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Sunday, 07 June 2015 15:39

MiBiz Growth Report: June 8, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for June 8, 2015:

• M&A: Grand Rapids-based Fox Motor Group LLC has acquired Seif Chevrolet, located at 632 East Main Street in Caledonia. Terms of the deal were not disclosed. In a statement, Fox said it planned to add staff and upgrade facilities, including a new car showroom, separate buildings for a collision center and used cars as well as parts and accessories departments. Fox Motors sells 43 different brands at 29 locations in Grand Rapids, northern Michigan and the Chicago area. The company has more than 1,200 employees and last year generated $631 million in sales, according to previous MiBiz reports.

• M&A: Over-the-counter drug producer Perrigo Company plc plans to grow a “well established” portfolio of OTC brands it is acquiring from GlaxoSmithKline by leveraging the European operations from its recent Omega Pharma deal. The deal announced June 2 came about as a result of GSK’s proposed joint venture with Novartis International AG in which the companies needed to divest some lines of business to appease European regulators. The brands of nicotine replacement, cold and flu treatment and cold sore management products had sales of approximately $110 million in 2014. Terms of the all-cash deal, including the purchase price, were not disclosed. The acquisition is expected to be immediately accretive to Perrigo’s adjusted earnings per share.

• M&A: Auto auction company XLerate Group of Indianapolis, a portfolio company of a Detroit-based private equity firm Huron Capital Partners LLC, has acquired Greater Kalamazoo Auto Auction (GKAA) of Schoolcraft, Mich., according to a statement. The acquisition marks Huron Capital’s 100th deal since its founding in 1999.

• M&A: Grand Rapids-based Kent Record Management Inc. acquired the customers of Steven’s Record Management of Lansing, according to a report in Storage & Destruction Business. The deal is the company’s seventh acquisition and positions it to expand in the mid-Michigan area.

M&A: Elkhart, Ind.-based Thor Industries Inc. (NYSE: THO) has acquired Postle Aluminum Co., an extruded aluminum supplier to the recreational vehicle industry with a plant in Cassopolis, Mich., according to a statement. Thor paid $144 million in cash for Postle, which generated sales of about $220 million in 2014. The company plans to keep the existing management team and employees in place at Postle.

• M&A: Grand Rapids-based Applied Imaging acquired Hi-Tech of Petoskey in April, according to a statement. The deal allowed the owners of Hi-Tech, a business equipment dealer, to retire after a transition period. Terms were not disclosed, but Applied will occupy Hi-Tech’s former office and retain all of the company’s employees.

• M&A: Detroit-based law firm Honigman Miller Schwartz and Cohn LLP, which has an office in Kalamazoo, has absorbed Schopf & Weiss LLP, a 14-attorney Chicago-based litigation firm, according to a statement. Terms of the deal were not disclosed. Honigman also hired two additional partners for the Chicago office.

• M&A: Chemical Financial Corp. closed May 31 on the $187.4 million acquisition of Lake Michigan Financial Corp. the parent company of the Bank of Holland and the Bank of Northern Michigan. Rich Lievense, the founder and former chairman of the Holland-based Lake Michigan Financial, joined Chemical Financial’s board of directors, with expanded to eight members. Garth Deur, who previously served as president and CEO of Lake Michigan Financial, became executive vice president for community banking at Chemical.

• Expansion: General Motors plans to invest $119 million in a new production line that will occupy a 500,000-square-foot area of unused space at its facility at 2100 Burlingame Avenue in Wyoming. The new production line is slated to begin later in 2015. GM plans to add an additional 300 new production and skilled jobs to its 530-person workforce with the expansion.

• Expansion: Alcoa Inc. (NYSE:AA) will expand its manufacturing of advanced titanium, nickel and 3-D printed parts for the aerospace industry at its Alcoa Power and Propulsion facility in Whitehall. The company will invest $22 million into the facility to install its hot isostatic pressing (HIP) technology to make components for narrow- and wide-body aircraft engines, according to a statement. Alcoa expects the new technology to be operational and ready for product qualification by 2016.

• Expansion: A 47,000-square-foot expansion project at Comstock Park-based Nucraft Furniture Co. will increase the company’s production space to approximately 300,000 square feet. Nucraft currently employees 290 workers in Comstock Park and plans to hire an additional 40 manufacturing-related employees to its staff over the next two years. Ada-based Erhardt Construction Co. is overseeing the construction of the project.

• Expansion: Ada-based Amway Corp. has opened its new manufacturing and research and design facility in Buena Park, Calif. The direct-selling giant has invested approximately $42 million in facilities at the site, which will manufacture the company’s Nutrilite brand of products, according to a statement. Amway plans to open four additional manufacturing sites across the U.S. as part of its $322 million expansion project that it first announced in 2012.

• Expansion: Niles-based Specialty Products & Polymers Inc. is investing $1.25 million to expand its manufacturing facility and add new equipment, according to a report in Rubber & Plastics News. The company, which employs 45 people, expects to add another five to seven jobs with the addition.

• Expansion: Grand Rapids-based Founders Brewing Co. has partnered with Minnesota-based distributor Johnson Brothers Liquor Co. to distribute its beers in Minnesota, North Dakota and South Dakota starting this month, according to a statement. The company plans to distribute bottles, cans and kegs of all of its year-round and seasonal beers, as well as select limited release versions.

Read 1852 times Last modified on Sunday, 07 June 2015 23:25

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