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Sunday, 02 August 2015 08:54

MiBiz Growth Report: Aug. 3, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Aug. 3, 2015:

M&A: Grand Rapids-based Meritage Hospitality Group Inc. (OTCQX: MHGU) acquired 15 Wendy’s fast-food stores in the Toledo, Ohio area. According to a statement, the acquisitions will add approximately $19 million in annual revenue. Meritage says it will invest in installing new point-of-sale systems, as well as aesthetic upgrades to some stores.

• M&A: In its latest acquisition to grow in Europe, Allegan-headquartered Perrigo Co. plc plans to acquire Naturwohl Pharma GmbH, a German maker of dietary supplements. The deal should close in the third quarter, pending German regulatory approval, according to a statement. The deal includes the company’s Yokebe brand that comes in shake and liquid forms. The brand should generate about $16.7 million in full-year 2015 net sales. Terms of the deal were not disclosed. The acquisition builds on the acquisition last year of Omega Pharma that better positioned Perrigo in the $30 billion European market for over-the-counter medications and nutritional products.

• M&A: Kalamazoo-based Stryker Corp. signed a deal to acquire Muka Metal A.S., a Turkish company that produces and sells hospital beds, stretchers and furniture for patient rooms, and accessories. The cash deal should close in the third quarter. The two companies have had a distribution agreement in Latin America since 2012 and the acquisition will expand Stryker’s global presence “in key markets with a product portfolio that complements and enhances Stryker’s current offerings,” the company said. Terms of the deal were not disclosed.

• M&A: Milwaukee-based Johnson Controls Inc. plans to spin-off its automotive seating division into an independent public company. The IPO for the new company, which generated $22 billion in annual revenue last year, is expected to close in approximately 12 months, according to a statement. When the initial decision to explore a sale of the division was announced in June, the company stressed that the spin-off would not impact its battery business in Holland. It remains unclear how the spinoff will impact JCI’s other automotive business segments in West Michigan.

• M&A: Winnipeg, Manitoba-based Boyd Group Inc. acquired McDonald’s Auto Body LLC in Plainwell and will convert the operations to its Chicago-based Gerber Collision & Glass brand of repair centers, according to a statement. Terms of the deal were not disclosed. The Boyd Group operates three locations in Grand Rapids and two in Kalamazoo, and the Plainwell site “fills a gap between the two areas and adds to our brand presence in southwestern Michigan,” stated Tim O’Day, the president and COO of Boyd Group’s U.S. operations.

• Expansion: Honor Credit Union plans to expand this fall with the opening of a new branch location in Allegan. The office will become the St. Joseph-based credit union’s 17th location. Honor Credit Union presently has 13 offices across Southwest Michigan and three in the Upper Peninsula. The new Allegan branch is targeted to open in November.

 Expansion: Spectrum Health plans to create a foothold in Ionia County with the construction of a new medical campus. The 10,000-square-foot facility the Grand Rapids-based health system will build on South State Road — located in front of a Meijer Inc. store — will house primary care physicians, a diagnostic lab and radiology. The site will become the third integrated care campus for Spectrum Health, albeit much smaller than similar projects undertaken in Holland in 2012 and last year on East Beltline Avenue in Grand Rapids. The center will open in the spring of 2016. Wolverine Building Group is handling construction.

Read 1409 times Last modified on Sunday, 09 August 2015 09:41

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