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MiBiz Growth Report: Dec. 10, 2018

BY MiBiz Staff Sunday, December 09, 2018 03:35pm

Here is the MiBiz Growth Report for Dec. 10, 2018.

M&A

Grand Rapids-based Alliance Physical Therapy Management sold its division that provides therapy at long-term care facilities to strategic buyer HealthPRO Heritage LLC of Hunt Valley, Md., according to a statement. Alliance Physical Therapy, an operator of outpatient and onsite physical therapy clinics and a provider of contract rehabilitation services, earlier this year acquired the U.S. operations of Grand Rapids-based Agility Health, which included the business line that it divested. HealthPRO, a portfolio company of Chicago-based Beecken Petty O’Keefe & Co., is a provider of therapy management and consulting services that operates in 32 states. Chicago-based investment bank Livingstone Partners advised Alliance on the deal, the terms of which were not disclosed. 

Solaire Medical Storage LLC acquired InnerSpace from Stanley Black & Decker Inc., according to a statement. The acquisition more than doubled the size of the privately-held company. Solaire Medical added 50 new employees and 20,000 square feet to its facility in Marne to keep up with the increased customer base and order load.

Madison, Wis.-based CUNA Mutual Group acquired Grand Rapids-based Compliance Systems Inc., a privately-held firm specializing in compliance technology products for financial transactions. The move expands CUNA’s capabilities in lending technologies, according to a statement. Compliance Systems currently serves more than 1,400 financial institutions across the U.S. Terms of the transaction were not disclosed. 

McLean, Va.-based Avineon Inc. (Avineon), a global provider of I.T., geospatial and engineering support services, acquired Traverse City-based InfoGeographics Inc., a provider of GIS services, according to a statement. The two companies had worked together in the past. The deal enhances Avineon’s tech offerings as it seeks to grow, the company said. Terms of the deal were undisclosed. 

Mary Free Bed at Home, the home-care services unit of Mary Free Rehabilitation Hospital in Grand Rapids, acquired the in-home skilled nursing unit of Jenison-based Sunset Retirement Communities and Services. Mary Free Bed at Home became Sunset Retirement’s preferred provider for skilled nursing and rehabilitation services in the home. Sunset will continue providing services such as homemaking, laundry, general assistance and daily check-ins. Sixteen Sunset Home Services employees will join the Mary Free Bed at Home team. All Sunset residents who receive Sunset Home Services will continue their plan of care under the new ownership.

Expansion

Grand Rapids-based Founders Brewing Co. plans to produce its All Day IPA brand under contract at Boulder, Colo.-based Avery Brewing Co. Contract brewing the flagship brand will allow Founders to better serve the West Coast market with fresh beer, according to a statement. Both companies have a common 30-percent minority owner in Madrid, Spain-based Mahou San Miguel. In September, Founders said it was expanding distribution of its beers to Colorado. With the addition, the brewery now sends beer to 47 states. 

Honor Credit Union plans to open a new branch at 148 E. Michigan Ave. in downtown Kalamazoo. Plans for the new location are currently being designed and the office could open in early fall 2019. The Berrien Springs-based Honor Credit Union has four branches in the Kalamazoo area and 24 offices overall in Southwest Michigan and the Upper Peninsula. The credit union as of Sept. 30 had nearly 82,000 members and $911.8 million in total assets, according to a quarterly financial statement filed with federal regulators.

Zeeland-based Dutch Treat Foods Inc., a producer of fresh food products including deli salads, baked goods and snack dips, expanded its production space by 20,500 square feet and invested $225,000 in new machinery and equipment, according to a statement. The Michigan Department of Agriculture & Rural Development supported the company’s expansion project with a $60,000 performance-based grant. Dutch Treat expects to create three new full-time jobs with the project. Zeeland-based economic development organization Lakeshore Advantage also assisted Dutch Treat in the deal.

ChoiceOne Bank opened a new branch office in Rockford. The Sparta-based ChoiceOne purchased the building at 590 E. Division Street NE in Rockford earlier this year and completed a renovation of the facility. The branch is the bank’s 14th in Kent, Ottawa, Newaygo and Muskegon counties. 

Investment

Holland-based venture capital firm Cultivate(MD) Capital Fund II LP invested in SpinTech Inc., a Detroit-based startup that developed a suite of software for brain scan MRIs. The company’s software collects data differently using a software processing technique that increases speed and accuracy while improving the overall workload. Terms of the deal were undisclosed. Cultivate(MD) most recently invested in Medical Ingenuities LLC, a Wheaton, Ill.-based early-stage medical device company developing a device that reduces complications in the radial artery following a cardiac catheterization.

Read 598 times Last modified on Wednesday, 13 February 2019 15:40
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