Published in Breaking News

MiBiz Growth Report: Aug. 22, 2016

BY MiBiz Staff Sunday, August 21, 2016 11:24am

Here is the MiBiz Growth Report for Aug. 22, 2016.

• M&A: Dublin-based Perrigo Co. plc (NYSE: PRGO), which maintains its corporate headquarters in Allegan, Mich., will acquire Geiss, Destin & Dunn Inc. (GDD) of Peachtree City, Ga., according to a statement. GDD is a small national distributor of over-the-counter health care and consumer products to non-chain retail stores and institutional markets. Perrigo expects the deal, the terms for which were not disclosed, to close by the end of the month. The deal will strengthen and diversify its U.S. retail network, “providing us direct access to the non-mass retail market,” according to CEO John Hendrickson. GDD previously distributed Perrigo’s products. 

• M&A: Meritage Hospitality Group Inc. (OTCQX: MHGU), a Grand Rapids-based restaurant operator, acquired 10 Wendy’s stores in the Oklahoma City area. Meritage Hospitality, which operates Wendy’s locations and casual dining restaurants in eight different states, now owns 18 locations in the Oklahoma City metropolitan area, according to a statement. The company said that the 10 newly acquired locations will add $13.8 million in annual sales. Meritage Hospitality executives said the new stores will immediately begin the integration process into the company’s web-based operating and accounting systems, with remodels planned for later. The company acquired the new locations with a combination of cash on hand and debt financing.

• M&A: Grand Rapids-based Terryberry Co. has acquired Ann Arbor-based Kelleher Enterprises Inc., a manufacturer of employee recognition products. Terryberry, which also makes employee recognition products, expects the acquisition to increase revenue by 15 percent this year, according to a statement. Terryberry employs approximately 175 employees at its Grand Rapids facility and 240 workers across its entire operation. The companies worked together on projects in the last year before deciding to do the deal, the terms of which were not disclosed. 

• Expansion: GE Aviation plans to expand its facility at 6120 Norton Center Dr., according to documents submitted to the Norton Shores Planning Commission. The company, which manufactures nozzles and shrouds for jet engines at its facility a few miles south of Muskegon, plans to add expansions onto the east and south sides of the building. GE Aviation will also add a 143-space parking lot to the rear of the structure, according to the document. GE employs approximately 670 workers at its Norton Shores facility.

• Expansion: A startup biotech company that aims to counter invasive aquatic species has set up shop in Grand Valley State University’s Muskegon Innovation Hub. Muskegon-based GenPass LLC will use DNA testing to develop tailored plans for eradicating water milfoil, an invasive aquatic plant species that forms vast mats of vegetation under the water’s surface and can inhibit activities such as boating. Company owner Syndell Parks helped pioneer the technology while attending GVSU’s Annis Water Resources Institute as a graduate student, according to a statement. 

• Expansion: Spectrum Health opened its expanded and renovated Rehab and Nursing Center on Kalamazoo Avenue in Grand Rapids. The facility was originally built in 1964. The center serves 700 patients annually for brain injury and stroke. The project included a two-story, 122,600-square-foot addition for 165 patients that was built adjacent to the existing one-story building. The new facility houses short-term rehabilitation with 77 beds on the first floor and long-term care on the second floor with 88 beds.

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