This is the MiBiz growth report for January 6, 2020.
WALKER — Employee-owned plastics extruder Custom Profile Inc. of Walker plans to establish new manufacturing operations in South Carolina.
WALKER — Seven years after buying Custom Profile Inc., Blackford Capital Inc. was ready for an exit. In seeking to sell the company, the Grand Rapids-based Blackford Capital evaluated a variety of options. Those options included finding a strategic buyer, a deal with another private equity firm, or selling to Custom Profile’s management and employees under an employee stock ownership plan.
GRAND RAPIDS — The relationship between two companies involved in a 2016 acquisition appears to have soured, with both entities now pointing the finger at each other in federal court.
zHere is the MiBiz Growth Report for Jan. 9, 2017.
• M&A: Grand Rapids-based Irwin Seating Co. signed a letter of intent to purchase American Seating Co.’s architectural fixed seating business in a deal expected to close in March 2017, pending due diligence. The business includes products for stadiums, auditoriums and other large venues. The company’s move to divest a “higher profile part of our business was an extremely difficult decision to make,” Chairman and CEO Ed Clark said in a statement announcing the transaction. The sale comes as American Seating seeks “to optimize its operations and resources in order to pursue significant growth opportunities” in its transportation seating business, where the company will continue to focus. American Seating intends to lay off 80 workers early this year as a result of the deal. However, a portion of that workforce may transition into roles at Irwin Seating, according to the statement. Terms of the deal were not disclosed.
After acquiring Wisconsin-based Bemis Manufacturing Company in October, Custom Profile Inc. will now relocated the company’s operations to West Michigan.
Here is the MiBiz Growth Report for Oct. 17, 2016:
• M&A: Grand Rapids-based Ranir LLC, a manufacturer of a variety of oral care products, has acquired Toronto-based BrushPoint, a maker of toothbrushes. In the deal, for which terms were not disclosed, Ranir will increase its product offerings and distribution footprint in the U.S., Canada and Europe. The BrushPoint acquisition comes on the heels of a deal in July of this year in which Ranir purchased the Rembrandt teeth-whitening brand from Johnson & Johnson Consumer Inc. Last month, the company also said it had purchased the 200,000-square-foot facility at 4701 East Paris Ave. SE where it had been a tenant for 20 years.
Custom Profile Inc. has acquired the plastic extrusion business from Wisconsin-based Bemis Manufacturing Company.