Here is the MiBiz Growth Report for Oct. 30, 2017:
• M&A: Stryker Corp. acquired a majority interest in French medical device company Vexim SA and plans to make a tender offer to buy out its remaining shareholders. The Kalamazoo-based Stryker (NYSE: SYK) acquired 50.7 percent of shares and 50.3 percent of voting rights to Vexim, based in Balma, near Toulouse, France. Stryker paid 20 euros per share to funds managed by Truffle Capital, Bpifrance and Kreaxi, as well as Vexim managers. Vexim said the acquisition of the majority stake by Stryker has an equity value of 183 million euros, which equates to about $216 million. Vexim specializes in devices for minimally invasive procedures to treat traumatic spinal pathologies.
• M&A: Rockford-based West Michigan Hopyards LLC purchased the farming operation of Hopyards of Kent Co. LLC of Greenville, which Pam Miller and John Miller started in 2011. The deal included about 14 acres of hops that will nearly double West Michigan Hops’ operation to 33 acres, according to Managing Partner Bryan Posthumus. The transaction included the land and buildings at Hopyards of Kent’s farm on Elkins Street in Kent County’s Oakfield Township. The Millers will keep their contract harvesting business and its facility on M-91, he said. Terms of the deal were not disclosed.
• M&A: Lake Michigan Insurance Agency, a division of Grand Rapids-based Lake Michigan Credit Union, has acquired the 110-year-old Muskegon Insurance Agency. The acquisition follows Lake Michigan Insurance Agency’s strategy of buying agencies located where the credit union has a branch presence. Terms of the deal were undisclosed, and all employees of Muskegon Insurance were retained. Founded in 1907, the formerly family-owned Muskegon Insurance was run for several years by Mark Schrier.
• M&A: Richmond, Va.-based The Hilb Group LLC, a broker of property and casualty insurance and employee benefits, acquired Cheboygan-based BKC Insurance Agency on Oct. 1, according to a statement. The deal was Hilb Group’s 39th since it launched in 2009. BKC Insurance, which also maintains an office in Indian River, helps expand Hilb Group’s Midwest footprint. The Northern Michigan company provides property and casualty insurance and employee benefits, as well as offers specialized programs for agricultural clients in Michigan, Ohio and Indiana.
• M&A: ProCare Restoration Service Inc. of Grand Rapids has been acquired by Ypsilanti-based Master Maintenance Corp., according to a statement. The acquisition of ProCare adds services to Master Maintenance’s portfolio that are often requested by customers. ProCare Restoration provides property damage mitigation for issues resulting from fires, water, mold or wind. The firm was represented by Zeeland-based Rua Associates LLC in the transaction. Master Maintenance offers commercial cleaning and building maintenance services across the U.S., Puerto Rico and Canada. Terms of the deal were not disclosed.
• M&A: Plastic injection molder Clarion Technologies Inc. of Holland acquired the assets, business and operations of Garland, Texas-based GTM Plastics Inc. out of bankruptcy in a section 363 sale, according to a statement. The deal closed earlier this month. The acquisition adds a third manufacturing location for Clarion, in addition to sites in Anderson, S.C. and Greenville, Mich., as well as clients in the HVAC industry, a new market for the company. Clarion was advised on the deal by BlueWater Partners LLC and the law firm of Varnum LLP. Molding Business Services served as the financial adviser to GTM Plastics.
• Expansion: Saranac-based Herbruck’s Poultry Ranch will construct three cage-free pullet-rearing facilities where it expects to raise 2.5 million of the young hens annually, according to a statement. The fourth-generation company will also invest in additional aviary equipment. The project is expected to create 33 jobs over the next three years. To support the project, the Michigan Economic Development Corp. has offered a $523,280 Michigan Development Block Grant for nearby road improvements. Additional grant funding will come from the Michigan Department of Transportation ($200,000), Michigan Department of Agriculture & Rural Development ($100,000) and Easton Township ($75,000), according to a statement. The company will also contribute $150,000 toward the road project. The Ionia County Economic Alliance and The Right Place Inc. helped the company facilitate the public incentives for the project.
• Expansion: Grand Rapids-based Comfort Research, a designer and maker of bean bag chairs, opened a new plant in Tremonton, Utah, according to a statement. The company plans to hire 30 people to staff the 100,000-square-foot facility, which will help the manufacturer reduce shipping costs and reach nationwide distribution. Comfort Research also has facilities in Grand Rapids and Lewisburg, Tenn.