Farmers’ increasing use of credit to finance operations has left some operators financially exposed during a volatile period for the industry.
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.
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.
Spiech Farms LLC will invest more than $1 million into an expansion project at its production facility in Paw Paw.