Displaying items by tag: Michigan Economic Development Corp
A dairy processor plans to expand its existing facility in West Michigan.
Philanthropy as Economic Development? Foundations increasingly step up to kickstart risky community initiatives
The philanthropic efforts of nonprofits and foundations throughout Michigan are increasingly addressing bigger issues such as affordable housing, community revitalization and employment.
HUDSONVILLE –– While the redevelopment of traditional small downtowns across Michigan may look different than the activity in larger, urban settings, municipalities increasingly are defining their visions and attracting investors.
GAINES TOWNSHIP –– Developers representing an online retail behemoth are considering a 100-acre site in southern Kent County for a “massive” distribution facility, MiBiz has learned.
LANSING –– The crowded field of candidates seeking to become Michigan’s next governor offer distinctly different views for how they would shape the state’s economic development policy.
The Grand Rapids Downtown Market continues to restructure long-standing debt tied to a state economic development incentive as it attempts to stabilize its finances.
Here is the MiBiz Growth Report for Feb. 5, 2018
• M&A: Grand Rapids-based Alliance CNC Cutter Grinding Services Inc. was acquired by GWS Tool Group LLC of Tavares, Fla., according to a statement. Alliance CNC is a designer and manufacturer of tight tolerance drills, reamers and micro-tools. With the deal, GWS adds hole-making tool capabilities to its existing focus in round tools, endmills and inserts. Terms of the deal were not disclosed, but Alliance CNC will continue to operate out of its Grand Rapids area plant with its existing management team. GWS Tool Group is a vertically integrated manufacturer of engineered cutting tools for the aerospace, defense, power generation, automotive and medical industries.
Automation provider Axis Company LLC plans to invest $4 million into a new facility.
For the fourth time since 2014, the Grand Rapids Downtown Market has asked permission to keep paying only the interest on its loans tied to a state economic development incentive as it seeks to restructure its debt load.
Here is the MiBiz Growth Report for Jan. 22, 2018:
• M&A: Bridgman-based Kruger Plastic Products has been acquired by Chicago-based private equity firm HC Private Investments, according to a statement. Kruger President Pat Brandstatter and VP of Engineering Dirk Kruger retained “significant stakes” in the custom injection molding company. Terms of the deal were not disclosed. Grand Rapids-based Varnum LLP served as legal counsel to Kruger, which was advised on the transaction by BlueWater Partners LLC, a Grand Rapids-based investment banking and consulting firm.
Ryan Kilpatrick hopes to lend his experience in economic development to a new housing initiative in Ottawa County. After four years as a senior community assistance specialist at the Michigan Economic Development Corp., Kilpatrick departed from the organization this month to become the first executive director of Ottawa Housing Next, a public-private partnership tasked with bringing more affordable housing options to Ottawa County, the state’s fastest growing municipality. Before making the transition, Kilpatrick spoke with MiBiz about how the organization hopes to tackle the need for affordable housing in the lakeshore community.
Jeff Mason took over in mid July as CEO of the Michigan Economic Development Corp. after eight years of running the University Research Corridor, a coalition of the state’s top three research universities including Michigan State, Wayne State and the University of Michigan. According to Mason, talent remains the top issue for the MEDC, particularly as the state’s economy continues to grow.
The developers of a mixed-use project on Michigan Street have received an added $1 million in state incentives to offset unforeseen costs and finish the project.
Here is the MiBiz Growth Report for Dec. 11, 2017.
Michigan rates far better today than nearly two decades ago for having a knowledge-based economy.
PAW PAW — A Southwest Michigan-based provider of fresh and frozen blueberries, asparagus and grapes has filed for Chapter 11 bankruptcy protection in the U.S. District Court for the Western District of Michigan.
GRAND RAPIDS –– Partners in West Michigan’s startup ecosystem continue to explore how best to allocate resources to the region’s entrepreneurs.
Here is the MiBiz Growth Report for Nov. 13, 2017:
• M&A: Wabash, Ind.-based Martin Yale Industries LLC, a portfolio company of Grand Rapids-based private equity firm LV2 Equity Partners LLC, acquired Dry-Lam LLC of Shawnee, Kan., according to a statement. The transaction marked the second bolt-on acquisition for Martin Yale, a manufacturer of print finishing, office and mailroom equipment. Dry-Lam is a distributor of laminating equipment and films to the office product and commercial print finishing industries. Terms of the deal were not disclosed, but Dry-Lam’s distribution center will be relocated to Martin Yale’s Indiana facility.
Litehouse Inc., a producer of food dressings, sauces and oils, is investing up to $9.9 million and creating 77 new jobs as part of a project at its plant in Lowell.
A forecast for aggressive growth drove Kentwood-based Service Express Inc. to open a 40,000-square-foot office in the city of Grand Rapids.
Here is the MiBiz Growth Report for Oct. 30, 2017:
• M&A: Stryker Corp. acquired a majority interest in French medical device company Vexim SA and plans to make a tender offer to buy out its remaining shareholders. The Kalamazoo-based Stryker (NYSE: SYK) acquired 50.7 percent of shares and 50.3 percent of voting rights to Vexim, based in Balma, near Toulouse, France. Stryker paid 20 euros per share to funds managed by Truffle Capital, Bpifrance and Kreaxi, as well as Vexim managers. Vexim said the acquisition of the majority stake by Stryker has an equity value of 183 million euros, which equates to about $216 million. Vexim specializes in devices for minimally invasive procedures to treat traumatic spinal pathologies.
Here is the MiBiz Growth Report for Oct. 2, 2017.
Newell Brands Inc. plans to invest $7.3 million and create 87 new jobs as part of an expansion at its R&D facility in Kalamazoo.
West Michigan educators and at least one business group say the Trump administration’s plan to rescind the Deferred Action of Childhood Arrivals program already is leading to anxiety and uncertainty.
Here is the MiBiz Growth Report for Sept 18, 2017:
West Michigan economic developers plan to jump into an already crowded pool of contenders for Amazon.com Inc.’s proposed $5 billion second headquarters.
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.
• M&A: Three Rivers-based Armstrong International Inc., a fifth-generation family-owned manufacturer of energy management products, has acquired Delta2 s.r.l. of Milano, Italy, according to a statement. Delta2 makes control valves and pneumatic operators for the oil and gas, food, pharmaceutical, power and industrial markets.
GRAND RAPIDS — A growing manufacturer of high-tech food carts could serve as an example of the kind of business development that’s possible in West Michigan.
West Michigan-based agribusinesses and food and beverage companies will soon have a new source of capital to fund expansion projects.