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MiBiz Growth Report: April 18, 2016

BY MiBiz Staff Sunday, April 17, 2016 05:22pm

Here is the MiBiz Growth Report for April 18, 2016:

  • M&A: Poltrona Frau Group acquired JANUS et Cie, a Los Angeles-based luxury outdoor furniture manufacturer, according to a statement. Poltrona Frau is a member of the lifestyle design division Haworth Inc., a Holland-based office furniture manufacturer. Executives cited Poltrona Frau’s goal to enter the outdoor furniture market as a driver for the acquisition. JANUS et Cie will maintain its operations in California and executives at the company will retain their positions, according to the statement. The company employs 240 workers throughout its operation. Terms of the deal were not disclosed.
  • M&A: Traverse City-based Versus Technology Inc. was acquired by Dayton, Ohio-based Midmark Corp., a provider of health care workflow solutions. Versus (OTCMKTS: VSTI) specializes in real-time locating systems for the health care industry. If the stock acquisition is approved by Versus shareholders, they will receive cash distributions of 35 cents per share with distributions of up to 4.7 cents per share over the next five years, according to a statement. The deal is expected to close on or before May 4. Midmark plans to keep Versus’ core operations in Traverse City. Technology developed by Versus is used globally by more than 800 hospitals, clinics, surgery centers and senior care facilities.
  • M&A: Grand Rapids-based Blue Star Automation LLC closed its first deal earlier this month with the acquisition of Impres Engineering Services LLC, a Holland-based machining and engineering firm. Formed in late March by Blue Star Family Holdings LLC, Blue Star Automation aims to use the acquisition of Impres as a platform company to grow its business, said President Andrew Samrick. The company sought to acquire Impres Engineering to capitalize on trends in lightweight composite components and automation across a number of industries. Terms of the deal were not disclosed.
  • M&A: Grand Rapids-based advertising, branding and marketing agency Hanon McKendry Inc. has been acquired by Joseph David Advertising LLC, which does business as JDA Worldwide and is incorporated in Indiana. Hanon McKendry, with offices in downtown Grand Rapids and Colorado Springs, Colo., will now be known as Hanon McKendry, a JDA Worldwide Company. Founder Bill McKendry will assume the role of vice chairman and chief creative officer of JDA Worldwide. Terms of the deal were not disclosed, but the transaction closed just before the end of 2015. JDA Worldwide has offices in Atlanta, Indianapolis, St. Simons Island, Ga., and Traverse City.
  • M&A: Stryker Corp. closed on the $1.28 billion acquisition of Physio-Control International Inc. The Kalamazoo-based Stryker (NYSE: SYK) paid cash to acquire the Redmond, Wa.-based Physio-Control from Bain Capital Private Equity. Physio-Control, a producer of monitors, defibrillators and CPR-assist devices, had sales of $503 million last year. Stryker expects the acquisition “to be slightly accretive” to 2016 adjusted earnings, according to a statement. Stryker previously closed on the acquisition of the neuro portfolio from O’Fallon, Mo.-based Synergetics USA Inc., and the $2.77 billion acquisition of Sage Products LLC, a maker of disposable products for hospital intensive care, medical and surgical units.
  • Expansion: Mechanical contractor and fabricator Andy J. Egan Co. of Grand Rapids opened a new office in Benton Harbor, according to a statement. The company said its new 2,500-square-foot office will help it access additional customers in Southwest Michigan. Andy Egan also operates an office in Kalamazoo.
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