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Sunday, 06 December 2015 22:02

MiBiz Growth Report: Dec. 7, 2015

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Dec. 7, 2015:

• M&A: Varnum LLP and Law Weathers LLC plan to merge on Jan. 1. The union of the two Grand Rapids-based law firms will “strengthen and grow key areas of legal practice while taking advantage of efficiencies created by a streamlined administrative environment,” according to an announcement of the deal. The firms are office neighbors in Bridgewater Place along the Grand River in downtown Grand Rapids and “have worked together on many matters, sometimes for the same clients,” Varnum Chairman Scott Huizenga said in a statement. “That level of familiarity, along with many mutual business opportunities, made this an easy decision.” Varnum has seven offices in Grand Rapids, Kalamazoo, Grand Haven, Lansing, Ann Arbor, Novi and Detroit. Law Weathers, the oldest law firm in Grand Rapids, also has an office in Hastings. The merger will expand the number of attorneys practicing at Varnum, including in the corporate, estate planning, regulatory, real estate, litigation, labor and employment, and family law practice groups.

• M&A: Fruitport, Mich.-based Compass Automotive Group, a supplier of aluminum designs and castings, was acquired by private equity firm Shipston Equity Holdings of Hampton, N.H., according to a statement. The supplier was renamed Shipston Aluminum Technologies International and will operate under the firm’s Advanced Machining and Materials Technologies Group, which also includes Busche Enterprise Division Inc. of Albion, Ind. Terms of the transaction were not disclosed. The company supplies most North American, Asian and European automotive OEMs and some Tier 1 suppliers with castings used in chassis, suspension, engine and driveline systems.

• M&A: Grand Blanc, Mich.-based Serra Automotive Inc. has acquired three Traverse City dealerships from Otto Belovich, according to a report in Automotive News. The dealerships operated under the Traverse Motors and Cherry Capital names and sold Audi, Cadillac, Nissan, Subaru, Toyota, Volkswagen and Volvo new vehicles. The group generated sales of $100 million in 2014 including new and used car transactions, according to the report. With his children not wanting to take over the family-owned business, the deal with Serra allows Belovich to transition out of the companies after five decades in retailing.

• M&A: Energy Additives Inc. of Battle Creek was acquired by Northbrook, Ill.-based ValvTect Petroleum Products, according to a statement. Lloyd and Nancy Lack operated the company since 1984. Energy Additives is a supplier of propane fuel additives and distributes the Blue Moon propane filtration system. The deal complements ValvTect’s line of diesel, gasoline and biocide fuel additives.

• M&A: Perrigo Co. plc plans to buy a drug for $380 million from pharmaceutical maker AstraZeneca to treat Crohn’s disease. The deal for the gastroenterology drug Entocort and its generic capsule version should close by the end of the year. Chairman and CEO Joe Papa said the drug fits well in Perrigo’s existing drug portfolio and the company’s acquisition strategy. It will generate accretive adjusted earnings of more than 35 cents per share in 2016 after transactions and other related costs, Perrigo said. Entocort is used to treat patients with mild to moderate Crohn’s disease.

• M&A: Farmington Hills-based Storage Pros Acquisitions LLC acquired the 71,900-square-foot Lansing-based Westland Park Self Storage, according to a report in Inside Self Storage. Westland was represented by Farmington Hills-based Pogoda Co.

• Expansion: Total Quality Logistics LLC (TQL) plans to establish a sales office in Grand Rapids at 2650 Horizon Drive. The Cincinnati-based freight brokerage firm plans to invest $839,000 and create 75 new jobs as a result of the expansion, according to a statement from The Right Place Inc. TQL plans to begin operations at its new Grand Rapids facility in February 2016. The logistics firm employs more than 1,000 workers in 20 states across the U.S. and connects shippers to truck carriers. 

• Expansion: Option 1 Credit Union plans to open a downtown Grand Rapids location as part of the Arena Place development currently under construction by Orion Construction Inc. The Grand Rapids-based credit union — which has nine branch locations in West Michigan, including one branch in the Lansing area — will open on the ground floor of the 11-story, mixed-use building. Option 1 is working with Orion Construction and Concept Design Group to finalize the build-out and design of its space.

• Expansion: Bridgman-based Eagle Technologies Group, a manufacturer of automated assembly, testing and material handling systems, will invest approximately $6 million to establish its new 150,000-square-foot plant in St. Joseph Charter Township. The company expects to create 100 jobs with the expansion, which the Michigan Economic Development Corp. supported with a $500,000 performance-based grant. Hanson Group of St. Joseph owns Eagle Technologies, which serves various sectors including the automotive, electronics and alternative energy industries. 

• Expansion: Brighton, Mich.-based StoryPoint Senior Living Co. broke ground last month on a new senior living center in Portage, Mich., according to a statement. The project is part of a three-site expansion in Michigan and Ohio for the developer of senior living centers, which operates about 2,000 units across the Midwest, including a $14 million, 158-unit independent and assisted living facility in Rockford.

Read 1230 times Last modified on Wednesday, 16 December 2015 00:02

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