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Sunday, 19 July 2015 20:01

MiBiz Growth Report: July 20, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for July 20, 2015:

M&A: Charlotte, N.C.-based private equity fund Pamlico Capital has invested in Grand Rapids-based Service Express Inc. SEI’s current leadership team, including CEO Ron Alvesteffer and other executives, will maintain “significant ownership” in the company and will continue to operate the business. The investment will help SEI expand its geographic footprint, according to the company. Pamlico worked with Chicago-based Golub Capital for the senior credit facility to support the investment. The financial adviser for SEI was Ernst & Young Capital Advisors LLC, while Barnes & Thornburg LLP provided legal counsel. Pamlico’s legal adviser was Alston & Bird LLP.

M&A: Niles-based Delta Industrial Valves Inc., a manufacturer of knife gate valves for the mining, oil sands and other industrial sectors, was acquired by Weir Group PLC of Glasgow, Scotland, according to a statement. Delta employs 70 people at an 82,000-square-foot facility in Niles. Weir paid $21 million in cash and $16 million in equity at the close of the deal and could pay up to $10 million in cash over the next 18 month if the company hits certain profit growth benchmarks. The deal will be immediately accretive to earnings for Weir and helps it expand into the mining and oil sands market. Birmingham-based Quarton Partners LLC served as financial adviser for Delta.

M&A: Grand Rapids-based Kindel Furniture Co. acquired the assets of Denton, N.C.-based Councill Company LLC, a luxury-brand residential and contract furniture manufacturer. The acquisition included all Councill’s casegoods and a majority of its upholstered products. The recent deal advances Kindel Furniture’s overall growth strategy of building its capacity through acquiring other luxury furniture manufacturers, said CEO Rob Burch. Terms of the deal were not disclosed. Councill’s production will be transferred from North Carolina to Grand Rapids. Kindel plans to hire an additional 25 workers over the next quarter as a result of the acquisition, Burch said.

• M&A: Greatland Corp., a Grand Rapids-based provider of W-2 and 1099 products for employers, acquired NewportWave, an Irvine, Calif., company specializing in W-2 and 1099 software and support. Greatland plans to transition NewportWave’s customers within a year to its desktop version of Yearli, a W-2 and 1099 reporting software and online filing platform for small and mid-size businesses and accountants. Terms of the transaction were not disclosed.

• M&A: Byron Center-based M&K Truck Leasing LLC has added trailer sales capacity with the acquisition of L & V Trailer Sales Inc. of Wyoming, Mich., according to a statement. L & V’s 25 employees will join M&K, and President Rob Velthouse will join the company as general manager for its new M&K Trailer Center division. M&K will continue operating out of L & V’s 2655 Burlingame Ave. location. In June, M&K also opened its tenth dealership with a new store in Des Plaines, Ill.

Expansion: Mico Industries Inc. will invest $8.2 million to consolidate its facilities into an expanded site in Kentwood, according to a statement from The Right Place Inc. The expansion will make way for the company to add 81 new jobs. The company had considered relocating to Texas after it received a contract for a new product that it expects will increase sales by 50 percent by 2016. The Michigan Economic Development Corp. supported the project with a $350,000 performance-based Michigan Business Development Program grant.

Expansion: The parent company of Shepherd Caster Corp., Colson Group Inc., will invest $1.5 million and create 50 new jobs with a new 110,000-square-foot distribution center in St. Joseph Charter Township, according to a statement from Benton Harbor-based Cornerstone Alliance. The company expects the center to be open by September. The MEDC supported the project with a $350,000 performance-based Michigan Business Development Program grant.

Joint venture: Spectrum Health and Munson Healthcare signed an agreement for a joint venture between Aero Med’s northern operations and North Flight EMS Air Division in Traverse City. Aero Med will continue to serve West Michigan from Gerald R. Ford International Airport in Grand Rapids, and North Flight’s fleet of ground ambulances in Northern Michigan will continue to operate as North Flight EMS. The joint venture, called North Flight Aero Med, is expected to begin operations in early 2016 and operate from a base located in Traverse City with two aircraft from Munson Healthcare and a helicopter acquired from Spectrum Health. The joint venture will provide both emergency critical care air transport and non-emergent air medical charter services.

• Venture capital: A Petoskey-based venture capital firm looks to invest in 10 or more medical device startups over the next five years after closing this month on its third fund. BioStar Ventures Fund III netted $68.8 million over two years, exceeding the combined amount raised and deployed by the firm’s two prior funds. Keeping with the same focus, BioStar Ventures plans to invest Fund III in early-stage medical device companies involved in the cardiovascular and orthopedic sectors. The funding for Fund III came from about 30 investors — including institutional investors — from Michigan, New York and California who each put in a minimum of $1 million. More than one-third of Fund III investors participated in BioStar Ventures’ prior funds, said Louis Cannon, the firm’s founder and senior managing director. Although a Michigan-based firm, BioStar Ventures invests in medical device innovations and startups across the nation.

Read 1679 times Last modified on Tuesday, 21 July 2015 09:52

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