Published in Breaking News

MiBiz Growth Report: April 3, 2017

BY MiBiz Staff Sunday, April 02, 2017 12:48pm

Here is the MiBiz Growth Report for April 3, 2017.

• M&A: Industrial and fastener distributor Manufacturer’s Supply Co. has signed an agreement to sell certain assets to Winona, Minn.-based Fastenal Co. (Nasdaq: FAST). Fastenal expected to close on the deal for Manufacturer’s Supply, or Mansco, at the end of March, after this report went to press. Terms of the deal were not disclosed. Hudsonville-based Mansco generated roughly $50 million in sales in 2016 from locations in Michigan, Alabama and Texas. It was founded in 1928. President Jim Mol has operated Mansco for the last 25 years. Mansco supplies a range of fastener products “with a particularly strong market position with commercial furniture OEMs,” a market to which Fastenal “has not meaningfully contributed in the past.”

• M&A: The National Growth Practice at Grand Rapids-based Blackford Capital has acquired Snowhite Textile and Furnishings Inc. of Addison, Ill. The company assists hotels in designing and procuring the interior furnishings for their hotel rooms. The company currently works with La Quinta, Choice, Wyndham and Hilton hotels. Terms of the deal were not disclosed.

• M&A: Skytron LLC of Grand Rapids has acquired Auburn Hills-based Infection, Prevention, Technologies LLC, a producer of robots that use UV light to disinfect hospital rooms and operating rooms. The deal, which closed last September, was just announced after Skytron repositioned and rebranded the product line. The UV robots allow a hospital to better disinfect rooms, lowering the rate of hospital-acquired infections. Skytron, which produces capital equipment for hospitals, employs about 120 people in Grand Rapids. Terms of the deal were not disclosed. 

• M&A: Grand Rapids-based Meritage Hospitality Group Inc. (OTCQX: MHGU) will take on eight new Wendy’s locations in Michigan, including its first stores in southeast Michigan. The operator of Wendy’s restaurants and other casual sit-down brands said the stores were part of its recent $111.8 million acquisition of 69 new locations. The deal included restaurants in Cedar Springs, Big Rapids and Cadillac, as well five other locations in metropolitan Detroit.

• Expansion: Last month, Madison Heights-based DME Co. and parent company Milacron Holdings Corp. (NYSE: MCRN) detailed plans to consolidate its mold base manufacturing to a “new world class” plant in Greenville, Mich. Cincinnati-based Milacron will close its DME Youngwood plant southeast of Pittsburgh and move its operations to Greenville later this summer, according to a statement. DME President and General Manager Pete Smith said the company wants to consolidate to one plant to “direct our investment funds to build a new world class site at Greenville,” which currently makes quick-change mold frames and mold insert systems. The company did not specify its level of investment to update the Greenville facility, located at 1117 Fairplains St.

• Expansion: Siliconature Corp. will open a production facility in Kentwood in a bid to increase sales in North America. The manufacturer of silicon-coated films for adhesive tapes, labels and other industries plans to invest $26 million in the project and create 26 jobs. The Michigan Economic Development Corp. (MEDC) awarded Siliconature a $286,000 performance-based grant while Gaines Charter Township approved a tax abatement to support the project. Executives from Siliconature declined to comment on the project.

• Expansion: Frederik Meijer Gardens & Sculpture Park in Grand Rapids launched a $115 million capital campaign to fund the expansion of the art museum, outdoor sculpture park and music venue to meet growing demand. The expansion includes plans for a new 60,000-square-foot Welcome Center, a new amphitheater, new gardens and a new “Transportation Center.” New York City-based Tod Williams Billie Tsien Architects Partners will serve as lead architect for the expansion, with Progressive AE and Owen-Ames-Kimball Co. working on the project locally, according to a statement. Construction is set to begin this fall, with completion expected in 2021. The organization says it has already raised about $102 million of the planned $115 million for the full expansion.

Read 32914 times