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Sunday, 26 June 2016 11:18

MiBiz Growth Report: June 27, 2016

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.

Published in In the News

The parent company of Sturgis Bank & Trust Co. paid $3.3 million in cash for West Michigan Savings, which has a single office in Bangor. The purchase price could still change if the cost of funding and terminating West Michigan Savings Bank’s pension plan exceeds a specified amount.

Published in In the News

Raising $10.6 million provides Grand River Bank’s parent company with added capital to drive further growth and pursue new business as some competitors are either now part of larger banks or are merging into larger institutions.

Published in Finance

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