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Sunday, 25 October 2015 22:25

MiBiz Growth Report: Oct. 26, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Oct. 26, 2015:

• M&A: Kalamazoo-based Humphrey Products Co. acquired North Carolina-based Curtiss-Wright Corp.’s medical and media isolation product lines, adding to its portfolio of valves for compressible gases for the medical device industry. The company is relocating production for the products to West Michigan from Mexico. Humphrey Products currently employs approximately 250 workers between its facilities in Kalamazoo and St. Joseph. The company has grown its annual sales to just under $50 million.

• M&A: The Denver-based Smashburger chain, founded by Grand Rapids-native Tom Ryan, sold 40 percent of its business to Manila, Philippines-based Jollibee Foods Corp., according to a statement. The deal valued Smashburger at a enterprise value of $335 million.

• Joint venture: Wyoming, Mich.- and Atlanta, Ga.-based First & Main Management LLC, an operator of senior living communities in the Midwest owned by Gary Granger, entered into a joint venture with AIG Global Real Estate Investment Corp., a real estate management firm, according to a statement. Terms of the deal were not disclosed. AIG and First & Main will co-invest in senior housing projects across the country — both new acquisitions and development opportunities — over the next four years. Wyoming, Mich.-based contractor Granger Group of Companies LLC will build out the facilities. The group expects to secure financing by November 2014 for five projects, three in the metro Detroit area and two near Columbus, Ohio. Construction on the projects could wrap up by the fourth quarter of 2016.

• New business: Veteran West Michigan financial executives Remos Lenio and Phil Blanchard have launched Tillerman & Co., an investment and merchant banking firm. The Grand Rapids-based firm will provide M&A advisory, capital sourcing and transaction assistance for closely held and family-owned businesses based in the Midwest. They intend to focus on transactions valued between $3 million and $75 million in the manufacturing, distribution, agribusiness, energy, business services and consumer products sectors. The firm also hopes to help clients “preserve the heritage” of their companies in the communities where they were built, according to Lenio.

Read 1500 times Last modified on Monday, 26 October 2015 16:31

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