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Sunday, 11 October 2015 20:28

MiBiz Growth Report: Oct. 12, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Oct. 12, 2015:

• M&A: Global window and door manufacturer Jeld-Wen Inc. headquartered in Charlotte, N.C. acquired Caledonia-based Karona Inc., a stile and rail (wood) door manufacturer, according to a statement. Terms of the transaction were not disclosed. The acquisition of the 35-year-old company enhances Jeld-Wen’s presence in the niche market. Karona will become a business unit of Jeld-Wen. The acquisition marks Jeld-Wen’s third transaction in recent weeks.

• M&A: Battle Creek-based Kellogg Co. acquired Cairo-based Mass Food Group for $50 million in cash, according to a statement. Mass Food Group is the largest cereal manufacturer in Egypt with $18 million in annual sales and an employee base of 600 workers. Kellogg’s latest acquisition builds on the company’s emerging market growth strategy. In January, Kellogg successfully acquired Egypt-based Bisco Misr for $125 million after a long bidding process. In September, the company also entered a joint venture with Tolaram Africa to develop snacks and breakfast foods for the West African market.

• M&A: Saginaw-based Your Space Self Storage LLC acquired South Hudsonville Self Storage in Hudsonville, according to a statement. The 310-unit self-storage facility has maintained an occupancy rate at or near 100 percent for the last three years. Terms of the transaction were not disclosed. The acquisition is Your Space Self Storage’s fifth in West Michigan. Brokers from the Grand Rapids office of Colliers International represented the buyers.

• Expansion: After 15 months of construction, Grand Rapids-based Fox Motors Group LLC recently opened its new three-story, 145,000-square-foot Fox Ford Lincoln of Chicago dealership. The company invested approximately $57 million into the store, which is located between the city’s Bucktown and Lincoln Park neighborhoods. Fox expects to hire a total of 125 workers and house over 375 new vehicles once the facility is operating at full capacity. Grand Rapids-based Triangle Associates Inc. served as the general contractor on the project, which broke ground in June 2014.

• Expansion: Glassource, a Grand Haven-based manufacturer of glass and mirror products, including shower doors, plans to create 21 jobs and invest $1.6 million to purchase and revamp an aged manufacturing facility on Beechtree Street in Grand Haven. To assist with street improvements, the Michigan Economic Development Corp. awarded Glassource a $209,000 Community Development Block Grant. The city of Grand Haven also plans to contribute $181,200 to repair the aging infrastructure.

• Expansion: Following the acquisition of Troy-based Dynamic Rehabilitation earlier this year, Orlando, Fla.-based Pure HealthyBack Inc., a neck and back pain rehabilitation company, could expand its presence in the state beyond Southeast Michigan in the next 18 months, according to a report in Crain’s Detroit Business. The company looks to open centers in Lansing, Jackson, Battle Creek and Grand Rapids, CFO Mark Szporka told Crain’s. A new rehab center typically runs about 10,000 square feet and comes at a cost of around $1 million, according to the report.

• Contract: Grandville-based R.A. Miller Industries Inc. recently won a five-year, $8.7 million contract with the U.S. Army for its antenna long manpack assemblies, according to a report by SIGNAL Magazine. The manufacturer of antennas for the military and civilian market competed against two other firms for the contract. The project will run through Sept. 11, 2020.

• Expansion: Grand Haven-based apartment management firm IPA Management LLC acquired a Phoenix, Ariz.-area apartment complex for $20.5 million, according to a report in the Phoenix Business Journal. The seller of the complex was Delaware-based Bellstone Holdings LLC, the report said. IPA Management owns four other apartment complexes in the Phoenix area, according to its website.

Read 1537 times Last modified on Monday, 12 October 2015 12:37

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