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Sunday, 08 November 2015 23:49

MiBiz Growth Report: Nov. 9, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Nov. 9, 2015:

• M&A: Hart-based Grey & Company was acquired by Seneca Foods Corp. of Marion, N.Y. The acquisition comes as Grey & Company’s CEO James Reynolds prepares for retirement after 34 years and transitions the business, according to a statement. Grey & Company produces maraschino cherries and candied fruit products for the private label, retail, club stores, foodservice and industrial markets. Seneca (Nasdaq: SENEA, SENEB) provides private-label, foodservice and export canned vegetables to more than 90 countries.

• M&A: Traverse City-based Aetos Group Inc., an unmanned aerial vehicle and nondestructive testing startup, was acquired by Princeton Junction, N.J.-based The Mistras Group (NYSE: MG), a provider of asset protection solutions, according to a statement. A spinoff from Northwestern Michigan College, Aetos uses drones to provide imaging, mapping and surveying. Aetos became a wholly owned subsidiary of Mistras and relocated its headquarters to Houston, Texas.

• M&A: Owosso-based electric motor distributor Precision Electric Motor Sales acquired Packard Inc. of Kennesaw, Ga., according to a statement. The company will now operate as The Precision Group Inc. Packard served as a distributor of HVAC and refrigeration products. The combined company now offers a full line of electric motors and components for the commercial, industrial and appliance parts markets.

Expansion: Arauco North America, a subsidiary of Chile-based Arauco Group, will invest $325 million to open a new particleboard press in Grayling Township in northern Michigan, according to a statement. The company will break ground in the spring and expects the plant to begin operations by the end of 2018. Arauco projects it will create 250 jobs at the facility. The Michigan Strategic Fund approved an $11.8 million, 13-year Forest Products Processing Renaissance Zone for the site.

Expansion: Illinois-based Hearthside Food Solutions LLC plans to invest $16.2 million into an expansion at its facility in Kentwood, according to a statement by the Michigan Economic Development Corp. The production-scale bakery and contract food manufacturer aims to create 66 jobs with the investment. Hearthside was awarded a $300,000 performance-based grant through the Michigan Strategic Fund.

Expansion: Rockford-based Byrne Electrical Specialists Inc. will break ground on a new manufacturing facility in Lakeview on a blighted property on the shores of Tamarack Lake. The manufacturer of power and data products, primarily for the interiors and office furniture industry, intends to build a new 15,000-square-foot facility on a brownfield site that previously housed a dilapidated pickle factory. The plant will employ 32 workers. The company worked with The Right Place Inc. and the MEDC to secure a $160,000 performance-based grant for the project. Lakeview also plans to invest $500,000 into infrastructure improvements to accommodate the new facility.

• Expansion: Arts and crafts distributor Notions Marketing Corp. expects to add 250 jobs as part of a $33 million, 80,000-square-foot addition to its facility on Cottage Grove Street in Grand Rapids. The project also includes the renovation of its existing 35,000-square-foot facility. The MEDC awarded the company an $800,000 performance-based Business Development Grant. Notions hopes to secure more than $150,000 in grant funding from the Skilled Trades Training Fund to assist in the training of the added workforce.

• Expansion: The Joint Corp., a Scottsdale, Ariz.-based publicly-traded franchisor of chiropractic practices, plans to extend its presence in Michigan and is actively seeking franchisees in Grand Rapids, Lansing and Detroit. The corporation presently has one Michigan location in Bloomfield Hills and 280 sites in 27 states that use a non-insurance, membership model. The Joint Corp. (Nasdaq: JYNT) recorded revenue of $7.16 million and expects $13 million to $14 million in revenues in 2015.

Read 1429 times Last modified on Sunday, 22 November 2015 19:43