credit Union, with $13.1 million in assets and 3,247 members, also approved a merger with Community West, which has three offices in Kentwood, Wyoming and Hudsonville. As of Dec. 31, Community West had assets of $126.7 million and 15,697 members, according to a quarterly financial report filed with the National Credit Union Administration.

M&A: Traverse City-based Wicksall Distributors Inc. has been acquired by the family-owned Great Lakes Wine & Spirits LLC of Highland Park, according to a statement. The deal allows Wicksall’s majority owner, Patrick Wicksall, to retire. Wicksall has 60 employees and services about 600 retailers in Northern Michigan with beer and wine. Great Lakes Wine & Spirits is one of the largest statewide distributors in Michigan.

M&A: A subsidiary of Grand Rapids-based Universal Forest Products Inc. (Nasdaq: UFPI) has acquired a majority stake in Brisbane, Australia-based Integra Packaging Proprietary Ltd., according to a statement. Universal Forest Products expects Integra to generate $12 million in sales in 2015. The deal supports Universal’s plans for international growth. Integra is a manufacturer and distributor of integrated packaging products, including wood specialty packaging.

M&A: Muskegon-based Nichols Paper & Supply Co. acquired Professional Sanitary Supply Corp. of Waterford, a suburb of Detroit, according to a statement. The terms of the deal were not disclosed. The deal marks the third acquisition by the company in the last 18 months. Professional Sanitary Supply distributes janitorial and industrial supplies to the greater Detroit market. Owners Pete and Judy Evans will remain with the company.

M&A: Grand Rapids-based Meritage Hospitality Group Inc. (OTCQX: MHGU) has acquired nine Wendy’s restaurants in Tallahassee, Fla. from a franchisee, the company said in a statement. The restaurants are expected to add $13.2 million in annual sales for Meritage. The deal is also expected to be accretive to Meritage’s consolidated earnings. The company funded the deal via cash on hand and credit. Meritage owns and operates 151 quick-service or casual dining restaurants in Florida, Georgia, Michigan, North Carolina, South Carolina and Virginia.

M&A: Franchisee Keith Berg has acquired two McDonald’s restaurants, including the stores at 1515 North Patterson in Wayland and 1215 West State Street in Hastings, according to a statement. Berg currently owns McDonald’s restaurants in Ionia and in Lake Odessa.

Expansion: Online grocer Door to Door Organics Inc. of Louisville, Colo. has expanded its delivery service to the Kalamazoo market, according to a statement. The expansion comes as the company completed Series B round of fundraising in which it secured $25.5 million to move into new markets. Operating in Michigan since 2009, Door to Door Organics offers weekly and biweekly grocery delivery services for personalized local and organic food orders.

Expansion: Kalamazoo-based Gazelle Sports, a specialty retailer of running, soccer and active lifestyle footwear and apparel, plans to open its fourth location in June at Northville Park Place in Northville in Southeast Michigan, according to a statement. The company currently operates stores in Grand Rapids, Kalamazoo and Holland.

Expansion: Berkshire Hathaway-owned Forest River Inc., an Elkhart, Ind.-based manufacturer of recreational vehicles, pontoon boats, cargo trailers and buses, plans to invest more than $7 million and create about 400 jobs in White Pigeon in St. Joseph County, according to a statement.

Expansion: Spring Lake-based cider producer Vander Mill LLC plans to open a production facility, taproom and restaurant at 505 Ball Avenue NW in Grand Rapids. The $4 million investment should allow Vander Mill to expand its annual production capacity to about 1 million gallons of cider, said owner Paul Vander Heide. The new facility will include an approximately 4,300-square-foot restaurant and brewery with a capacity of 200 persons, along with approximately 52,000 square feet dedicated to cider production. Vander Mill will still operate a restaurant and small batch cidery out of its Spring Lake facility.

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