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Sunday, 13 September 2015 21:35

MiBiz Growth Report: Sept. 14, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Sept. 14, 2015.

M&A: Coldwater, Mich.-based Coldwater Veneer Inc. was acquired by private equity firm Industrial Opportunity Partners (IOP) of Evanston, Ill. as part of a management buyout, according to a statement. The transaction also included West Point, Va.-based subsidiary West Point Veneer LLC. Terms of the deal were not disclosed. Coldwater Veneer makes specialty hardwood veneer for the building products, furniture, home furnishings and automotive markets. The company employs 235 people, has manufacturing plants in Coldwater and West Point, and operates a distribution facility in Jeffersonville, Ind. Two members of Coldwater’s management team, Dean Calhoun and Dave Counterman, will serve as CEO and president, respectively. Phil Fioravante of IOP will serve as chairman of Coldwater. League Park Advisors LLC of Cleveland represented the shareholders of Coldwater. PNC Business Credit and MB Financial provided financing for the acquisition. Chicago-based McDermott Will & Emery LLP represented IOP in the transaction.

 M&A: Continuing to buy as it prepares to fend off a hostile takeover bid by Mylan N.V., Perrigo Co. plc acquired the ScarAway brand from Enhalus LLC, a marker of over-the-counter skin care products including treatments for scars. The acquisition will generate about $10 million in annual sales for Perrigo, including $3 million in the current year. The brand acquisition “serves as yet another example of our ability to execute” on a corporate growth strategy to acquire companies and brands in adjacent product categories, said Perrigo Chairman, President and CEO Joseph Papa. Perrigo announced the deal days after shareholders at Mylan voted to proceed with a $332.7 billion hostile takeover effort for Perrigo.

• M&A: Auburn Hills-based Unique Fabricating Inc. plans to acquire Great Lakes Foam Technologies Inc. of Concord, Mich., west of Jackson. The acquisition comes as part of Unique Fabricating’s (NYSE: UFAB) overall growth strategy of tapping customers in new markets and product segments, CEO John Weinhardt said in a statement. Great Lakes Foam manufacturers polyurethane foams and skins for a variety of sectors including the automotive, office furniture, lawn and garden, marine and military markets. Unique Fabricating purchased Great Lakes with $12 million in cash as well as agreed to assume a portion of the company’s outstanding liabilities.

• M&A: Lansing-based Neogen Corp. (NASDAQ: NEOG) acquired the stock of United Kingdom-based Lab M Holdings, according to a statement. Lab M manufactures and supplies microbiological culture media and diagnostic systems for companies in the food, water, industrial and clinical testing markets. Neogen’s acquisition of Lab M will give the company access to more diversified testing products, said James Herbert, Neogen’s chairman and CEO. Lab M will maintain its current facility and its operations will be led by Neogen’s Scotland-based Neogen Europe. Neogen manufacturers and markets testing kits for the food and animal safety markets. Terms of the deal were not disclosed.

• M&A: Pittsburgh-based PPG Industries completed the acquisition of Brazil, Ind.-based IVC Coatings Inc., a manufacturer of powder and liquid industrial coatings that operates a plant in Grand Haven, Mich., according to a statement. Terms of the deal were not disclosed. IVC supplies customers in the office furniture, material handling, automotive and appliance industries, among others.

 Funding: Grand Rapids-based Barfly Ventures LLC secured $25 million in new mezzanine financing that it plans to use to bring its HopCat craft beer bar concept to more markets. The funding from two unnamed Texas funds will allow the company to open six new HopCat locations per year for the next six years, said Barfly founder Mark Sellers. Each of the six existing HopCat locations — a seventh opens this fall in Lexington, Ky. — have cost the company about $3 million to launch, he said. Barfly worked with Southfield-based Cascade Partners LLC, an investment banking firm, to connect with the funds.

 Funding: Varsity News Network Inc., the Grand Rapids firm that provides schools a web-based platform to distribute content on sports programs, closed on $3.7 million in additional financing that will support national growth and development of a mobile app. The new funding round came from an array of investors led by Arsenal Venture Partners, a national venture capital firm with an office in Ann Arbor. Other investors include North Coast Technology Ventures, RSL Venture Partners, Start Garden, Detroit Innovate, Grand Angels, Northern Michigan Angels, the Michigan Angel Fund and private investors from Israel. Formed in 2011 by Ryan Vaughn, Varsity News Network now works with more than 1,500 schools in 40 states and has more than two million user profiles.

• Real estate: A recent acquisition of 13 hotel properties by Fairfax, Va.-based Crestline Hotels & Resorts included two Grand Rapids locations and one in East Lansing, according to a statement. The two Grand Rapids properties included Hampton Inn Grand Rapids-North located at 500 Center Drive near the intersection of I-96 and the East Beltline, as well as Spring Hill Suites Grand Rapids-North at 450 Center Drive, also in the same vicinity. The company also acquired the East Lansing Hampton Inn at 2500 Coolidge Road. All 13 of the properties were previously owned by American Realty Capital Trust Inc. of New York City. Terms of the deal were not disclosed.

Read 1782 times Last modified on Monday, 28 September 2015 10:50

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