Martin Stein, founder and managing director of Grand Rapids-based private equity firm Blackford Capital, was named Private Equity Professional of the Year in the 15th Annual M&A Advisor Awards.
GRAND RAPIDS — The largest bank headquartered in Michigan wants to increase its profile in downtown Grand Rapids in the years ahead.
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).
After several tours of duty in Iraq and Afghanistan, Jed Welder knew that he needed a change. The 14-year military veteran grew up on a family farm but left at a young age for a stint in the U.S. Marine Corps before later transitioning into the U.S. Army. As his military career came to an end, Welder yearned for the freedom, challenge and accomplishment that comes through farming.
Two large impairment charges totaling $1.67 billion drove Perrigo Co. plc to a net $1.25 billion loss in the third quarter.
Voters in Van Buren County cleared the way for South Haven Health System to become part of Bronson Healthcare Group at the start of the new year.
Educational furniture maker Vanerum Stelter LLC of Grand Rapids has been acquired by MooreCo Inc., a Temple, Texas-based office furniture manufacturer.
Traxys Power Group has sold the L’Anse Warden Electric Co. power plant to Green Bay, Wis.-based Convergen Energy.
TreeHouse Foods Inc. said last week that it will downsize its workforce at its Battle Creek plant over a 15-month period starting in January 2017.
Spectrum Health plans a ceremonial groundbreaking Tuesday for a new medical campus within the Ada Village development.
GRAND RAPIDS — Residents of Michigan’s second largest city needn’t fear their drinking water.
SpartanNash Co. is expanding its capacity in produce distribution and fresh-prepared foods with the acquisition of an Indianapolis firm.
The proposal to build Grand Rapids’ tallest tower has cleared its last major hurdle.
A newly-formed real estate investment firm has acquired three shopping centers in Greenville, northeast of Grand Rapids.
Grand Rapids Mayor Rosalynn Bliss met today with leaders of local nonprofits to announce GRgives, a city-wide Giving Tuesday campaign.