Here is the MiBiz Growth Report for Aug. 7, 2017.
• M&A: Rockford-based Wolverine World Wide Inc. has sold its Sebago brand of boat shoes to an offshoot of BasicNet S.p.A., a clothing and footwear company based in Turin, Italy. A subsidiary, TOS S.r.l., acquired the intellectual property rights for the Sebago trademarks and other assets in a deal valued at $14.25 million, excluding acquisition-related charges, according to a statement from BasicNet. For Wolverine, the move to offload the Sebago brand comes as part of a larger strategy that executives hope will streamline the organization and increase profitability amid a challenging consumer goods market. The two companies agreed to transition the brand to the new owner through the end of this year. Wolverine (NYSE: WWW) acquired Sebago Inc., a maker of penny loafers and docksiders boat shoes, in 2003.
• M&A: Bellaire-based Short’s Brewing Co. plans to sell a 20-percent equity stake to Petaluma, Calif.-based Lagunitas Brewing Co., a wholly-owned subsidiary of Dutch brewer Heineken International. As MiBiz was first to report last month, the deal will allow Short’s to alleviate capacity constraints and continue to grow its business. Terms of the deal were not disclosed, but industry publication Brewbound reported the sale price exceeded 15 times earnings before interest, taxes, depreciation and amortization. The brewery is on track to brew between 52,000 and 55,000 barrels of beer in 2017 and distributes to Pennsylvania, Illinois, Indiana, Ohio and Wisconsin. The company sold 34,457 barrels of beer in just its home state in 2016, according to Michigan Liquor Control Commission data. Short’s also owns the Starcut Cider brand.
• M&A: Environmental consulting, engineering and construction-related services firm Superior Environmental Corp. is now 100-percent employee-owned. Shareholders Vaughn and James Quince, who founded the Marne-based company in 1989, said last week that they sold all of Superior’s outstanding shares to employees. The company initially began its ESOP in 2004 when 10 percent of Superior Environmental was owned by employees, according to a statement. In addition to its headquarters in eastern Ottawa County, Superior Environmental lists offices in Columbus, Ohio, Springfield, Ill. and Cheshire, Conn., according to its website.
• M&A: Digital advertising services provider Adtegrity.com Inc. of Grand Rapids has acquired Media Place Partners LLC, an East Grand Rapids-based media buyer. Principals at the two firms say the deal, which closed June 30, will create the region’s largest independent media buying and advertising firm. Media Place Partners, with just under 10 employees, will continue to operate under the same name. The deal offers Adtegrity an opportunity to expand beyond web and mobile ad buying to more traditional advertising methods, according to President and CEO Scott Brew. Additionally, the company hired New York City ad industry veteran Jonathan Slavin as its chief revenue officer and has started the process of moving its headquarters to a new 20,000-square-foot space above New Holland Brewing Co.’s satellite facility on Bridge Street in Grand Rapids’ west side neighborhood.
• M&A: Grand Rapids-based digital jukebox and video systems maker AMI Entertainment Inc. was acquired by The Gores Group, according to a statement. The Los Angeles-based private equity firm completed the transaction through its Small Capitalization Partners investment fund. Founded in 1909, AMI operates in North America and Europe. The Gores Group expects to grow AMI organically and through acquisitions, Managing Director Jon Gimbel stated. Terms of the deal were not disclosed. Stephens Inc. and Peter J Solomon Company acted as financial advisors to AMI Entertainment in the transaction.
• M&A: Tucson, Ariz.-based Mister Car Wash acquired Standale Auto Wash LLC at 4260 Lake Michigan Dr. NW in Walker, according to a statement. Standale Auto Wash operated as a standalone facility. Terms of the deal were not disclosed. The transaction marks the fourth acquisition for Mister Car Wash in West Michigan, which earlier this year acquired Auto Spa Car Wash, Waterworks Car Wash LLC and Southland Auto Wash. Mister Car Wash, a trade name of Car Wash Partners Inc., operates in 21 states and now has 12 locations in the Grand Rapids market.