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Professionals working in mergers and acquisitions in West Michigan expect strong deal flow to continue in 2017, maintaining a seller’s market.

Published in Finance
Sunday, 27 November 2016 16:26

MiBiz Growth Report: Nov. 28, 2016

Here is the MiBiz Growth Report for Nov. 28, 2016:

  • • M&A: Caledonia-based insurance broker Acrisure LLC has completed the $2.9 billion management-led buyout of private equity firm Genstar Capital. Greg Williams, Acrisure’s co-founder and CEO, and a consortium of minority investors led the buyout of the San Francisco-based Genstar Capital, which three years ago committed $75 million in capital to the company. That investment enabled Acrisure to embark on an aggressive growth and acquisition strategy and become one of the 15 largest insurance brokers in the nation. Since mid-2013, Acrisure has acquired 138 independent insurance agencies across the nation, establishing a presence in 26 states and growing revenues from $38 million to more than $670 million in 2016. Acrisure closed on nearly 50 acquisitions so far this year and will likely end 2016 with 60 deals, Williams said.
Published in In the News

After 35 years under the ownership of founder Arlen Smith, Central Interconnect Inc. has been sold to new owners at the culmination of an 18-month-long process.

Published in In the News
Sunday, 13 November 2016 14:03

MiBiz Growth Report: Nov. 14, 2016

Here is the MiBiz Growth Report for Nov. 14, 2016: 

• M&A: Byron Center-based SpartanNash Co. (Nasdaq: SPTN) signed a definitive agreement to acquire certain assets of Caito Foods Service Inc. and its Blue Ribbon Transport business for about $217.5 million in cash, according to a statement. The deal includes an earn-out potential of an additional $12.4 million if the business hits performance targets. SpartanNash, which expects the transaction to be accretive to 2017 earnings, will fund the deal with proceeds from its lending facility. Subject to regulatory and other approvals, the deal is anticipated to close in early January 2017. The combined Caito and Blue Ribbon Transport businesses generate annual revenues exceeding $600 million. Caito supplies fresh fruit and vegetables to groceries and distributors in 22 states in the Southeast, Midwest and Eastern regions of the country. The company has facilities in Indiana, Ohio and Florida. SpartanNash was advised on the deal by Deutsche Bank (financial) and Morgan Lewis (legal).

Published in In the News

M&A professionals in Michigan feel a little more optimistic than their counterparts nationally about the prospects for stronger deal flow over the next year.

Published in Finance
Sunday, 12 June 2016 15:34

MiBiz Growth Report: June 13, 2016

Here is the MiBiz Growth Report for June 13, 2016.

• M&A: National Coatings Inc. in Traverse City was acquired by Color Masters Painting of Raleigh, N.C. Terms of the deal were not disclosed. Established in 1996, National Coatings is a commercial and industrial painting company. Color Masters employs 120 people and will add 160 employees with the acquisition as it targets 2017 sales of $30 million, according to owner and founder Zeb Hadley. M&A firm Calder Capital LLC in Grand Rapids represented National Coatings and sourced the buyer.

Published in In the News

If you want to sell your business this year, you still have a pretty good chance of cutting a favorable deal as the seller’s market continues.

Published in Finance

Long-time manufacturing executive Mark Allen learned firsthand that patience remains a key virtue for anyone looking to acquire a business.

Published in Manufacturing

The new owners of Grandville-based Jireh Metal Products Inc. hope that the traditional manufacturing company can benefit from some growth and leadership strategies gleaned from their experience in other industries.

Published in Manufacturing

Just eight months after launching the company to acquire a portion of Johnson Controls Inc.’s automotive interiors unit, Motus Integrated Technologies LLC has cut a deal to expand its business.

Published in Finance
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