Here is the MiBiz Growth Report for May 16, 2016:
• M&A: Indianapolis-based The XLerate Group, a portfolio company of Detroit-based private equity firm Huron Capital Partners LLC, has acquired Jenison-based Grand Rapids Auto Auction. The deal represents the second acquisition in a year for The XLerate Group, which acquired Schoolcraft-based Greater Kalamazoo Auto Auction in May 2015. XLerate provides dealer-to-dealer auto auctions for used vehicles. Grand Rapids Auto Auction, located at 2380 Port Sheldon Ct., provides used vehicle remarketing to fleet and leasing companies and dealers in Michigan, Illinois and Ohio. Terms of the deal were undisclosed. Through the acquisition, XLerate now has local auto auctions that operate 17 physical and mobile sites in Michigan, South Carolina, California, Texas, Wisconsin and Florida.
Traverse City-based craft beer bar and restaurant 7 Monks Taproom has unveiled plans for a Grand Rapids location along the growing Michigan Street corridor.
GRAND RAPIDS — Realizing that a movie theater would not work as a standalone project in downtown Grand Rapids, J.D. Loeks knew that he needed to broaden the scope of his long-planned development.