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Sunday, 12 April 2015 21:05

MiBiz Growth Report: April 13, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for April 13, 2015.

• M&A: A British pharmaceutical maker wants to buy Perrigo Co. plc in a cash-and-stock deal worth as much as $30 billion. Potters Bar, England-based Mylan N.V., a producer of generic drugs and specialty pharmaceuticals, offered Perrigo shareholders $205 per share in cash and stock for each share they hold, a 25-percent premium over Perrigo’s closing share price from April 3. A merger between Mylan and Perrigo would create a company with about $15.3 billion in pro forma sales. Perrigo Chairman and CEO Joe Papa would serve as co-chairman of the company. Perrigo, which is based in Dublin, Ireland, and maintains its U.S. headquarters in Allegan, acknowledged receipt of the “unsolicited, indicative proposal from Mylan regarding a possible offer for the company.” Perrigo said it would call a meeting of its board of directors to discuss the proposal.

• M&A: Dowagiac-based Mno-Bmadsen – the non-gaming economic development arm of the Pokagon Band of Potawatomi Indians – has acquired Rolling Prairie, Ind.-based D.A. Dodd Inc., a union mechanical contracting company that has an office in Benton Harbor. D.A. Dodd offers plumbing, heating, cooling, and other design/build services for companies in West Michigan and north and central Indiana, according to a statement. Mno-Bmadsen previously acquired Portage-based Accu-Mold LLC, a manufacturing and engineering firm. The firm’s portfolio also includes the Kalamazoo-based architecture and design firm, 7Gen AE. Meanwhile, Mno-Bmadsen also sold Lifts Ladders and Docks LLC, a division of Accu-Mold, to previous owner Dave Martin, who relocated the dealer of docks, lifts, ladders and handicap accessible ramps from Portage to Schoolcraft, according to a statement.

• M&A: Comstock Park-based Perrin Brewing Company LLC has been acquired by Oskar Blues Brewing Co. of Colorado, according to a statement. Keith Klopcic, former owner of Grand Rapids-based West Side Beer Distributing Inc., will move into the role of partner and president, replacing founder Randy Perrin. West Side distributes both Perrin and Oskar Blues in the West Michigan area, according to its website. Terms of the deal were not disclosed. According to a report in online industry publication Brewbound, Boston-based family office Fireman Capital Partners and Klopcic were among the investors in the deal. The report noted that Oskar Blues plans to leverage the backing from Fireman Capital to pursue other deals for craft breweries.

• M&A: Wayne Baxter, a veteran executive in the office furniture industry, bought Flairwood Industries, a Norton Shores-based maker and supplier of cabinets and carts for the education, health care and contract furniture markets. Baxter became Flairwood’s president as well as majority owner. He has more than 20 years of product marketing and development experience with Nuvar Manufacturing, Attwood Corp. and Herman Miller Inc., where he spent 16 years. Flairwood was founded in 1976 by Greg Lonnee and Terry Hill. Paul Remondino purchased majority shares of the business in 1988. All three of the previous owners have agreed to stay on as employees or contract consultants to Baxter.

• M&A: Sturgis Bancorp Inc. completed the acquisition of West Michigan Savings Bank in Bangor. The parent company of Sturgis Bank & Trust Co. paid $3.3 million in cash for West Michigan Savings, which has a single office in Bangor. The purchase price could still change if the cost of funding and terminating West Michigan Savings Bank’s pension plan exceeds a specified amount. Sturgis Bancorp was advised by the investment banking firm of Boenning & Scattergood Inc. and the law firms of Warner Norcross & Judd LLP and Dresser Dresser Haas & Caywood PC. West Michigan Savings Bank was advised by investment bank Donnelly Penman and Partners and the law firm of Bodman PLC.

• M&A: Two of Grand Rapids-based private equity firm Blackford Capital’s portfolio companies made recent acquisitions. Fenton-based Burgaflex North America Inc. acquired Burgaflex GmbH of Germany. The two firms had been affiliated until a partnership dissolved in 2010. Meanwhile, Amtech Corp. of a Wapoto, Wash. expanded its capabilities by acquiring McClarin Plastics Inc. of Hanover, Pa.

• Expansion: A 2,000-square-foot expansion by Kalamazoo-based Tibbs Brewing Company Inc. promises to double its production capacity and streamline the company’s operations. The brewery recently announced plans to expand into the downstairs area below its current production and taproom space. Tibbs is based at the State Theatre Shoppes at 402 South Burdick Street in a facility owned by Roger Hinman and managed by the Hinman Company. The location formerly housed the kitchen and bar of the now-defunct Kegger’s nightclub at the Kalamazoo State Theater.

• Grants: Catherine’s Health Center in Grand Rapids was among three community health centers in Michigan and 55 across the U.S. to share $5 million in grants from the CVS Foundation. The philanthropic arm of CVS Health Corp. awarded Catherine’s Health Center an undisclosed amount to increase access to primary care for the underserved in Grand Rapids. The Baldwin Family Health Care in Lake County also received a grant.

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