MiBiz Growth Report: July 23, 2018
Here is the MiBiz Growth Report for July 23, 2018.
- M&A: Brentwood, Tenn.-based American Physician Partners LLC acquired Kalamazoo Emergency Associates P.C., effective June 29, 2018. Through the deal, American Physician Partners now manages the emergency room services at Borgess Medical Center in Kalamazoo, Borgess-Pipp Hospital in Plainwell, urgent care center Borgess at Woodbridge Hills Immediate Medical Center in Portage, and Oaklawn Hospital in Marshall. The four contracts combined represent about 111,000 emergency department patient visits annually and include more than 50 new physicians and advanced practice providers.
- M&A: New Philadelphia, Ohio-based Lauren Manufacturing LLC and Lauren Plastics LLC — which operates a plant in Spring Lake — have signed a deal to be acquired by Cooper-Standard Holdings Inc. (NYSE: CPS), a Novi-based manufacturer of rubber and plastic sealing and fuel and brake lines, according to a statement. The companies, which operate as part of Lauren International Ltd., are extruders and molders of polymer sealing products for industrial and specialty automotive applications. After the close of the deal, the companies will join Cooper Standard’s Industrial Speciality Group, pending regulatory and other approvals. As part of the acquisition, roughly 500 employees will transition from Lauren International to Cooper Standard. Terms of the deal were not disclosed.
- M&A: Kalamazoo-based Alumilite Corp., a formulator and supplier of mold making and casting materials, has been acquired by Easton, Pa.-based Polytek Development Corp., according to a statement. Alumilite will now operate as a division of Polytek and retain its existing name. Company President Mike Faupel participated in the deal and will remain in his role. Polytek, a supplier of mold making and casting materials, is a portfolio company of Morgenthaler Private Equity Partners, a Cleveland, Ohio-based private equity firm. Terms of the transaction were not disclosed. Atlanta-based Genesis Capital served as the financial adviser for Polytek.
- Expansion: JR Automation Technologies LLC plans to invest $4 million into its facility in Holland Charter Township. The investments in renovations, new computers and I.T. by JR Automation, a manufacturer of automation technologies, are expected to create 100 high-tech jobs, according to a statement. The Michigan Economic Development Corp. awarded the company a performance-based $800,000 Michigan Strategic Fund grant. Zeeland-based Lakeshore Advantage assisted the firm in working with local resources at Grand Rapids Community College and West Michigan Works!, according to a statement. JR Automation is owned by New York-based private equity firm Crestview Partners.
- Expansion: Grand Rapids-based Chow Hound Pet Supplies opened a store in the Village at Knapp’s Crossing on East Beltline Avenue NE in Grand Rapids. The retailer now has 11 locations in the West Michigan region.
- Expansion: Grand Rapids-based cider maker Vander Mill LLC has expanded its distribution footprint to include Minnesota. The company partnered with Artisan Beer Company/Johnson Brothers for statewide distribution. With the deal, Vander Mill is now distributed in six states, including Michigan, Illinois, Indiana, Ohio and Wisconsin.
- Investment: Holland-based venture capital fund cultivate(MD) Capital Fund II LP has invested in SafKan Health Inc., a Seattle, Wash.-based developer of a headphone system that removes ear wax. SafKan Health is now working to beta test the OtoSet system and will use the capital to seek U.S. Food and Drug Administration approval, produce inventory and pursue targeted commercialization. OtoSet replaces time-consuming wax-removal procedures performed at physician practices and Ear, Nose and Throat specialists. The venture capital fund targets early-stage health care companies with a focus on medical devices, particularly orthopedics. The fund invests up to $1 million into a startup across multiple capital rounds.
- Investment: Holland-based Genesis Innovation Group LLC, a developer of emerging medical technologies, formed HAPPE Spine LLC to further develop and commercialize a material for orthopedic implants. The company’s venture capital funds, cultivate(MD) Capital Fund I LLC and cultivate(MD) Capital Fund II, also invested in HAPPE Spine. The startup uses a material technology developed by Ryan Roeder and researchers at the University of Notre Dame that allows for the full or partial construction of artificial bone applications.