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Sunday, 30 October 2016 17:16

MiBiz Growth Report: Oct. 31, 2016

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

• M&A: Ferris Coffee & Nut Co. has acquired Kalamazoo-based Lush Gourmet Foods, a maker of flavored peanuts and almonds. Grand Rapids-based Ferris Coffee & Nut Co. will allow Lush Gourmet to operate under its original brand, according to a statement. Lush Gourmet founder Bisera Urdarevik will join Ferris Coffee & Nut Co. as the company’s creative director of product development. Lush Gourmet’s production will be transferred to Ferris Coffee & Nut Co.’s Grand Rapids headquarters in early 2017, according to the statement. Urdarevik created Lush Gourmet in 2011 while studying as a culinary student at Kendall College in Chicago. Terms of the deal were not disclosed. 

• M&A: Holland-based Porter Corp. has been acquired by PlayCore Holdings Inc., a Chattanooga, Tenn.-based manufacturer of playground equipment. PlayCore cited its desire to expand its product offerings as a driver for the acquisition, according to a statement. Porter Corp. manufactures a variety of products including open-air shelters and structural insulated panels.

Porter Corp. will continue to operate from its location in Holland following the deal, the terms for which were not disclosed.  

• M&A: Caledonia-based insurance broker Acrisure LLC signed a definitive agreement for a management-led buyout of San Francisco, Calif.-based private equity firm Genstar Capital. Acrisure CEO Greg Williams expects the deal to close toward the end of November. Genstar will retain a minority stake in the company, which received a $75 million capital commitment from the private equity firm more than three years ago and embarked on an aggressive growth and acquisition strategy. Since mid-2013, Acrisure has acquired 138 independent insurance agencies across the nation, establishing a presence in 26 states and growing revenues from $38 million to an anticipated $700 million in 2016. Acrisure closed on nearly 50 acquisitions so far this year and will likely end 2016 with 60 deals, Williams said.

• M&A: Grand Ledge-based Kuntzsch Solutions has come together with Public Sector Consultants of Lansing to form one organization. Kuntzsch is a business management consulting firm founded 12 years ago. Its founders, Rachel and David Kuntzsch, have joined the PSC ownership team. Together, the new organization will have nearly 50 employees.

• M&A: M&K Truck Centers of Byron Center acquired Sterling Heights-based Wiegand Mack Sales & Service. The acquisition will increase M&K’s market penetration through new geographical locations. Terms of the deal were not disclosed. 

• Expansion: Automotive supplier Gestamp North America Inc. will invest $158 million at its manufacturing facilities in Chelsea and Mason. The Troy-based manufacturer of structural stampings and assemblies plans to create 235 jobs at the sites as a result of the expansion, according to a statement. The company, which operates as the North American subsidiary of Spain-based Corporación Gestamp, will create a new chassis assembly line, electronic coat paint line and press-hardening line in its Chelesa facility. Gestamp will also add an integrated laser-cutting cell to its operation in Mason. The Michigan Economic Development Corp. awarded Gestamp a $1.575 million performance-based grant to support the project. The cities of Mason and Chelsea issued property tax abatements to the company. Gestamp also plans to invest $700,000 and create 60 new jobs at its headquarters in Troy.

• Expansion: Flex N Gate Battle Creek LLC plans to expand its facility in Calhoun County to accommodate a new contract from an automotive OEM. The manufacturer of bumpers, exterior trim, chassis assemblies and other automotive components will invest $22.3 million in the project, which it expects will create 59 jobs, according to a statement. Flex N Gate received a $250,000 performance-based grant from the MEDC as a result of the proposed investment and job creation.    

• Expansion: Coastal Automotive took the first step in its four-year global expansion strategy by announcing a $6.5 million investment to establish a new manufacturing facility in Holland. The Rochester Hills-based automotive supplier, which manufactures foam-based safety products, plans to hire an additional 110 workers as a result of the expansion, according to a statement. Coastal Automotive received a $436,000 performance-based grant from the MEDC to support the project. 

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