Here is the MiBiz Growth Report for Oct. 31, 2016.
• M&A: Ferris Coffee & Nut Co. has acquired Kalamazoo-based Lush Gourmet Foods, a maker of flavored peanuts and almonds. Grand Rapids-based Ferris Coffee & Nut Co. will allow Lush Gourmet to operate under its original brand, according to a statement. Lush Gourmet founder Bisera Urdarevik will join Ferris Coffee & Nut Co. as the company’s creative director of product development. Lush Gourmet’s production will be transferred to Ferris Coffee & Nut Co.’s Grand Rapids headquarters in early 2017, according to the statement. Urdarevik created Lush Gourmet in 2011 while studying as a culinary student at Kendall College in Chicago. Terms of the deal were not disclosed.
Coastal Automotive took the first step in its four-year global expansion strategy by announcing a $6.5 million investment to establish a new manufacturing facility in Holland.
Here is the MiBiz Growth Report for June 27, 2016.
• M&A: German company Kion Group AG, an industrial truck, material handling and logistics automation equipment manufacturer, plans to acquire Dematic Corp. for approximately $2.1 billion in what executives described as a “landmark” transaction. The deal values the logistics and automation firm, whose North American operations are based in Grand Rapids, at an enterprise value of $3.25 billion, according to a joint statement. Dematic generated $1.8 billion in revenues and $166 million in adjusted earnings before interest and taxes during the calendar year 2015. Kion Group will acquire Dematic from funds managed by New York City private equity firm AEA Investors LP and the Ontario Teachers Pension Plan. The deal, which is expected to close in the fourth quarter pending regulatory approval, also carves out “certain liabilities,” according to a statement.
Coastal Automotive, a tier-1 supplier of high-tech foams for the automotive and aerospace industries, today announced plans to open a new manufacturing facility in Holland.