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Sunday, 29 May 2016 11:53

MiBiz Growth Report: May 31, 2016

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for May 31, 2016. 

  • M&A: Sun Capital Partners Inc., a Florida-based private equity firm, has acquired convenience store operator Admiral Petroleum Co. and Lemmen Oil Co. in Coopersville. Admiral operates 130 Admiral gas stations and convenience stores in Michigan and Indiana, plus nine under the Lemmen brand name. Terms of the deal were not disclosed. Sun Capital named Jeff Turpin, a 20-year veteran of the convenience store industry, as CEO. Turpin previously served as chairman and CEO of VPS Convenience Store Group, a former portfolio company of Sun Capital.
  • M&A: Cloud Access.net LLC, an online hosting and web support company, has been acquired by New York City private equity firm Cloud Equity Group LLC. The Traverse City-based Cloud Access — also with offices in Poland and India, according to its website — works largely with small and medium-sized businesses, as well as with clients such as Barnes & Noble and the Boston Children’s Hospital, according to a statement. CEO Jonathan Gafill will remain in his current position. Terms of the deal were not disclosed.
  • M&A: Plastics distributor Total Plastics Inc. of Kalamazoo has acquired Northeast Plastic Supply of Philadelphia. Northeast Plastic Supply serves as a distributor of polymer shapes, acrylic material and display products. The acquisition comes as part of Total Plastics’ strategy to expand its product portfolio and add needed machining services, including CNC routing, cutting, turning and milling, according to a statement. Northeast Plastic Supply will continue its operations in Philadelphia under its current name. Terms of the deal were not disclosed.
  • M&A: Grand Rapids-based Oliver Products Co. acquired New Britain, Pa.-based Mangar Medical Packaging. Oliver Products closed the acquisition under its Oliver-Tolas Healthcare Packaging subsidiary, according to a statement. Oliver-Tolas manufactures die-cut lid, roll stock and pouch products for the medical device and pharmaceutical markets. Executives at Oliver plan to integrate Mangar's product line and capabilities to increase its global footprint, said Jerry Bennish, president and CEO of Oliver-Tolas. Terms of the deal were not disclosed.
  • Expansion: Kraft Heinz Co. plans to invest $17 million to consolidate production of its Grey Poupon brand of mustard and the majority of yellow mustard production at its Holland facility, according to a statement. Kraft Heinz will move production of Grey Poupon mustard from its Lehigh Valley production facility in Pennsylvania, which it plans to shutter this summer as part of a company-wide consolidation strategy. Kraft Heinz expects to incorporate the new production over two phases and create 50 new positions as part of the expansion, according to the Michigan Economic Development Corp. The agency offered a $500,000 performance-based grant to support the expansion and offset costs associated with upgrading the on-site wastewater treatment facility. 
  • Expansion: After reaching full capacity at its Grand Rapids production facility, Kent Quality Foods Inc. plans to invest $35 million into a second plant in Ottawa County’s Jamestown Charter Township. The Grand Rapids-based food processor of franks, sausages and specialty meats expects to create 140 jobs over three years as a result of the expansion, according to a statement. The company partnered with Lakeshore Advantage, a Zeeland-based economic development organization, for nearly a year to identify the location and incentives to expand. Kent Quality Foods received a $750,000 performance-based grant from the MEDC to support the expansion. The company also received $100,000 from West Michigan Works! for workforce recruitment and training, as well as a 12-year property tax abatement on the new building and property from Jamestown Charter Township.
  • Expansion: Spiech Farms LLC will invest more than $1 million into an expansion project at its production facility in Paw Paw. The grower of grapes, asparagus, lettuce and blueberries also will add a new product line for frozen produce in standup pouches as part of the expansion, according to a statement. Spiech Farms plans to hire an additional 55 workers. The company was awarded a $220,000 performance-based business development grant from the MEDC.

Editor's Note: This story has been updated with the correct name for Mangar Medical Packaging, which was previously reported as Manager Medical Packaging.

Read 1404 times Last modified on Tuesday, 31 May 2016 10:16

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