Displaying items tagged: Michigan Economic Development Corp

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.

MOVE Systems International, a New York City-based manufacturer of eco-friendly food carts and accompanying electrical systems, plans to expand its manufacturing facilities in West Michigan.

After about eight years away, Jeff Mason has returned to the Michigan Economic Development Corp. Having previously worked at the state’s top economic development organization as a senior vice president for business development, he left in 2009 to head up the University Research Corridor, an alliance of Michigan’s three major research institutions. He’s rejoining the MEDC as its president and CEO, where he’ll lead an organization that’s grown into new focus areas, specifically community development. Mason spoke with MiBiz about these organizational shifts and the new economic development tools the state legislature recently passed to help make Michigan more competitive.

When Brian Kelly first heard about a suburban space to move his Grand Rapids-based photography studio, he ignored the idea for one simple reason: It was in Kentwood.

Gov. Rick Snyder today recommended Jeff Mason, the head of the University Research Corridor that consists of the state’s top three research universities, to lead the Michigan Economic Development Corp.

The group behind the Kent County Youth Fair will buy Deer Run Golf Club in Lowell Charter Township with plans to turn the 140-acre site into its new fairgrounds by 2020, MiBiz has learned.

The CEO of the Michigan Economic Development Corp. (MEDC) and president and chairman of the Michigan Strategic Fund will step down at the end of June.

Here is the MiBiz Growth Report for May 15, 2017: 

• M&A: Muskegon-based KL Outdoor LLC will add a bevvy of new products to its business through a recent merger with GSC Technologies Corp., a Montreal-based manufacturer of kayaks and other plastic products. About three months ago, KL Outdoor — a manufacturer of kayaks, paddleboards and other watercraft — was purchased by New Water Capital LP, a private equity firm based in Boca Raton, Fla. The private equity firm plans to wrap GSC Technologies under the KL Outdoor brand, according to Dan Harris, vice president of sales at KL Outdoor. Harris expects the merger to expand KL Outdoor’s product offerings, as GSC manufactures a variety of products including outdoor furniture, totes and other related products.

Here is the MiBiz Growth Report for May 1, 2017. 

• M&A: Kalamazoo-based Stryker Corp. acquired the assets of Charleston, S.C.-based Cactus LLC, a manufacturer of pharmaceutical waste management systems, according to a statement. Cactus products have been sold in the U.S. since 2012 and have been installed in more than 1,300 facilities. The products will become part of Stryker’s Surgical Safety business, a division of Stryker Surgical Instruments. Terms of the deal were not disclosed.

Michigan could generate higher returns on its economic development activities by targeting the tax incentives it still offers toward high-tech, high-wage industries.

Here is the MiBiz Growth Report for April 3, 2017.

• M&A: Industrial and fastener distributor Manufacturer’s Supply Co. has signed an agreement to sell certain assets to Winona, Minn.-based Fastenal Co. (Nasdaq: FAST). Fastenal expected to close on the deal for Manufacturer’s Supply, or Mansco, at the end of March, after this report went to press. Terms of the deal were not disclosed. Hudsonville-based Mansco generated roughly $50 million in sales in 2016 from locations in Michigan, Alabama and Texas. It was founded in 1928. President Jim Mol has operated Mansco for the last 25 years. Mansco supplies a range of fastener products “with a particularly strong market position with commercial furniture OEMs,” a market to which Fastenal “has not meaningfully contributed in the past.”

COOPERSVILLE — A glut in raw milk production throughout the state is driving substantial agribusiness growth in West Michigan as area processing companies struggle to keep up.

As developers from around the Midwest descend on Michigan’s capital region, the Lansing area’s brownfield sites could soon become a lot less brown.

Upcoming cybersecurity regulations could catch manufacturers off guard and put at risk their ability to perform government contracts.

Across West Michigan, Native American tribes have started to hang out their own shingle in enterprises that move them away from the familiar tribal-owned casino.

Economic developers from West Michigan and across the state increasingly find their roles shifting.

Here is the MiBiz Growth Report for Feb. 20, 2017. 

• M&A: AMI Entertainment Network LLC in Grand Rapids has acquired NSM Music Group Ltd., a Leeds, U.K.-based manufacturer of jukeboxes. The deal for NSM Music marks the first overseas expansion for AMI, a provider of digital jukeboxes and other products for the nightclub and bar industry, according to a statement. Founded in 1951 in Germany, NSM will maintain its independent branding and headquarters. General Manager Martin Agabeg will report to AMI President Mike Maas. Terms of the deal were not disclosed. Going forward, AMI plans to invest in NSM and enhance the company’s products and service, according to a statement.

An increasing appetite for cage-free eggs among consumers will result in a $2 million expansion project for Poultry Management Systems Inc.

Here is the MiBiz Growth Report for Feb. 6, 2017. 

• M&A: The Pioneer Group, a Big Rapids-based publisher of newspapers and an operator of a digital marketing services business, has sold after four generations of family ownership. Owners Jack and John Batdorff sold the company to Hearst Communications Inc., the New York-based publishing giant, according to a statement. The Pioneer Group publishes two daily newspapers in West Michigan, The Pioneer in Big Rapids and the Manistee News Advocate. The company also includes three weekly titles: Lake County Star, based in Baldwin; Herald-Review in Osceola County; and The Benzie County Record Patriot. The company also publishes four Shopper publications. Terms of the deal were not disclosed. Through the deal, the Hearst Newspapers division expands its holdings in Michigan, which include the Huron Daily Tribune and Midland Daily News.

GRAND RAPIDS — Stakeholders from around Michigan say they’re impressed with the results the Grand Rapids Economic Development department cited in a recent report detailing the performance of various project incentives.

With tax credits awarded, the development of three new affordable housing projects in the area should move forward.

Here is the MiBiz Growth Report for Jan. 23, 2017.

• M&A: Bryan Betten and Chris Baker, two veteran West Michigan dealership executives, have acquired Grand Chrysler Dodge Jeep Ram in Lowell from former owner Harvey Koning. Betten-Baker is in the process of acquiring the remaining Grand Auto Family Services Inc. dealerships owned by Koning, which include facilities in Grandville, Allegan and Lowell, said Pete Ricards, division director at Betten-Baker. The company also is acquiring a Big Rapids-based GMC dealership from Gary Trimarco Automotive group, but is waiting on manufacturer approval from General Motors to complete both deals. 

NVINT Services LLC plans to invest $364,000 in a facility expansion project that will allow the West Michigan technology company to adhere to its “aggressive growth trajectory” and meet customer demands.

KALAMAZOO — A major expansion by Stryker Corp. could provide a welcome shot in the arm for Southwest Michigan’s life sciences sector.