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Sunday, 10 May 2015 21:12

MiBiz Growth Report: May 11, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for May 11, 2015.

M&A: Southfield-based 123Net Inc. has acquired T2 Communications LLC of Holland. The acquisition came as the telecommunications and Internet service provider looked to expand its customer base and capabilities in West Michigan, where it has operated since 2000, according to a statement. Terms of the deal, 123Net’s third in the past year, were not disclosed. T2 Communications had operated as a division of Dallas-based CornerWorld Corp. and was originally created by a Holland entrepreneur.

M&A: Grand Rapids-based ADAC Automotive announced its acquisition of an international automotive supplier through its Vehicle Access Systems Technology LLC (VAST) alliance. VAST purchased a 50-percent stake in Pune, India-based Minda-Valeo Security Systems, according to a statement. The new company will be renamed Minda-VAST Access Systems. It will operate as a subsidiary of Minda Corporation Limited, Spark Minda and Ashok Minda Group, the company’s original joint venture partners. The terms of the deal were not disclosed. In addition to ADAC, VAST also includes Germany-based WITTE Automotive and Milwaukee-based Strattec Security Corp.

M&A: The Center for Vein Restoration expanded into Grand Rapids with the acquisition of Grand Rapids Vein Clinic. The center already serves patients in the Kalamazoo area and has 36 other clinical locations in Connecticut, the District of Columbia, Maryland, New Jersey, New York, Pennsylvania and Virginia.

M&A: Chemical Financial Corp.’s $184.1 million acquisition of Lake Michigan Financial Corp. is headed toward a close later this year after gaining shareholder approval. Shareholders at the privately held Lake Michigan Financial – the parent company of The Bank of Holland and The Bank of Northern Michigan – voted last week to approve the sale, according to a filing Chemical Financial (Nasdaq: CHFC) submitted to federal securities regulators. The deal is targeted to close in the third quarter.

• Expansion: Software design and development firm Atomic Object LLC plans to invest $2.9 million to expand its operations and move into a new facility at 1034 Wealthy Street SE in Grand Rapids. The new site will more than double the space of its headquarters, according to a statement. The expansion comes as part of a larger organization-wide growth that will yield 33 new jobs among the company’s three Michigan offices in Ann Arbor, Detroit and Grand Rapids.

• Expansion: Galesburg-based Bell’s Brewing Inc. plans to expand its manufacturing facility to be able to produce 1 million barrels of beer annually, up from about 319,000 barrels last year, according to industry data. The craft brewer will add approximately 200,000 square feet to its brewing and corporate office campus in Comstock, east of Kalamazoo, according to a statement posted on the website of Detroit-based general contractor Walbridge Co., which will serve as the project’s construction manager. The expansion project will include a new bottling hall, keg storage facilities and a warehouse, as well as a new 100,000-square-foot logistics center.

• Expansion: Bell’s Brewing also plans to expand its distribution to two new states, Delaware and Maryland, by this summer, according to a statement. The company is working with N.K.S. Distributors in Delaware and four Maryland distributors, Bond Distributing Co., Buck Distributing, Carey Distributors Inc. and Wantz Distributors Inc.

• Expansion: Farmington Hills-based Attorneys Title Agency LLC opened a new commercial real estate title insurance office in downtown Grand Rapids office at 125 Ottawa Ave. NW. The title agency has several clients in the Grand Rapids area and the new office will allow the company to better serve them, according to Manager Chuck Colombo.

• Investment: Start Garden LLC’s first deal made under a higher investment limit went to a company developing a mobile wallet app that allows users to donate a portion of their purchase. Start Garden and a number of unnamed private equity partners invested $900,000 in Grand Rapids-based Benefit. The funding will enable the company to move into the next phase of software development and extend into new markets. The Benefit app works at more than 100 large retailers that use mobile wallet to accept customer payments. Users can purchase discounted e-gift cards while waiting to pay for a purchase and instantly redeem them and pass on the discounted rate to the cause of their choice.

Read 1125 times Last modified on Sunday, 10 May 2015 21:25

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