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Sunday, 05 July 2015 22:10

MiBiz Growth Report: July 6, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for July 6, 2015:

• M&A: Lakeshore Anesthesia Services in Muskegon was acquired by MEDNAX Inc., a national medical group based in Ft. Lauderdale, Fla. Terms of the cash transaction were not disclosed. Lakeshore Anesthesia consists of 31 anesthesiologists and 10 anesthetists providing service to Mercy Health Muskegon’s Hackley and Mercy campuses, North Ottawa Community Hospital in Grand Haven, Muskegon Surgery Center, and Shoreline Vision Ambulatory Surgery Center. The publicly held MEDNAX (NYSE: MD) has operations in 35 states and employs nearly 2,700 physicians, including 2,475 anesthesiologists and advanced practitioners. The corporation had revenues of $2.43 billion with net income of $317.2 million.

 M&A: Lansing-based Neogen Corp. (Nasdaq: NEOG) acquired the assets of India-based Sterling Test House, a commercial food testing laboratory, according to a statement. Neogen intends to use the lab as its base for new operations in the country. Sterling Test House employs 40 people and provides food safety and water quality testing for hotels and restaurants and safety and quality testing for nutraceuticals. Terms of the deal were not disclosed. With the acquisition, Neogen hopes to accelerate revenue growth in the global food safety market, according to Dr. Jason Lilly, the company’s vice president of business development. Sterling will operate as part of the wholly owned subsidiary, Neogen Food and Animal Security (India) Private Limited.

• M&A: Vesco Oil Corp., a Southfield-based distributor of automotive and industrial lubricants that has large warehouse in Grand Rapids, acquired of Britsch Inc., a family-owned distributor of fuels and lubricants in Wauseon, Ohio. Britsch serves the Michigan, Ohio, Pennsylvania and Indiana markets. The acquisition enlarges Vesco’s geographic footprint and expands its product and service offerings in Ohio. Vesco Oil is one of the largest distributors of ExxonMobil and Valvoline branded lubricants.

• M&A: Chicago-based The Boyd Group Inc. has acquired a 19,000-square-foot collision repair center in Battle Creek that previously operated as Phil Smead’s Auto Body Inc., according to a statement. The business will now operate under Boyd Group’s Gerber Collision & Glass branding. It is the second Gerber Collision location in Battle Creek and adds to the company’s “strong presence in the state of Michigan,” President and COO Tim O’Day stated. Terms of the deal, which closed June 12, were not disclosed. Phil Smead’s Auto Body had operated at the site since 1980.

• Expansion: The Little Traverse Bay Bands of Odawa Indians plan to develop a 5,000-square-foot casino with 64 slot machines in Mackinaw City, according to multiple reports. The gaming operation will be developed at the former Thunder Falls Water Park property the tribe acquired in 2012. It’s expected to open in May 2016. The tribe also plans to develop a 130-room hotel adjacent to its existing casino in Petoskey, but that project is not expected to begin until 2019, according to a report in the Petoskey News-Review.

• Expansion: LG Chem Michigan Inc. will invest $25 million into its lithium-ion battery manufacturing plant in Holland. The new expansion will add additional production lines to the manufacturing facility to accommodate its customers in the automotive electric vehicle and energy storage markets, according to a statement. LG Chem plans to hire an additional 80 employees by the end of the year.

• Expansion: Spectrum Health began construction on a $24.5 million renovation and expansion of its Rehab and Nursing Center in Grand Rapids. The project involves construction of a two-story, 122,600-square-foot addition to the Kalamazoo Avenue facility that was first built 50 years ago. The addition will have a capacity for up to 165 patients. The rehab center serves about 700 patients annually, treating stroke and brain injuries. Completion of the project is targeted for the summer of 2016. The project was designed by MKM Architecture of Fort Wayne, Ind., and Lansing-based The Christman Co. is handling construction.

• Investment: Grand Rapids-based Blue Medora LLC secured $4.6 million in a new Class A funding round led by Ann Arbor-based Michigan eLab Capital Associates LLC. Grand Rapids-based Start Garden LLC and Holland-based Grand Angels also contributed, according to a statement. Blue Medora is a software development company with a focus on cloud system management. Michigan eLab’s Doug Neal will join the company’s board of directors. This latest investment brings the company’s total funding to $6 million.

Stock offering: Muskegon-based Community Shores Bank Corp. will seek to raise $6.4 million in needed capital in a stock offering to existing shareholders that would go to pay off debt, maintain operations and improve its capital position. If successful, the stock offering would bring Community Shores into compliance with capital requirements of federal regulators and return the bank to a “well-capitalized” status. The bank would use proceeds from the stock offering to pay off $1.28 million borrowed in 2013 from 1030 Norton LLC, a company controlled by three current directors and one former director, plus five other businessmen. Another $625,000 would go to pay off deferred interest on trust preferred securities, and $4.1 million would go toward needed working capital, according to the preliminary prospectus filed with federal securities regulators. Community Shores, founded in 1999, has three offices in Muskegon County and one in Grand Haven in neighboring Ottawa County. The bank had total assets of $190.8 million as of March 31.

Read 1605 times Last modified on Tuesday, 21 July 2015 10:10

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