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Sunday, 14 May 2017 13:49

MiBiz Growth Report: May 15, 2017

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for May 15, 2017: 

• M&A: Muskegon-based KL Outdoor LLC will add a bevvy of new products to its business through a recent merger with GSC Technologies Corp., a Montreal-based manufacturer of kayaks and other plastic products. About three months ago, KL Outdoor — a manufacturer of kayaks, paddleboards and other watercraft — was purchased by New Water Capital LP, a private equity firm based in Boca Raton, Fla. The private equity firm plans to wrap GSC Technologies under the KL Outdoor brand, according to Dan Harris, vice president of sales at KL Outdoor. Harris expects the merger to expand KL Outdoor’s product offerings, as GSC manufactures a variety of products including outdoor furniture, totes and other related products.

• M&A: International appliance manufacturer Whirlpool Corp. (NYSE: WHR) reached an agreement to acquire Redwood City, Calif.-based Yummly Inc., pending certain closing conditions, according to a statement. Yummly specializes in online food recipes. The deal is expected to be finalized this month and will not have a material impact on Benton Harbor-based Whirlpool’s earnings. Terms of the deal were not disclosed. Yummly was founded in 2009 and currently has more than 20 million registered users, according to a statement. Whirlpool expects Yummly to continue to operate as a wholly owned subsidiary. It will maintain its current California headquarters. As of September 2015, the company had raised more than $24 million and had a valuation of $100 million, according to media reports. 

• M&A: Zeeland Lumber and Supply Co. has acquired Maverick Building Systems LLC of Commerce Charter Township, the company’s first move into the metro Detroit area, according to a report in LBM Journal. Zeeland Lumber now operates seven locations across Michigan and northern Indiana. Maverick makes roof and floor trusses and engineered wood systems. Terms of the deal were not disclosed.

• M&A: Grand Rapids-based Great Lakes Scrip Center LLC, a provider of gift cards for fundraising, has acquired The Manna Group of Palatine, Ill. The deal is the company’s second in two years, adding 800 nonprofit organizations to Great Lakes Scrip Center’s fundraising program and giving the company a 95-percent market share, according to a statement. Terms of the deal were undisclosed. Great Lakes Scrip Center works with more than 750 major retailers such as Target, Starbucks, Walmart and Speedway. 

• M&A: Grand Rapids-based JCT Industries LLC has acquired industrial distributor Brammall Supply Inc. in Benton Harbor, according to a statement. The sale extends the market presence of JCT Industries, an affiliate of Grand Rapids-based Nemic Inc. Brammall Supply will continue to operate as an independent company. Terms of the deal were undisclosed. Brammall Supply was advised by Calder Capital LLC in Grand Rapids. 

• M&A: Grand Rapids-based Fox 17 WXMI could soon share corporate ownership with WWMT Newschannel 3, the Kalamazoo-based CBS affiliate. Hunt Valley, Md.-based Sinclair Broadcast Group Inc. (Nasdaq: SBGI) signed a definitive agreement to acquire all issued and outstanding shares in Chicago-based Tribune Media Co. (NYSE: TRCO) for $43.50 per share. The deal was valued at $3.9 billion, plus the assumption of $2.7 billion in debt. Fox 17 is owned by Tribune Media. In Michigan, Sinclair owns WWMT; NBC affiliate WPBN/WTOM in Traverse City and Cadillac; WGTU/WGTQ, an ABC affiliate in the same cities; and the NBC affiliate for Flint, Bay City and Saginaw. The acquisition is expected to close in the fourth quarter of this year, pending various approvals. 

• M&A: Tulip City Air Service Inc., the fixed-base operator at West Michigan Regional Airport in Holland, has been acquired by Terry Boer, the owner of Executive Air Transport Inc., a fixed-base operator in Muskegon. Tulip City Air offers private aircraft charter, aircraft sales, maintenance, flight training and fueling services. Terms of the deal were not disclosed. 

• M&A: Hanover, Pa.-based McClarin Plastics, a platform manufacturing company owned by Grand Rapids-based Blackford Capital, has acquired Oklahoma City, Okla.-based Custom Composites from MetaFund. The deal expands the company’s reach in the central and southern U.S. The terms of which were not disclosed. 

• Expansion: Attwood Marine will invest $2 million as part of an expansion project to grow its facility located at 1016 N. Monroe Street in Lowell. The company designs and manufactures lighting, trolling motors, pumps and other components for the marine industry. A division of Fond Du Lac, Wis.-based boat maker Mercury Marine, Attwood expects to hire an additional 80 full-time workers as part of the expansion. The Michigan Economic Development Corp. provided a $549,810 performance-based grant in support of the expansion. Regional economic development firm The Right Place Inc. assisted Attwood in its expansion decision and helped connect the company with state resources for employee recruitment.

• Expansion: Falcon Lakeside Manufacturing Inc. will invest $1.8 million to establish a new production facility in Stevensville and Eau Claire, both in Berrien County. The Stevensville-based manufacturer produces cast and machined products for the automotive industry. Falcon plans to hire 27 new workers as a result of the expansion. The company was supported through a $135,000 performance-based grant from the MEDC.

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