Displaying items tagged: Michigan Economic Development Corp

TecNiq Inc. will invest $6.6 million in the construction of a new 100,000-square-foot production facility in Comstock Charter Township, just east of Kalamazoo.

The Right Place Inc. President and CEO Birgit Klohs has one word to describe her reaction to the United Kingdom’s decision yesterday to leave the European Union: Disappointment.

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.

Downtown-ish Grand Rapids could finally get a “real” grocery store sometime in the future, if plans from Meijer Inc. and Rockford Construction Co. Inc. come to fruition. 

OptiMed Specialty Pharmacy in Kalamazoo has received a $500,000 performance-based grant from the Michigan Economic Development Corp. to support a $1.2 million investment for OptiMed’s new home.

Kent County and other stakeholders plan “two firsts” in providing abatements for Switch Ltd.’s colocated data center in Gaines Charter Township.

Shipston Aluminum Technologies Inc., a manufacturer of aluminum safety components, plans to invest $10 million to expand its facility in Spring Lake Township.

West Michigan technology firm, DornerWorks Ltd. plans to beef up its Grand Rapids operation through a $1.3 million investment.

Here is the MiBiz Growth Report for May 31, 2016. 

• M&A: Sun Capital Partners Inc., a Florida-based private equity firm, has acquired convenience store operator Admiral Petroleum Co. and Lemmen Oil Co. in Coopersville. Admiral operates 130 Admiral gas stations and convenience stores in Michigan and Indiana, plus nine under the Lemmen brand name. Terms of the deal were not disclosed. Sun Capital named Jeff Turpin, a 20-year veteran of the convenience store industry, as CEO. Turpin previously served as chairman and CEO of VPS Convenience Store Group, a former portfolio company of Sun Capital.

Kraft Heinz Company has taken the next step in a company-wide consolidation strategy that began in 2015 after Kraft Food Group Inc. merged with H.J. Heinz Company.

LANSING — A mid-Michigan particle accelerator has taken the next step in an ambitious expansion plan that would position the company to capitalize on the multi-billion dollar market for medical isotopes.

After reaching full capacity at its Grand Rapids production facility, Kent Quality Foods Inc.plans to invest $35 million into a second plant in Ottawa County’s Jamestown Charter Township.

Spiech Farms LLC will invest more than $1 million into an expansion project at its production facility in Paw Paw.

Here is the MiBiz Growth Report for May 2, 2016.

• M&A: Brad Davis and Lynne Bosgraaf, both formerly executive team members at Grand Haven-based Light Corp., have acquired Ram Electronics Inc., a manufacturer in Fruitport of printed circuit boards, custom wire harnesses and other components. The deal came about as Ram’s previous owner, Don Neidlinger, looked to retire. Zeeland-based Rua Associates LLC advised Davis and Bosgraaf on the deal, the terms of which were not disclosed. The executives partnered with Mercantile Bank Corp. to structure a loan through the Michigan Economic Development Corp.’s collateral support program. The program provides collateral to fund down payments on expansions or mergers and acquisitions.
• M&A: Lansing-based Neogen Corp., a manufacturer of food and animal safety products, acquired Brazil-based Deoxi Biotecnologia Ltda, an operator of an animal genomics laboratory, according to a statement. Terms of the deal were not disclosed. Deoxi’s management and staff will remain with the company.

GRAND RAPIDS — The formation of a new support system to foster entrepreneurship in West Michigan severs what had been a direct link between higher education and the venture capital community. 

GRAND RAPIDS — Realizing that a movie theater would not work as a standalone project in downtown Grand Rapids, J.D. Loeks knew that he needed to broaden the scope of his long-planned development.

Two former office furniture executives hope to leverage their collective experience as they start on a new business venture in West Michigan.

If the first phase of a proposed mixed-use, movie theater-anchored development project goes through as planned, it could generate a projected $369 million in economic benefits in the first 10 years.

Foreign investors have considered Michigan an attractive place put their capital to work in the post-recession years.

As Michigan’s industries have evolved over the years, so too have the roles economic developers play when it comes to helping businesses grow and expand in communities across the state.  

Midwest energy analysts say Michigan could leverage a $105 million public investment into roughly $3 billion in private clean energy development under what’s known as a “green bank.”

The budget cuts at the state’s economic development organization have forced industry executives in West Michigan to adjust their tactics. 

The Michigan Economic Development Corp. plans to “re-evaluate” a gap financing mechanism that commercial real estate professionals say has played a crucial role in the redevelopment of key corridors across West Michigan. 

Here is the MiBiz Growth Report for March 7, 2016.

As the state grapples with the Flint water crisis and a long-term funding solution for Detroit Public Schools, business advocates hope lawmakers will still be able to tackle policies that keep health care costs down, add transparency and help companies attract talent. 

Disher Design & Development plans to increase its workforce by approximately 30 percent with the help of a $200,000 performance-based grant from the Michigan Economic Development Corp.

A new roadmap aims to reboot efforts to build Michigan’s life sciences industry and compete with similar clusters around the U.S. and the world.

The Right Place Inc. has partnered with the Michigan Economic Development Corp. (MEDC) to host a free event aimed at connecting West Michigan businesses with supporting resources.

While a competitive tax structure was important, Las Vegas-based Switch Communications Group LLC had a different prerequisite before even considering opening a cloud-based data center in Michigan: reliable, renewable energy. 

Orion Construction Inc. and The Gilmore Collection broke ground today on the long-planned Venue Tower project that will bring 88 new apartments and a music venue to the corner of Fulton Street and Monroe Avenue in Grand Rapids.