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Sunday, 17 September 2017 20:00

MiBiz Growth Report: Sept 18, 2017

Written by  MiBiz Staff
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M&A

Two small credit unions in northern Kent and Newaygo counties plan to merge and operate under a new name. Rogue River Community Credit Union in Sparta and Newaygo County Service Employees Credit Union in Fremont will become Compass Credit Union when the merger closes. As of June 30, Rogue River Community Credit Union had 5,772 members and assets of $40.5 million, according to a quarterly financial report filed with federal regulators. Newaygo County Service Employees Credit Union had 2,998 members and assets of $25.2 million.

Austin, Texas-based Kestra Financial Inc. has acquired Rinvelt & David LLC, a wealth management firm in Grand Rapids. Rinvelt & David manages about $275 million in assets. The firm, founded by Robert Rinvelt and Roger David, provides financial planning to businesses and individuals. Kestra Financial provides an adviser platform that supports more than 1,700 independent financial advisers. Terms of the deal were undisclosed.

Valvoline Inc. (NYSE: VVV) announced it has signed a definitive agreement with Newtown Highlands, Mass.-based Henley Bluewater LLC to acquire its 56 oil-change stores in Michigan and northern Ohio, including nearly two dozen locations in Grand Rapids, Holland and Lansing. The acquisition is expected to be completed in the first quarter of the 2018 fiscal year. Financial terms were not disclosed.

Boyne City-based Industrial Magnetics Inc. acquired Fort Wayne, Ind.-based Javelin Manufacturing, a producer of separators and engineered systems for the scrap, recycling, waste, mining and related industries, according to a statement. The acquisition allows Industrial Magnetics to boost its holdings in metal separation equipment. Terms of the deal were not disclosed. Industrial Magnetics plans to keep Javelin’s staff and Fort Wayne location, which will operate as an engineering and design center.

Lansing-based Neogen Corp., a producer of food and animal safety products, acquired the assets of The University of Queensland Animal Genetics Lab (AGL), which it will rename GeneSeek Australasia, according to a statement. AGL had annual revenues of $3.1 million and was “a significant customer” of Neogen (Nasdaq: NEOG). With the acquisition, Neogen hopes to accelerate its growth in the Oceania region. Terms of the deal were not disclosed. Neogen now operates four animal genomics labs, including locations in the U.S., Scotland and Brazil.

Norton Shores-based Boss Products USA LLC has sold the assets of its RapidFix brand of adhesives to St. Louis-based LHB Industries Inc., also known as Lighthouse for the Blind-Saint Louis, a nonprofit organization that helps blind people. The buyer plans to transfer the RapidFix operation to St. Louis, according to a spokesperson for LHB Industries. RapidFix President Len Kelsey will stay with the company for six months as a consultant during the transition. The company generates annual revenues of $1.5 million. Terms of the deal were not disclosed.

Sunnyvale, Calif.-based Trimble Inc. (Nasdaq: TRMB), a maker of GPS receivers, laser rangefinders, drones and navigation systems, has acquired 10-4 Systems Inc., a provider of big data technology solutions for shipping, logistics and transport companies. According to a statement, 10-4 Systems operates from offices in Boulder, Colo. and Wyoming, Mich. Terms of the deal were not disclosed.

Expansions

Korea-based automotive supplier GNS America expects to invest $2.8 million and create 30 new jobs over the next two years as part of an expansion project in Holland Charter Township. To address capacity constraints, the manufacturer of metal stampings will build a 40,000-square-foot addition to its existing facilities, as well as add new machinery and equipment, according to a statement. Holland Charter Township is supporting the project with $430,000 in state Community Development Block Grants, which will go toward addressing infrastructure and retention pond challenges at the site. The company credited a partnership with the township, Lakeshore Advantage, Holland Board of Public Works and another adjacent employer with making expansion at the site feasible.

Delta Township-based Auto-Owners Insurance plans to invest $897,900 and create 60 new I.T. jobs at its technology center operations at 3949 Sparks Dr. SE in Grand Rapids. The company, which operates in 25 states, cited the location’s proximity to its Lansing-area headquarters and the availability of technology talent as the drivers of the expansion, according to a statement. Auto-Owners Insurance worked with Grand Rapids-based economic development firm The Right Place Inc. and the Michigan Economic Development Corp. (MEDC) to facilitate the expansion. The MEDC will provide the company with a $315,000 performance-based Michigan Business Development Program grant.

Financing

Saratoga Investment Corp. (NYSE: SAR) announced it completed a recapitalization of Marquette, Mich.-based Easy Ice LLC, one of the largest providers of ice machine service contracts to small businesses. As part of the agreement, Easy Ice established a new senior credit facility with Madison Capital.

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