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Sunday, 21 June 2015 22:14

MiBiz Growth Report: June 22, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for June 22, 2015.

• M&A: Zeeland-based contract furniture manufacturer DSA International LLC has taken on an office furniture industry veteran as an equity-holding partner. At the NeoCon trade show in Chicago this month, executives at the company announced that Paul Nemschoff had joined DSA. Terms of the deal were not disclosed. Last year, Nemschoff left the position of vice president of seating at Zeeland-based Herman Miller Inc., which he joined when the West Michigan company acquired his family’s Wisconsin-based business, Nemschoff Inc., in 2009.

M&A: Lake Forest, Ill.-based Brunswick Corp. (NYSE: BC) divested its Brunswick Bowling Products Inc. business in a management buyout involving BlueArc Capital Management LLC, Gladstone Investment Corp. (Nasdaq: GAIN) and Capitala Finance Corp. (Nasdaq: CPTA). Terms of the deal were not disclosed. Gladstone and Capitala Finance Corp. each invested equity and senior secured debt in the deal, according to statements. The company’s headquarters will remain in Muskegon and it will continue operating its manufacturing operations in Szekesfehervar, Hungary, and Reynosa, Mexico. Brunswick Bowling Products is a provider of bowling center equipment, supplies and consumer bowling products.

• IPO: New Buffalo Savings Bank wants to issue up to 805,000 shares at $10 per share, according to a filing with federal securities regulators. The bank would initially sell shares to eligible depositors and borrowers, and then conduct a community offering of stock with a preference to sell shares to residents of Berrien County or their trusts. The bank could increase the sock offering to 925,750 shares if the demand or market conditions warrant. New Buffalo Savings Bank, with roots dating back to 1921, also seeks to convert from a federal mutual savings bank to a federally-chartered bank with stock. New Buffalo Savings has three offices in western Berrien County – New Buffalo, Sawyer and Three Oaks – and a lending office in Merrillville, Ind. The bank as of March 31, had total assets of $89.1 million and total deposits of $71.2 million.

• Expansion: Hansen-Balk Steel Treating Co. will invest $3.2 million into its 90,000-square-foot facility located at 1230 Monroe Ave. NW in Grand Rapids, according to a statement. Approximately $2.3 million of the investment will be dedicated to new production equipment, with the remainder slated for real property improvements. The company plans to add four additional jobs to its 46-person workforce.

• Expansion: Walker-based retailer Meijer Inc. has opened its second location in the Detroit, a 200,000-square-foot store on the city’s northwest side near the intersection of Grand River Avenue and West McNichols Road. The store will employ 300 people, according to a statement. The new store is one of 11 supercenters the chain plans to open in the Midwest this year.

Expansion: Kalamazoo-based distributor Imperial Beverage Co. relocated its Southeast Michigan warehouse facility from Plymouth to a new 25,000-square-foot building in Livonia. The move effectively triples Imperial’s warehouse space to serve the southeast part of the state, said Wally Donovan, the company’s vice president of operations, in an email to MiBiz. The site will also accommodate additional growth for Imperial.

Expansion: Ionia-based egg-producer Herbruck’s Poultry Ranch Inc. will invest $43 million to expand its organic and cage-free production with new egg-laying and pullet capacity, according to a statement from The Right Place Inc., which partnered with the Ionia County Economic Alliance and the Michigan Economic Development Corp. in supporting the project. The expansion is expected to create 50 jobs.

Read 1382 times Last modified on Sunday, 28 June 2015 17:59

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