Here is the MiBiz Growth Report for June 13, 2016.
• M&A: National Coatings Inc. in Traverse City was acquired by Color Masters Painting of Raleigh, N.C. Terms of the deal were not disclosed. Established in 1996, National Coatings is a commercial and industrial painting company. Color Masters employs 120 people and will add 160 employees with the acquisition as it targets 2017 sales of $30 million, according to owner and founder Zeb Hadley. M&A firm Calder Capital LLC in Grand Rapids represented National Coatings and sourced the buyer.
• M&A: Home Sweet Home In-Home Care, a St. Joseph home care provider, has acquired Ability In-Home Care. St. Joseph-based Ability In-Home Care, formerly owned by Eric Stoub and Gil Logan, provides in-home care to Alzheimer’s and dementia patients. Home Sweet Home’s services include companion and personal care, Alzheimer’s and dementia care, and safety and technology devices.
• M&A: Manistique-based Mackinac Financial Corp. will extend its footprint in Wisconsin with a planned acquisition of Niagara Bancorporation. The two banks expect the $7.3 million cash truncation to close in the third quarter or early fourth quarter of this year. Mackinac Financial Corp. (Nasdaq: MFNC) has assets of $732.9 million as of March 31. It’s the parent company of mBank, which has 13 offices in the Upper Peninsula, three in the northern Lower Peninsula, one in Oakland County in suburban Detroit, and three in Wisconsin. Niagara Bancorporation, the holding company of First National Bank of Niagara, has four offices in Wisconsin with assets of about $70 million. Piper Jaffray Co. and the law firm of Honigman Miller Schwartz and Cohn LLP advised Mackinac on the deal. Niagara was advised by Hovde Group and the law firms of JK Law LLC and Reinhart Boerner Van Deuren SC.
• M&A: Norwood, Mass.-based GZA GeoEnvironmental Inc. has acquired environmental engineering and consulting firm Rose and Westra Inc. of Grand Rapids. Rose and Westra, whose staff and principals will stay with the company, will now operate as a division of GZA, an environmental and geotechnical consulting firm, according to a statement. Terms of the deal were not disclosed. Local executives Bryan Rose and Mark Westra were named as principals of GZA. GZA plans to consolidate its Grand Rapids office with the Rose and Westra office “within a few months.”
• Joint venture: Mary Free Bed Rehabilitation Hospital in Grand Rapids and Troy-based Residential Home Health formed a joint venture to provide home care in West Michigan. Mary Free Bed at Home will primarily serve patients recovering from surgery, injury or illness, plus individuals who need medical oversight or therapy after a new diagnosis. The joint venture’s services include skilled nursing, physical and occupational therapy, speech-language pathology, medical social work, and nutrition counseling, plus telehealth monitoring, a mobile alert system with 24-hour access to a nurse, and specialized programs for chronic medical conditions.
• Venture capital: A new venture capital fund in Grand Rapids that will do tack-on deals for existing portfolio companies of Michigan Accelerator Fund I closed this month after raising $5 million from investors. MAF Opportunity Fund LP was oversubscribed and secured commitments from backers that include institutional and individual investors as well as family offices. The fund will make follow-on investments to support companies that are already backed by Michigan Accelerator Fund I and need later-stage funding, said Dale Grogan, who manages the fund with John Kerschen. MAF Opportunity Fund may also invest in one new deal, Grogan said.
• Expansion: Sakae Seiko Co. Ltd. of Obu, Japan opened its first North American sales office in Battle Creek. The new division, Sakae Seiko International America Inc., will give the tool and die manufacturer better access to its automotive supplier customers in the region, according to a statement. Sakae, which generates annual sales of approximately $10 million, leased 400 square feet of office space at 4950 W. Dickman Road. Battle Creek Unlimited worked with Sakae for nearly a year to establish its North American office, according to the statement.
• Expansion: Long-time northeast Grand Rapids specialty grocer Kingma’s Market plans to expand and open its second store in Ada. The retailer will break ground on the new 13,000-square-foot facility later this year at the intersection of Fulton Street and Ada Drive, a part of the first phase build-out of the new Ada Village project. Kingma’s expects to hire 25 to 30 people for the new store. The company is working with Dixon Architecture of Ada for the project, but has not yet selected a contractor. Similar to its Plainfield Avenue location, the Kingma’s Market in Ada will offer a selection of beer, wine and fresh produce; a meat market; and a fresh-service seafood department.