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MiBiz Growth Report: June 11, 2018

BY MiBiz Staff Sunday, June 10, 2018 09:14pm

Here is the MiBiz Growth Report for June 11, 2018:

  • M&A: Zeeland-based Herman Miller Inc. (Nasdaq: MLHR) invested $66 million for a 33-percent equity interest in Nine United Denmark A/S, the producer of the HAY furniture brand. The deal provides Herman Miller with the right to increase its ownership over time. Herman Miller also acquired the rights to the HAY brand in North America for $5 million. HAY, which has recorded a 14 percent four-year compounded annual growth rate, projects revenues of $155 million in the 2018 fiscal year that ends in July.
  • M&A: Herman Miller Inc. also said it will pay $6 million for 48 percent of the equity in Harderwijk, Netherlands-based Maars Living Walls. The company partnered with “select U.S. certified Herman Miller dealers, a European dealer, and members of the Maars management” on the deal. The Zeeland-based office furniture manufacturer also retained an option to acquire a controlling interest in the company over time. Maars generated roughly $65 million in revenue in its most recent fiscal year.
  • M&A: Holland-based Tramec Sloan LLC, a manufacturer and distributor of products for the heavy-duty truck and trailer markets, has acquired Muskegon-based Fleet Engineers Inc. Under the deal, Fleet Engineers will function as an autonomous division of Tramec Sloan, which itself is a subsidiary of Tramec LLC, according to a statement. Fleet Engineers designs and manufactures aerodynamics solutions, door systems, spray control and parts and accessories for the truck and trailer industry. Terms of the deal were not disclosed.
  • M&A: Troy Butler acquired Squeegee Squad, a window cleaning business operating in Grand Rapids and the surrounding areas that serves residential and commercial markets, from Matt and Jamie Graif. Calder Capital LLC in Grand Rapids served as the exclusive M&A adviser to Squeegee Squad.
  • M&A: Troy-based Flagstar Bancorp Inc. (NYSE: FBC) plans to buy 52 Wells Fargo branches in Michigan, Indiana, Wisconsin and Ohio. The Wells Fargo offices collectively have $2.3 billion in deposits and $130 million in loans. All of the Michigan locations are in the Upper Peninsula, and 26 of the 33 Indiana offices are in the Fort Wayne market. The deal should close in the fourth quarter, pending regulatory approval, and would give Flagstar 151 branches in the Midwest and eight in California. The bank, with $17.7 billion in assets, has a dozen offices in West Michigan. Flagstar was advised by the law firm of Skadden, Arps, Slate, Meagher & Flom LLP in New York City.
  • Expansion: Automotive supplier Ventra Ionia Main LLC, is expanding with a 48,900-square-foot facility in Ionia. The $4.85 million investment by Ventra Ionia, a subsidiary of the Urbana, Ill.-based Flex-N-Gate and a supplier of bumpers, exterior trim and other automotive components, is expected to create 109 new jobs. The Michigan Economic Development Corp. awarded Ventra Ionia a performance-based $600,000 Michigan Business Development Program grant to support the expansion.
  • Expansion: Leisure Living Management Inc. recently started construction on the $23 million, 104-unit Cascade Trails Senior Living project that will consist of six townhomes, 54 independent living apartments, and 30 assisted living units. The project, on an 18-acre site on Spaulding Avenue that includes hiking and biking trails, is targeted for completion in 2020.
  • Expansion: Clark Retirement Community Inc. plans two local expansion projects that total nearly $45 million. The Grand Rapids-based Clark Retirement will invest $8.5 million to expand the Franklin Campus on the city’s southeast side. The project includes 22 new independent living apartments and larger social spaces and exercise facilities. At the Keller Lake campus on Forest Hills Avenue, Clark Retirement plans to develop 70 new independent living apartments. Construction on the $36 million project should begin in spring 2019.
  • Expansion: Kalamazoo-based Consumers Credit Union began construction on a new office on Breton Road SE in Grand Rapids. This branch will become the credit union’s fifth office in the Grand Rapids area. Bosch Architecture Inc. of Kalamazoo designed the office, which will include self-service interactive tellers in the lobby. Copper Rock Construction Inc. of Grand Rapids is the contractor on the project. Consumers Credit Union operates 20 branch locations, and had 87,854 members and $968.7 million in assets at the end of the first quarter.
  • Expansion: St. Joseph-based Edgewater Bancorp Inc., the holding company for Edgewater Bank, plans to open a loan production office in Fremont. The office will offer commercial and agricultural loans. Donald Farmer, a 38-year banking veteran and 30-year Fremont resident, will serve as senior vice president and operate out of the office. Edgewater Bank, with $154.7 million in assets, has five branches in Southwest Michigan.
  • Expansion: Deerfield, Ill.-based Pregis LLC said it expects to invest $6 million at its Grand Rapids-based Pregis Films facility to handle increased demand from customers, according to a statement. Pregis’ latest investment will add a second multilayer Windmoeller and Hoelscher blown film line that will “address growing demands for output.”
  • Expansion: Holland-based Koops Inc. will invest $2.2 million for a new facility in Greenville, S.C. The company expects to add roughly 20 new jobs at the plant. Koops is a full-service automation systems integrator.
  • Expansion: Lake Michigan Credit Union opened a new branch in Plainfield Avenue NE in Grand Rapids. The Grand Rapids-based credit union now has 54 branches, 10 of them in Florida following the recent acquisition of Encore Bank.
  • Expansion: Lansing-based LAFCU received approval from the Michigan Department of Insurance and Financial Services to broaden its service territory to the entire state. The credit union’s previous geographical service area consisted of 11 counties in central Michigan. LAFCU, with 10 branch locations, had $667.7 million in total assets and $584.9 million in deposits at the end of the first quarter, as well as 60,388 members, according to a quarterly report filed with federal regulators.
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