ZEELAND — When news of a lawsuit questioning the legality of Herman Miller Inc.’s acquisition of Design Within Reach made headlines this month, few people in the industry understood the complexity of the case.
GRAND RAPIDS — A West Michigan venture initially launched to connect college entrepreneurs across the U.S. with prospective alumni investors has merged with a U.K.-based crowdfunding platform for the education sector.
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.
Stock prices of West Michigan’s publicly traded companies tumbled on Friday as Wall Street succumbed to the uncertainty caused by the U.K.’s decision to exit the European Union.
While Steelcase Inc.’s first quarter earnings largely met executives’ expectations, the company projects a decline in revenues and orders in its second quarter, driven largely by uncertainty in the global market.
A combination of a rebounding North American market and robust performance from niche categories led to a strong finish for Herman Miller Inc.’s 2016 fiscal year.
The Right Place Inc. President and CEO Birgit Klohs has one word to describe her reaction to the United Kingdom’s decision yesterday to leave the European Union: Disappointment.
Neighborhood cafe and roastery Rowster Coffee Inc. is planning to introduce a new concept to the city’s West Side.
Grand Rapids law firm Varnum LLP has pledged another $1 million in free legal services to startups in Michigan.
A wedge-shaped parking lot in the middle of downtown Grand Rapids could be transformed into the site of the tallest building in Grand Rapids and one of the tallest in the state.
Grand Rapids-based Blandford Nature Center has launched the public phase of its $10.3 million expansion, renovation and endowment campaign.
After serving as the CFO and executive vice president of Whirlpool Corp. since 2012, Larry Venturelli will retire in early 2017.
Omega Construction Co. was acquired by Vic Laing of Belmont-based Broadwater Companies Inc., according to a statement.
Universal Forest Products Inc. expects to acquire Idaho Western Inc., a Nampa, Idaho-based distributor of building materials.
Mary Free Bed Rehabilitation Hospital exceeded a $16 million fundraising goal by nearly $1 million to support the recent expansion and renovation at its Grand Rapids campus.