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Sunday, 04 March 2018 18:52

MiBiz Growth Report: March 5, 2018

Written by  MiBiz Staff
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Here is the MiBiz Growth Report for March 5, 2018:

• M&A: After nearly doubling the business over the last two and a half years, the private equity owners of Action Fabricators Inc. decided the market timing was right to find a partner to take the company to the next level. Last week, Chattanooga, Tenn.-based River Associates Investments LLC announced it had sold the Grand Rapids-based manufacturer of adhesive-backed products for the automotive and medical device industry to Boyd Corp. of Modesto, Calif. Terms of the deal were not disclosed. Action Fabricators grew revenues from around $45 million in 2015 to nearly $80 million at the time of the sale. President and CEO Jon Rudolph and the rest of the management team will stay on with the new owners. Boyd is a portfolio company of San Francisco-based Genstar Capital. Milwaukee, Wis.-based Robert W. Baird & Co. represented Action Fabricators in the deal.

• M&A: The new owners of office furniture dealer Interphase Interiors Inc. say they want to put their collective backgrounds to work to elevate client service. Johnny Brann Jr., a third-generation restaurateur whose family owns Brann’s Steakhouse & Sports Grill, and Dave Shaffer, a former Grand Rapids city commissioner and commercial lender, acquired Grand Rapids-based Interphase Interiors at the end of January from former owner David Faasse. Brann and Shaffer have known each other for years and were exploring opportunities to work together. Terms of the deal were not disclosed. Brann, who remains active in the family’s restaurant business, serves as president of Interphase, and Shaffer is CEO. Shaffer previously spent nearly seven years as a commercial banker at Macatawa Bank and served eight years on the Grand Rapids City Commission before leaving at the end of 2017 because of term limits.

• M&A: The Grand Rapids office of Colliers International Inc. seeks to expand its multifamily business with the acquisition of Beacon Realty Group LLC, a Grand Rapids-based boutique brokerage firm focused on the multifamily apartment sector, according to a statement. Terms of the deal were not disclosed. Matt Jones, founder of Beacon Realty, will lead Colliers’ local multifamily investment team as an associate vice president. Jones brings about 10 years of experience in the multifamily brokerage sector and has facilitated about $250 million worth of transactions, Colliers said in a statement.

• M&A: Pathway Management LLC, a Chicago-based senior housing real estate firm that does business as Pathway to Living, has acquired Elmcroft Senior Living, a senior living and memory care facility in Kentwood. The company has rebanded the property as Azpira Place, according to a statement. Pathway plans to initiate a capital improvement program at the roughly 54,000-square-foot facility that, upon completion, will include 69 units for assisted living and 12 units for memory care. The acquisition marks Pathways to Living’s first venture into Michigan. The company owns or manages 29 senior living facilities. Terms of the transaction were not disclosed.

• Expansion: Greenville Venture Partners LLC, a subsidiary of Baraboo, Wis.-based Foremost Farms USA Cooperative, plans to open a new 55,000-square-foot dairy processing plant in Greenville, pending approvals of state and local incentives. The plant is expected to create 33 jobs. The $57.9 million capital investment from Foremost Farms puts the company in “an ideal location as a manufacturing base … to unify our seven-state cooperative membership’s milk,” President and CEO Michael Doyle said in a statement. Additionally, the city of Greenville plans to support the project with a 12-year property tax abatement valued at $2.33 million. 

• Expansion: Grand Rapids-based Adventure Credit Union opened a new branch on Wilson Avenue in Grandville. Built buy Orion Construction, the 2,950-square-foot office consolidated two nearby branches. Adventure Credit Union has eight offices in the Grand Rapids and Lansing areas. The credit union at the end of 2017 had $385.7 million in assets and 30,803 members, according to a quarterly financial report filed with the National Credit Union Administration.

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