Displaying items by tag: Rockford Construction Company Inc
The city-owned 201 Market Ave. property in the southwest corner of downtown has drawn interest from five different development teams, city officials said today.
The board of directors for MSU Federal Credit Union (MSUFCU) today announced its plans to open a branch in downtown Grand Rapids later this year.
Here is the MiBiz Growth Report for March 6, 2017:
• M&A: American Grease Stick Co. of Muskegon was acquired last year by 3 Rivers Capital, a Pittsburgh, Pa.-based private equity firm. A manufacturer of branded automotive fluid transfer lines and related products for the automotive aftermarket industry, AGS has operations in Muskegon and the U.K. The company, which was founded in 1931, sells products through a variety of aftermarket retailers, including Advanced Auto Parts, AutoZone and Pep Boys, according to a statement. 3 Rivers purchased the company for $10 million from the Rosen family, according to a report in the Pittsburgh Business Times. The deal was backed by $9.75 million in subordinated debt and an equity co-investment from PNC Mezzanine Capital. JP Morgan Chase also provided debt financing for the transaction. Metz Lewis Brodman Must O’Keefe LLC of Pittsburgh served as legal counsel to 3 Rivers Capital. The sellers worked with investment banker Stout Risius Ross Inc. of Chicago.
West Michigan construction industry executives believe some of their recent worker training efforts have started to pay off.
With tax credits awarded, the development of three new affordable housing projects in the area should move forward.
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.
More than 12,000 amateur athletes and their traveling companions from around the Great Lakes will descend on greater Grand Rapids next summer when the region hosts the State Games of America.
Spurred on by the likes of developers such as Rockford Construction Co. Inc., Ryan Ogle now hopes to make his own mark along the Bridge Street corridor on Grand Rapids’ west side.
Despite political uncertainty and fears of an impending economic slowdown, commercial real estate and construction stakeholders have faith in the fundamentals of the industry in West Michigan.