GRAND RAPIDS — Closing on its first acquisitions should provide private equity firm Auxo Investment Partners momentum as it pursues additional deals in an active M&A market.
Here is the MiBiz Growth Report for July 24, 2017.
• M&A: Ludington-based West Shore Bank acquired Ellis Capital Management in Muskegon. The deal, which closed July 17, extends West Shore Bank’s wealth management services into Muskegon, Ottawa and Kent counties. The bank, with assets of $426 million, previously provided wealth management at its seven branches in Ludington, Manistee and Hart. Ellis Capital Management founder David Ellis, who started the firm in 1997, and his staff joined West Shore Bank’s Wealth Management group. He became a senior vice president primarily responsible for growing the Grand Rapids and Muskegon regions. Ellis Capital Management offices in downtown Grand Rapids and Muskegon will operate under the name of West Shore Bank-Wealth Management. Warner Norcross & Judd LLP advised West Shore Bank in the transaction. Ellis Capital Management was advised by the law firm of Parmenter O’Toole PC.
Bodman PLC became the second Detroit-based law firm to enter the Grand Rapids market in recent months with the opening of a new downtown office.
Heralded by backers as a novel way for in-state businesses to raise capital, 2014’s Michigan Invests Locally Exemption (MILE) Act came with great promise.
It’s not as if the rising costs of health coverage went away, but for a few years the increases mitigated somewhat.
Both the Michigan and U.S. economy are plugging along in fairly good shape, although just about everybody would like to see a higher rate of growth.
Atlanta-based staffing firm Insight Global plans to become a tenant in the mixed-use Arena Place project when the facility opens later this year.