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Sunday, 01 March 2015 16:58

MiBiz Growth Report: March 2, 2015

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

• Automotive supplier Burke E. Porter Machinery Co. expects to finalize the sale of the Grand Rapids-based company to a China-based firm later this month. The buyer, Beijing and Hong Kong-based China Everbright Ltd., intends to purchase all of the outstanding shares of the manufacturer of industrial machinery for $90 million, according to a filing with the Stock Exchange of Hong Kong. The family-owned Burke E. Porter’s total overall assets were valued at $110.6 million as of March 31, 2014, according to a filing dated Oct. 21, 2014. Burke E. Porter has been in business since 1953 and manufactures automotive testing equipment, including dynamometers, alignment systems and automation products.

• Lighthouse Group acquired insurance agency Graves & Co. in Ada. The acquisition expands Lighthouse Group to 31 locations across Michigan for business insurance, employee benefits, personal insurance, life insurance and title insurance. The merger was effective Feb. 1.


Expansion

• OMT-Veyhl USA Corp. plans a 98,000-square-foot expansion at its Holland Charter Township facility. The manufacturer of table legs and table bases plans to invest $8.8 million and create approximately 206 new jobs. The company’s expansion was aided by a $750,000 performance-based grant from the Michigan Strategic Fund.

• CityFlats Hotel at 77 Monroe Center NW in downtown Grand Rapids will expand into the space left vacant by Louis Benton Steakhouse, which closed in January. The hotel will begin renovations immediately and have expanded ballroom space and salon services sometime this summer, according to a statement.


Venture capital

• A Jackson-based firm plans to form a new venture capital fund. Pure Venture Partners told the U.S. Securities and Exchange Commission in a February filing that it intends to begin raising $10 million for the Pure Venture Fund I that, according to the firm’s website, will make “convertible debt or equity investments in companies engaged in advanced manufacturing, light distribution, e-commerce technology, social media, health care, or specialty service industries” in the U.S. If successful, Pure Michigan Fund I will become the latest addition to a growing venture capital industry in Michigan and the second new fund to form in recent months and begin fundraising. In December, Holland-based angel investment network Grand Angels filed a document with the SEC indicating it planned to seek investors for a new $20 million fund, Grand Angels Venture Fund II LLC.

Read 1876 times Last modified on Monday, 08 June 2015 10:51

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