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Sunday, 09 July 2017 17:37

MiBiz Growth Report: July 10, 2017

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for July 10, 2017:

• M&A: Portage-based Carl Walker Inc., an architecture and engineering firm specializing in the parking garage sector, was acquired on June 30 by Wantman Group Inc., a West Palm Beach, Fla.-based design, planning and surveying firm, according to a statement. Carl Walker became a wholly-owned subsidiary of WGI Structures. President and CEO Gary Cudney, along with other key executives, principals and associates, will remain with the company. The company will continue to be known as Carl Walker and will be branded as a division of WGI. Terms of the deal were not disclosed. Carl Walker has designed parking structures all over the country, including many of the garages built along the Medical Mile health care development in downtown Grand Rapids. Fayetteville, Ark.-based Zweig Group represented Carl Walker in the deal.

• M&A: Grand Rapids-based Lumbermen’s Inc., a manufacturer and distributor of wood products and building materials, has acquired Michigan Prestain Co., a manufacturer of siding and trim for the commercial and residential building markets. The company employs 30 people and operates from a 66,000-square-foot facility in Wyoming. The acquisition helps the employee-owned Lumbermen’s to diversify its product offerings, according to a statement. Terms of the deal were not disclosed.

• M&A: An affiliate of Grand Rapids real estate firm Trillium Ventures MSV LLC acquired The Amazon, a more than 100-unit downtown Muskegon apartment building on West Western Avenue, according to public records. The company bought the building out of foreclosure. The sale price for the building was not disclosed, but an affiliate, Trillium Amazon Owner, completed a more than $3 million equity raise in early June, according to federal regulatory filings. Daniel Meyering, a principal with Trillium Ventures MSV, did not respond to a request for comment. • Expansion: Athletico Physical Therapy opened a new location on Kalamazoo Avenue in Kenwood, plus a second location in Jackson. The Oak Brook, Ill.-based Athletico provides physical and occupational therapy at more than 340 locations in nine states. In May, it opened a location on 28th Street in Grand Rapids.

• Venture capital: Grand Rapids-based Grand Ventures I LP was part of a syndicate of investors that invested $3.5 million in Cincinnati, Ohio-based Astronomer Inc., a firm that provides a platform for clients to collect and analyze data. Grand Ventures invested in the company with U.K.-based Frontline Venture, Chicago-based Drummond Road Capital, Core Capital Partners in Washington, D.C., and M25 Group in Chicago. Silicon Valley Bank also provided debt financing for the deal. Grand Ventures targets co-investments in early-stage companies in the Midwest. The firm could close two or three more deals within the next few months and make three or four co-investments in 2017, according to principal Maitlan Cramer.

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