Published in Finance

MiBiz Growth Report: Oct. 15, 2018

BY MiBiz Staff Sunday, October 14, 2018 11:11am

Here is the MiBiz Growth Report for Oct. 15, 2018.

  • M&A: South Bend, Ind.-based Bradley Co. LLC seeks to bolster its presence in West Michigan with the acquisition of X Ventures, a Grand Rapids commercial real estate brokerage and consulting firm founded in 2013. X Ventures co-founder and President Chip Bowling told MiBiz the sale broadens the scope of X Ventures into property management, investment offerings and multifamily development. The deal also allows X Ventures to expand its footprint beyond West Michigan and gives the firm access to Bradley Co.’s existing markets in Southwest Michigan and around Indiana. Terms of the deal were not disclosed. Miller, Johnson, Snell & Cummiskey PLC in Grand Rapids represented X Ventures in the deal.
  • M&A: Kalamazoo-based Stryker Corp. (NYSE: SYK) acquired Durham, N.C.-based HyperBranch Medical Technology Inc. for $220 million. The privately-held HyperBranch Medical Technology develops medical devices based on its proprietary polymers and hydrogels for trauma and surgical wounds. The company’s Dural Sealant is one of just two sealants on the market approved by the U.S. Food and Drug Administration, according to a statement.
  • M&A: The ownership group of the West Michigan Whitecaps, the Detroit Tigers’ Class-A affiliate, has acquired the Traverse City Beach Bums, who have played in the Frontier League since 2006. The new owners include investors from West Michigan and the Traverse City area, executives confirmed to MiBiz. According to Whitecaps CEO Joe Chamberlin, the company plans to rename the Traverse City team and switch it to play in the Northwoods League starting in May 2019. The deal also included Wuerfel Park, located near Chums Corner in Blair Township.
  • M&A: Private equity-backed Premier Thermal Solutions LLC (PTS) of Lansing, a metal heat treater, has acquired Fort Wayne, Ind.-based Al-Fe Heat Treating Inc., according to a statement. The deal expands PTS’ heat treating services to work with aluminum materials, as well as broadens its abilities in the automotive, aerospace and defense markets. PTS, a portfolio company since last year of New York- and Chicago-based Z Capital Partners LLC, operates five plants in Michigan, Indiana, Ohio and Wisconsin. Al-Fe operates four plants in Ohio, Indiana and Michigan, including a location in Saginaw.
  • M&A: Houston-based private equity firm The Sterling Group has sold its multi-branded Specified Air Solutions portfolio of industrial HVAC equipment manufacturers, which is based in Grand Rapids, to privately-held Madison Industries of Chicago. The private equity firm formed Specified Air Solutions in 2014 with the acquisition of Roberts-Gordon LLC, which included three co-located Comstock Park-based divisions: Rapid Engineering LLC, Bananza Air Management Systems Inc. and Weather-Rite. The companies operate from a location at 1100 7 Mile Road NW. The firm also has divisions in Buffalo, N.Y. and Montreal, Quebec. Sterling Group was advised by BlackArch Advisors and Bracewell LLP. Terms of the transaction were not disclosed.
  • M&A: Traverse City-based 1100 Holdings Inc. has acquired the assets of Air-Services Inc., a charter aviation provider serving the business market in Northern Michigan. According to a statement, the deal with former owner and founder Roy Nichols closed in late September. Based on the campus of the Cherry Capital Airport in Traverse City, Air-Services offers chartered flights, as well as aircraft management services. The company flies a range of aircraft, including jets and turboprops. Terms of the deal were not disclosed.
  • M&A: Crystal Flash Inc., a Grand Rapids-based energy distribution company, added Novi-based Harris Oil Corp. to its portfolio, according to a statement. Crystal Flash, which specializes in the sale and distribution of propane, diesel, gasoline and lubricants, will expand its footprint in Michigan with the deal for Harris Oil, a producer of engine oils and racing gasoline. Terms of the deal were not disclosed, although founder Mike Harris will stay on with the company.
  • M&A: Mason Wells, a Milwaukee-based private equity firm, has acquired Norton Shores-based Structural Concepts Corp., a manufacturer of refrigerated display cases. Jay Radtke, senior managing director of Mason Wells, said the acquisition fits well with the firm’s current growth strategy. Structural Concepts makes temperature-controlled food and beverage cases that can be found in cafes, restaurants, convenience stores and supermarkets. Terms of the deal were not disclosed.
  • Expansion: Greenville-based West Michigan Compounding LLC is investing $6 million into its existing facility in Montcalm County to better handle increased demand. The planned 45,000-square-foot addition to the firm’s reclamation facility, which manages plastic scrap, could create up to 33 jobs, according to a statement. West Michigan Compounding has capacity to compound and recycle more than 100 million pounds of plastic per year. The company received a $150,000 performance-based grant from the Michigan Business Development Program.
  • Expansion: The Novi-based Michigan Milk Producers Association, a dairy farmer-owned cooperative and dairy producer, plans to invest $24 million to expand its existing dairy plant operations in Constantine in St. Joseph County. The company said the expansion will increase milk processing by 1.3 million pounds per day at the site. The Michigan Strategic Fund approved a $122,000 performance-based grant from the Michigan Business Development Program to support the MMPA project.

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