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Sunday, 30 April 2017 16:31

MiBiz Growth Report: May 1, 2017

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for May 1, 2017. 

• M&A: Kalamazoo-based Stryker Corp. acquired the assets of Charleston, S.C.-based Cactus LLC, a manufacturer of pharmaceutical waste management systems, according to a statement. Cactus products have been sold in the U.S. since 2012 and have been installed in more than 1,300 facilities. The products will become part of Stryker’s Surgical Safety business, a division of Stryker Surgical Instruments. Terms of the deal were not disclosed. 

• M&A: Marshall Excelsior Co. has been acquired by Harbour Group, a St. Louis-based private equity firm. The Marshall-based manufacturer produces flow-control products for storing, transporting and making liquefied petroleum gas and liquefied anhydrous ammonia. Terms of the deal were not disclosed.

• M&A: The full-service Waterworks Car Wash LLC at 2205 E Beltline Ave. NE in Grand Rapids was sold to Tucson, Ariz.-based Mister Car Wash, according to a statement. Terms of the deal were not disclosed. The acquisition marked the second deal for Mister Car Wash in the state this year, after buying the family-owned Southland Auto Wash in January. Mister Car Wash, a trade name of Car Wash Partners Inc., operates 223 car wash facilities in 21 states.

• M&A: Blackford Capital, a Grand Rapids-based private equity firm, has acquired a majority stake in Ellison Bakery, a manufacturer of cookies and other baked goods headquartered in Fort Wayne, Ind. Blackford Capital plans to use Ellison Bakery as a platform company to wrap in further acquisitions of industrial bakeries in adjacent industries, particularly in the gluten-free, nut-free and other ingredient-restrictive markets. Ellison Bakery generates annual revenues of approximately $50 million and employs 100 workers. Comerica Bank provided debt financing on the transaction. Terms of the deal were not disclosed. 

• M&A: Service Express Inc., a provider of hardware maintenance services for data center infrastructure, acquired Delta Computer Services Inc. of Farmingdale, N.Y. The 27-year-old Delta Computer Group, a provider of hardware maintenance and services, has more than 800 clients that range from mid-market companies to Fortune 500 corporations. Service Express serves more than 3,500 customers through 36 offices in 17 states. Terms of the deal were undisclosed. Service Express is a platform company of Charlotte, N.C.-based private equity firm Pamlico Capital, which acquired the tech firm in 2015.

• Expansion: Grand Rapids-based Founders Brewing Co. plans open a 14,000-square-foot taproom and brewing facility in Detroit’s burgeoning Cass Corridor area north of downtown. The site is close  to Little Caesar’s Arena, which is currently under construction. Founders expects to have the Detroit location open by winter of 2017.

• Expansion: Milacron Holdings Corp. plans to invest about $5 million and create 70 new jobs by consolidating its mold technology manufacturing and fabrication to subsidiary DME Co. LLC’s plant in Greenville, located northeast of Grand Rapids. The Cincinnati-based Milacron (NYSE: MCRN), a global plastic injection molding supplier, initially considered consolidating at either its Youngwood, Pa. site or in Greenville. The Michigan Economic Development Corp. is providing a $490,000 performance-based Business Development Grant to support the project, while the city of Greenville will consider a tax abatement for the company’s plant. The Right Place Inc. also assisted the company.

• Capital raise: Grand Rapids-based Oxx LLC, a manufacturer of rugged appliances, closed on a $2 million capital raise last month. The company, which currently produces a crush-proof, dust-proof and waterproof single-serve coffee maker, plans to use the influx of cash to increase new product development, grow inventory and add staff, President Jim Doan said in an email to MiBiz.

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