Here is the growth report for September 14, 2019.
CHARLOTTE — Spartan Motors Inc. continues to build its presence on the West Coast with its second acquisition of a California company in three months.
A decade into the economic recovery, the region’s automotive suppliers continue to ride the wave of vehicle sales volume in the North Amercian and global auto market. Yet, many are bracing for an impending downturn, which analysts predict will occur somewhere in the early 2020s. Primarily, suppliers are planning on weathering any upcoming downturn by banking on investments in new technologies, including electric vehicles and automation, whether through increased R&D spending or through acquisitions.
Northpointe Bancshare Inc. raised $25 million in capital through a private placement of common stock with Castle Creek Capital LLC, a private equity firm based in Rancho Santa Fe, Calif., north of San Diego.
GRAND RAPIDS — More than seven years, $2 million and 500 companies later, Varnum LLP signed on for a third round of providing free legal services to help new companies get off the ground. The Grand Rapids-based law firm will give away another $1 million in legal services through the MiSpringboard program that launched in 2011 under a push by then-Gov. Rick Snyder to support entrepreneurism as Michigan’s economy began recovering from the Great Recession.
As more generations become exposed over time to the craft beer industry, brewers will face new opportunities to find growth and challenges to their existing business models. Add in a healthy dose of regulatory uncertainty and shifting market dynamics that could easily catch breweries off guard financially if they scaled up too large, too soon and it’s easy to see that the craft brewing industry remains in a state of constant flux.
Until a couple of years ago, environmental assessments for property transactions did not include checking for PFAS contamination. Now, it has become standard practice in areas that have confirmed contamination with the family of industrial chemicals. According to legal experts who work in the real estate industry, both buyers and sellers need to complete due diligence when it comes to properties contaminated with PFAS.
West Michigan tribes may be relatively new to implementing economic development and diversification plans, but they’ve quickly established themselves as strategic partners for the local business community because of their focus on investing in companies and real estate. Moreover, many of the federally-recognized sovereign tribes are looking to engage with non-tribal businesses, spreading the opportunity beyond just tribal members into potentially powerful economic opportunities across the region.
Like more than half of Michigan’s manufacturers, business runs in the family at Grand Rapids-based Pridgeon & Clay Inc.
MUSKEGON — A West Michigan solar energy developer is pursuing new projects and job-training in low-income communities across the state that qualify for tax relief under recent federal tax reforms. The Tax Cuts and Jobs Act of 2017 created qualified Opportunity Zones that allow investors to defer taxes on capital gains meant to spur development in low-income areas. While most projects involve real estate development, some developers across the U.S. are beginning to explore the potential for renewable energy in Opportunity Zones.