Published in Breaking News

MiBiz Growth Report: Dec. 12, 2016

BY MiBiz Staff Sunday, December 11, 2016 04:46pm

Here is the MiBiz Growth Report for Dec. 12, 2016:

• M&A: Blue Wolf Capital Partners LLC, a New York-based private equity firm, has acquired the North American operations of New Zealand-based Tenon Limited. The company will be based in Grand Rapids and operate under a new name, Novo Building Products LLC. Novo is a manufacturer and distributor of speciality building products. Terms of the deal were not disclosed.

• M&A: Kalamazoo-based Lynx Network Group Inc. will become part of Cleveland-based Everstream Solutions LLC in a deal set to finalize in January 2017. The deal to acquire Lynx is part of a larger strategy by Everstream Solutions to expand into the Michigan market, according to a statement. Lynx Network Group owns 2,200 miles of fiber-optic cable in the state. Terms of the deal were not disclosed.

• M&A: A subsidiary of Grand Rapids-based Universal Forest Products Inc. (Nasdaq: UFPI) has acquired all the outstanding shares of The UBEECO Group Pty. Ltd., based in Erskine Park, Australia, a Sydney suburb. UBEECO, which makes and distributes wood packaging and other materials including boxes, crates, pallets and skids, generated about $21.2 million in sales for the 2016 fiscal year. The deal for UBEECO marks Universal Forest Products’ second acquisition of an Australian firm, following the transaction for a majority interest in Integra Packaging Proprietary Ltd. in January 2015.

• M&A Lansing-based Neogen Corp. (Nasdaq: NEOG) has acquired Quat-Chem Ltd., a chemical manufacturer of biocidal cleaning and disinfectant products based in the United Kingdom. Neogen acquired the company as part of a strategy to expand its biosecurity portfolio, according to a statement. Quat-Chem manufactures its disinfectants and cleaners for the dairy, poultry and swine industries and generates annual revenues of approximately $12 million. Scotland-based subsidiary Neogen Europe will manage operations at Quat-Chem. Terms of the deal were not disclosed. 

• Venture capital: Grand Rapids-based drug developer Tetra Discovery Partners LLC said it closed on $5 million in new venture capital funding. The Apjohn Group in Kalamazoo and Holland-based Grand Angels led the investment with San Francisco-based venture firm Dolby Family Ventures. The closing elevated a Series A financing for Tetra Discovery to $7.27 million to support development of a new drug to treat Alzheimer’s disease. The additional funding will enable the Tetra Discovery to proceed with a Phase 2a clinical trial for its leading drug candidate during the second half of 2017, said Chairman and CEO Mark Gurney. In addition to the venture capital funding, Tetra Discovery received two new federal grants totaling $5 million from the National Institutes of Health. A $2 million Small Business Innovation Research (SBIR) grant will support a Phase 1 clinical dose study in healthy volunteers older than age 60, and $3 million will go to a Tetra Discovery program on depression.

• Expansion: Adventure Credit Union broke ground last week on a new branch on Crossings Drive in Gaines Township, across the street from its current location. Orion Construction is handling the build-out of the project. The Grand Rapids-based Adventure Credit Union has 10 offices in Grand Rapids and Lansing with 30,564 members and total assets as of Sept. 30 of $333.4 million.

• Expansion: Site work began last week to redevelop the former Kalamazoo Gazette property into part of Bronson Healthcare’s downtown Kalamazoo campus. Bronson plans to use a portion of the property for centralized laboratory services. The property consists of four structures, the oldest of which dates back to 1925, plus three expansions built in 1941, 1968 and 2004. Building demolition and site preparation work will continue through March 2017.

Read 2427 times Last modified on Monday, 25 February 2019 16:08
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >