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Sunday, 29 March 2015 23:34

MiBiz Growth Report: March 30, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for March 31, 2015.

• M&A: Kalamazoo-based Rentalex of Michigan Inc. has been acquired by Sunbelt Rentals Inc. of Fort Mill, S.C., according to a statement. Rentalex is a provider of rental equipment, tools and accessories for contractors and homeowners that operates two locations in Kalamazoo. A national rental equipment provider with a $4 billion fleet, Sunbelt said the deal strengthens the company’s presence in Michigan, which includes stores in Lansing and Novi.

• M&A: Traverse City-based Britten Studios Inc. has acquired Eyewood Design Inc. of Interlochen and rebranded the company as Britten Woodworks Inc., according to a report in Woodworking Network. Britten Studios is a maker of banners and signage. A woodworking business, Eyewood is a designer and manufacturer of residential cabinetry and millwork and commercial casegoods. Terms of the deal were not disclosed. Eyewood founder Randy Howard became vice president of sales for Britten Woodworks, the report stated.

• M&A: Holland-based JR Automation Technologies LLC, a manufacturer of custom automation equipment, was acquired by Crestview Partners, a private equity firm based in New York City. Crestview purchased the firm from Grand Rapids-based Huizenga Group, which had invested in the company since 1995. Terms were not disclosed. JR Automation had sales of $170 million in 2014, according to a previous MiBiz report.

• M&A: A subsidiary of Canadian private equity firm TerraVest Capital Inc. (TSX: TVK) of Vegreville, Alberta announced plans to acquire substantially all the assets of both Clio-based Signature Truck Systems Inc. and its Lakeshore Metal Works Inc. division based in Houghton Lake, according to a statement. Signature builds propane bobtail trucks for fuel distributors across the country and generated more than $3 million in earnings before interest, taxes, depreciation and amortization last year. The deal is expected to close around April 1, after which the companies will operate as Signature Truck Systems LLC. Terms of the transaction were not disclosed.

• M&A: East Lansing-based Maplegrove Property Management LLC purchased the 42-unit Hopson Flats Apartments at 212 Grandville Ave. SW from Fusion Properties LLC. Maplegrove set up a new subsidiary, Grand Rapids – Hopson Flats LLC, for the transaction, which closed on March 16, according to a statement. Grand Rapids – Hopson Flats LLC reported to federal securities regulators that it raised more than $2 million in equity as of March 19.

• Expansion: Kalamazoo-based Fabri-Kal Corp. will open a new production facility in Burley, Idaho by fall 2015. The manufacturer of plastic and thermoformed packaging materials for the foodservice and consumer product markets will invest $50 million in the project, according to a statement. The 100,000-square-foot facility will expand Fabri-Kal’s production capability for its existing product lines as well as include a new plant-based fiber material for its Greenware product line. Progressive AE and CSM Group are involved in designing and building the facility.

• Expansion: Holland-based Hutt Logistics Inc., a trucking, logistics and warehousing company, has opened a new 67,000-square-foot cold food storage facility in Hudsonville. The new space brings Hutt’s total warehouse space to more than 1 million square feet, and the company plans to add at least 15 jobs at the new facility, according to a statement.

 Expansion: Datum Industries LLC recently expanded its production capacity by moving its machining operation into a new 37,570-square-foot facility in Kentwood. A separate company, 44th Street Development LLC, purchased the property at 4300-4350 40th Street SE in Kentwood for use by Datum from Canada-based Anchor Danly LLC. The seller was represented by CBRE | Grand Rapids. Prior to the purchase, Datum – a designer and manufacturer of line, transfer and progressive dies – had outsourced a large amount of its machining work to other companies, said Stephen Klotz, CEO of the Huizenga Group, the Grand Rapids-based private investment firm that owns the manufacturer.

 Expansion: Vermont-based fly fishing and outdoor lifestyle retailer Orvis Company Inc. plans to open a 4,800-square-foot, corporate-owned store at Grand Rapids’ Breton Village Shopping Center, according to a statement from CWD Real Estate Investment, the leasing and property manager for the site. The store will be Orvis’ second corporate-owned retail location in Michigan.

• Expansion: Grand Rapids-based Lambert, Edwards & Associates Inc. has been contracted to provide investor relations counsel for Peak Resorts Inc. of Wildwood, Mo. (Nasdaq: SKIS), an owner/operator of U.S. ski resorts that recently completed a successful initial public offering, according to a statement.

Read 1326 times Last modified on Monday, 08 June 2015 10:40

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