GRAND RAPIDS — Venture capital fund Grand Ventures has closed on $28 million that was raised for its first fund.
Here is the MiBiz Growth Report for Sept. 5, 2017.
• M&A: U.K.-based Playtech acquired the technology, intellectual property and certain customer assets of ACM Group, whose CEO, Muhammad Al-Amin Rasoul, and management team are based in Grand Rapids. Playtech, a supplier of online gaming software, is listed on the London Stock Exchange and has 5,000 employees in 17 countries. Grand Rapids investment banking firm Charter Capital Partners served as financial adviser for ACM Group, a business-to-business market maker, dealer and broker in London. The deal is expected to close in early September. Terms include an initial upfront payment of $5 million, two staged payments based on the EBITDA of 2017 and 2018, and contingent consideration based on 2019 EBITDA. The total consideration for the transaction is capped at $150 million.
Here is the MiBiz Growth Report for July 10, 2017:
• M&A: Portage-based Carl Walker Inc., an architecture and engineering firm specializing in the parking garage sector, was acquired on June 30 by Wantman Group Inc., a West Palm Beach, Fla.-based design, planning and surveying firm, according to a statement. Carl Walker became a wholly-owned subsidiary of WGI Structures. President and CEO Gary Cudney, along with other key executives, principals and associates, will remain with the company. The company will continue to be known as Carl Walker and will be branded as a division of WGI. Terms of the deal were not disclosed. Carl Walker has designed parking structures all over the country, including many of the garages built along the Medical Mile health care development in downtown Grand Rapids. Fayetteville, Ark.-based Zweig Group represented Carl Walker in the deal.