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Sunday, 22 January 2017 17:09

MiBiz Growth Report: Jan. 23, 2017

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for Jan. 23, 2017.

• M&A: Bryan Betten and Chris Baker, two veteran West Michigan dealership executives, have acquired Grand Chrysler Dodge Jeep Ram in Lowell from former owner Harvey Koning. Betten-Baker is in the process of acquiring the remaining Grand Auto Family Services Inc. dealerships owned by Koning, which include facilities in Grandville, Allegan and Lowell, said Pete Ricards, division director at Betten-Baker. The company also is acquiring a Big Rapids-based GMC dealership from Gary Trimarco Automotive group, but is waiting on manufacturer approval from General Motors to complete both deals. 

• M&A: The Kia of North Grand Rapids store has been acquired by the owner of Summit Place Kia, according to reports. Summit Place has dealerships in Waterford and Clinton Township in Southeast Michigan. The West Michigan operations were rebranded Summit Place Kia West. The store previously changed hands in 2015, when owner Bill Doraty bought it from Keller Ford and moved it from Alpine Avenue to its current location at 4575 Plainfield Ave. NE. 

• M&A: Collins & Associates in Grand Rapids has acquired insurance broker SAIF Agency Group Inc. in Kingsley, just south of Traverse City, from owner Cliff Shanoski. Terms of the deal were not disclosed. Calder Capital LLC served as the adviser to Collins & Associates, which offers commercial and personal lines of insurance.

• M&A: Grand Haven CPA firm Walburg+Associates PC merged into Brickley DeLong PC in Grand Rapids. The merger gives Brickley DeLong a fourth office in West Michigan to go with locations in Grand Rapids, Muskegon and Hart, plus its first presence in the Ottawa County market. Terms of the deal were undisclosed.

• M&A: Battle Creek Area Community Federal Credit Union plans to merge into Berrien Springs-based Honor Credit Union. Members of the small Battle Creek credit union, which has a single office and $19.2 million in assets, voted this month to support the merger. The credit union had 2,012 members as of Sept. 30, 2016, according to a report. Honor Credit Union has 16 branch locations in Southwest Michigan and the Upper Peninsula with 63,608 members and total assets of $706.4 million as of Sept. 30.

• M&A: Advia Credit Union plans to buy Peoples Bank in Elkhorn, Wis. The deal would give Advia Credit Union, based in Parchment north of Kalamazoo, 28 offices in Michigan, Illinois and Wisconsin with total assets of about $1.5 billion and more than 130,000 members. Peoples Bank has about $230 million in assets at four offices in Elkhorn, Burlington and Silver Lake, Wis. The deal, which is subject to regulatory approvals, could close in the third quarter and is Advia’s second purchase of a Wisconsin bank.

• M&A: Lake Michigan Insurance Agency, a division of Lake Michigan Credit Union, acquired Katt Insurance Agency in Belmont. Terms of the deal, which took effect Jan. 1, were not disclosed. Katt Insurance was renamed Katt – Lake Michigan Insurance Agency. Katt Insurance President Greg Katt will run the Belmont office after his father and agency founder Claude Katt retired. The agency provides personal and commercial insurance policies and specializes in risk management for campgrounds, RV parks and outdoor recreational facilities.

• M&A: Schupan & Sons Inc. has acquired a majority interest in Trinity Metals, a metals recycler based in Indianapolis. The acquisition is a “natural fit” as Trinity specializes in selling recycled magnesium to aluminum producers, which comprise a sizeable amount of Schupan’s customer base, President and CEO Marc Schupan told MiBiz. Terms of the all-cash deal were not disclosed.

• M&A: Accuserve Corp. has purchased Paradigm Plus LLC as the owner of the Jenison-based contract packaging company chose to pursue other ventures. For Jenison-based Accuserve, the deal marks an “exciting opportunity” for the organization to expand its capabilities in the region. The firm currently provides contract assembly, fulfillment and inspection services. Zeeland-based Rua Associates LLC assisted Paradigm Plus in brokering the deal. Paradigm Plus offers secondary packaging, hand assembly, labeling and other services to companies in a variety of industries including food and beverage, consumer goods, electronics and others.

• Expansion: NVINT Services LLC plans to invest $364,000 in a facility expansion project that will allow the West Michigan technology company to adhere to its “aggressive growth trajectory” and meet customer demands. The Grand Rapids-based NVINT, which provides cloud computing, data center and other I.T. services, expects to hire approximately 26 new workers as a result of the expansion, according to a statement. The company worked with The Right Place Inc. and the Michigan Economic Development Corp. to secure a $175,000 performance-based grant to support the expansion. A location for the expansion has not been finalized, according to the statement.

• Expansion: BarFly Ventures LLC expects to open a new HopCat location in Port St. Lucie, Fla., north of West Palm Beach, according to a statement. The new $2 million building in the Tradition subdevelopment will be completed in late 2017. The project is being developed by Kalamazoo-based Innovo Development Group LLC. The Port St. Lucie location will be the 12th for HopCat and the brand’s eighth state.

Read 1466 times Last modified on Friday, 20 January 2017 12:47

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