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Sunday, 12 November 2017 16:04

MiBiz Growth Report: Nov. 13, 2017

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Here is the MiBiz Growth Report for Nov. 13, 2017: 

• M&A: Wabash, Ind.-based Martin Yale Industries LLC, a portfolio company of Grand Rapids-based private equity firm LV2 Equity Partners LLC, acquired Dry-Lam LLC of Shawnee, Kan., according to a statement. The transaction marked the second bolt-on acquisition for Martin Yale, a manufacturer of print finishing, office and mailroom equipment. Dry-Lam is a distributor of laminating equipment and films to the office product and commercial print finishing industries. Terms of the deal were not disclosed, but Dry-Lam’s distribution center will be relocated to Martin Yale’s Indiana facility. 

• M&A: Grand Rapids-based Printing Consolidation Co., which also owns Grand Rapids-based Dickinson Press LLC, acquired Kingsport Book of Church Hill, Tenn., according to a statement. The deal was the second for the Blackford Capital private equity-backed portfolio company. Terms of the deal were not disclosed, but Kingsport’s CEO and CFO will remain with the company after the transaction. The 13-year-old Kingsport is a book finishing and fulfillment company that operates from a 120,000-square-foot facility, where it specializes in customized print runs in a range of sizes. The company is also located close to major shipping hubs for FedEx and UPS. In a statement, executives at Printing Consolidation said they plan to expand the operations, but they did not elaborate on what those plans entailed.

• M&A: Environmental testing firm KAR Laboratories Inc. of Kalamazoo has been acquired by Minneapolis-based Pace Analytical Services LLC. Pace completed the asset purchase on Nov. 1, according to a statement. The move strengthens Pace’s capabilities in the Great Lakes region, where it also operates a testing lab in Grand Rapids. KAR focuses on customers in the drinking water and wastewater industries in the southern portion of Michigan, as well as offers services to the area’s craft brewing industry for hops and water testing. Most employees will make the transition to Pace, according to a statement. Terms of the deal were not disclosed.

• M&A: Forestry equipment manufacturer Morbark LLC of Winn, Mich. has acquired Wooster, Ohio-based Rayco Manufacturing Inc. The deal marks Morbark’s first transaction since being acquired in 2016 as a platform company for New York-based Stellex Capital Management LP, according to a statement. The addition of Rayco, a maker of environmental, forestry, landscaping, and construction equipment, positions Morbark to offer a broader range of products. As part of the deal, Rayco founder John Bowling will remain with the company and join Morbark’s board of directors. He maintains “an economic interest” in the company after the deal. Morbark will continue the brand identity of Rayco, which it will operate as a new division. Financial terms of the deal were not disclosed.

• M&A: Marne-based Dewitt Barrels Inc., a 124-year-old family-owned company, and the related DBI Recycling LLC have been acquired by Maitland, Fla.-based Industrial Container Services LLC, according to a statement. The deal included the machinery, equipment and inventory of the Michigan operations. Dewitt is a steel drum reconditioning and recycling business. The company will now become an operating entity of ICS. Terms of the deal were not disclosed. Family member Jason Dewitt will remain at the Marne plant as a facilities manager. ICS is a provider of reusable containers to customers across North America.

• M&A: Inland Seas Engineering Inc., an engineering consulting firm based in Traverse City, was acquired by Woburn, Mass.-based GEI Consultants Inc., according to a statement. GEI is a national geotechnical, environmental, water resources, ecological science and engineering firm. The deal boosts the company’s presence in Michigan, where the firm has offices in Lansing, Ann Arbor, Grand Rapids, Marquette, Iron River and Iron Mountain. Terms of the deal, which closed Oct. 27, were not disclosed.

• M&A: Grand Ledge-based McLaren Health Care Corp. signed a definitive agreement to buy MDWise, a 360,000-member nonprofit HMO, from Health and Hospital Corporation of Marion County and Indiana University Health. Terms of the deal, which should close by Dec. 31 pending regulatory approvals, were not disclosed. MDWise will become part of McLaren Health Care’s McLaren Health Plan, a 260,000-member commercial and Medicaid HMO. McLaren Health Care includes 12 hospitals, ambulatory care centers, a medical group and the HMO. The acquisition of MDWise would boost the health system’s annual revenue to nearly $6 billion.

• M&A: Metro Health-University of Michigan Health acquired Grand Rapids Family Physicians and opened Metro Health Grand Rapids Northeast on East Beltline Avenue, near Knapps Corner. The current staff — Dr. David Kutsche, Dr. Gregory Hazle, and nurse practitioner Julie Cooper, DNO, NP-C — remain at the practice. The office is the third physician practice acquired by Metro Health this year. The health system previously acquired what’s now known as Metro Health Lowell and Metro Health OB/GYN.

• Expansion: Litehouse Inc., a producer of food dressings, sauces and oils, is investing up to $9.9 million and creating 77 new jobs as part of a project at its plant in Lowell. The company expanded its production space by 25,000 square feet and is currently reorganizing its plant to increase capacity. To support the project, the Michigan Economic Development Corp. provided the company with a $462,000 performance-based grant. Litehouse is considering sites in Utah and South Carolina for the expansion because of the $1 million in increased annual costs it has incurred to handle food waste in Lowell, where the city shut down a biodigester because of odor issues. The company is working with the city to evaluate wastewater pretreatment options at the site, according to a briefing memo. 

• Expansion: A forecast for aggressive growth drove Kentwood-based Service Express Inc. to open a 40,000-square-foot office in the city of Grand Rapids, where the data center maintenance provider plans to invest $3.1 million and create 75 high-tech jobs in the next three years. The  Michigan Economic Development Corp. provided a $450,000 performance-based grant to support the project and offset higher recruiting and training costs. 

• Expansion: Ceres Solutions Cooperative, formerly North Central Co-op, is investing $350,000 for new rail siding, track improvements and the installation of ingredient receiving pits at the company’s new $10 million grain mill facility in White Cloud. The company received a Freight Economic Development Program loan from the Michigan Department of Transportation to support the rail project. The loans through the state can be used to cover up to half of the cost of a rail infrastructure project. The company worked with The Right Place Inc. and the Newaygo County Economic Development Office to secure the loan. 

• Expansion: Trucking and logistics firm Hutt Logistics Inc. completed a new 81,000-square-foot addition to its “deep-frozen food” storage facility. The approximately $10 million expansion in Hudsonville will allow the Holland-based company to store more than 19,000 pallets and add an expected 20 jobs, according to a statement. Atlanta, Ga.-based ARCO Design/Build designed and constructed the warehouse.

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Joe Boomgaard

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jboomgaard@mibiz.com

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