Here is the MiBiz Growth Report for Nov. 28, 2016:
- • M&A: Caledonia-based insurance broker Acrisure LLC has completed the $2.9 billion management-led buyout of private equity firm Genstar Capital. Greg Williams, Acrisure’s co-founder and CEO, and a consortium of minority investors led the buyout of the San Francisco-based Genstar Capital, which three years ago committed $75 million in capital to the company. That investment enabled Acrisure to embark on an aggressive growth and acquisition strategy and become one of the 15 largest insurance brokers in the nation. Since mid-2013, Acrisure has acquired 138 independent insurance agencies across the nation, establishing a presence in 26 states and growing revenues from $38 million to more than $670 million in 2016. Acrisure closed on nearly 50 acquisitions so far this year and will likely end 2016 with 60 deals, Williams said.
- • M&A: After 35 years under the ownership of founder Arlen Smith, Grand Rapids-based Central Interconnect Inc. has been acquired by new owners. Partners Neil Brown and Wade Thompson already have started to implement a growth strategy they hope will double the audiovisual design and installation company’s $5 million in annual revenues over the next five years. To reach their revenue target, Brown and Thompson plan to increase Central Interconnect’s sales staff and expand into untapped markets in Lansing and Kalamazoo. The firm currently employs 28 people and plans to hire up to five additional employees over the next year. The deal for the Grand Rapids-based company, which Smith founded in 1981, closed earlier this month. Terms of the deal were not disclosed. Grand Rapids-based brokerage firm Calder Capital LLC represented Smith in the deal, which took 18 months to finalize.
- • M&A: East Lansing-based Regency Group, a wholesale insurance broker and program administrator, was acquired by Arthur J. Gallagher & Co. (NYSE: AJG) of Itasca, Ill., according to a statement. Terms of the deal were not disclosed. Arthur J. Gallagher & Co. is an international insurance brokerage and risk management services firm with operations in 33 countries. The Regency executive team led by Timothy Hanna will continue to run the East Lansing business.
- • Expansion: North Central Co-op will invest $10.1 million in an expansion project at its feed mill in White Cloud in Newaygo County. The Wabash, Ind.-based manufacturer of animal feed, which also operates distribution and manufacturing plants in Fremont, aims to meet future demand, improve quality control and “enhance on-site biosecurity” with the expansion, according to a statement. The company also expects to create three additional jobs. The Right Place Inc. assisted North Central Co-op in securing a local tax abatement.
- • Expansion: MedExpress Urgent Care opened new urgent care centers in the Grand Rapids area and Benton Harbor. The two new Grand Rapids-area locations are on Plainfield Avenue and 28th Street in Wyoming. The Benton Harbor location opened at State Route 139. The Morgantown, W.Va.-based MedExpress operates walk-in urgent care centers in 14 states, including 11 in Michigan. They include sites in Holland and Battle Creek. Additional locations are planned for Jenison, Hastings, Greenville, and Kalamazoo Avenue in Grand Rapids.