Here is the MiBiz Growth Report for Sept. 17, 2018.
- Kalamazoo-based Stryker Corp. (NYSE: SYK) signed a deal to pay $1.4 billion to acquire Leesburg, Va.-based K2M Group Holdings Inc. (Nasdaq: KTWO), a maker of spinal devices. Under the definitive agreement, Stryker will buy all outstanding shares of K2M Group Holdings for $27.50 per share. The acquisition, which is subject to regulatory review and approval by K2M shareholders, could close late in the fourth quarter. Stryker also has an agreement to buy all of the outstanding shares of Invuity Inc. (Nasdaq: IVTY) for $7.40 per share in a deal valued at $190 million. Invuity is a San Francisco-based medical technology company that produces advanced surgical devices.
- Home Sweet Home In-Home Care in St. Joseph acquired ADL Home Care Inc. in Kalamazoo from Marian and Gerry Quill, who plan to retire. ADL Home Care has offices in Battle Creek and Kalamazoo. Home Sweet Home, with locations in St. Joseph, Paw Paw and Kalamazoo, provides home health care to seniors and people with disabilities. Rick Purcey of Calder Capital LLC in Grand Rapids represented the seller, and Andrew Longcore of The Business Law Group served as legal adviser.
- Lansing-based food and animal safety testing products company Neogen Corp. (Nasdaq: NEOG) has acquired the assets of Woodville, Va.-based Livestock Genetic Services LLC, which offers genetic evaluation and data management services for cattle breeding operations, according to a statement. The deal boosts genetic evaluation capabilities for Neogen and is complementary to the company’s global animal genomics laboratories. LGS was a “long-time strategic partner” for Neogen’s genetics business, according to a statement. Owner John Genho will stay on with the company as part of the acquisition. Terms of the deal were not disclosed.
- Grand Rapids-based Burke Porter Group, a maker of industrial testing equipment and assembly systems, has acquired WinterPark Engineering LLC of Auburn Hills. The deal for the provider of engineering services for global emissions and regulatory applications includes technology that complements Burke Porter’s emissions testing instruments, according to a statement. WinterPark works with customers in the automotive, heavy duty, industrial, marine, government and defense industries for emissions and on-board diagnostics development and testing. WinterPark President Mark Frank remains in his role at the company. Terms of the deal were not disclosed. The deal is Burke Porter Group’s fourth this year.
- Prospectors LLC, the Grand Rapids-based maker of Prospectors Cold Brew Coffee and a line of natural sodas, has acquired kombucha brewer Bloom Ferments Inc., also of Grand Rapids, according to a statement. Bloom Ferments, founded in 2012 by Emily Helmus, distributes its handcrafted, organic line of six kombucha beverages at more than 300 Midwest retail stores, including at Meijer Inc. locations. Both companies got their start at the Grand Rapids Downtown Market’s kitchen incubator. According to a spokesperson, the sale provided Helmus an opportunity to transition and work on new projects. Terms of the deal were not disclosed.
- Greatland Corp., a provider of W-2, 1099 and 1095 products to employers, has acquired Aabet Business Systems of Marin County, Calif. The deal for Aabet Business Systems, which provides checks, tax forms and related services to businesses, is Greatland’s third in five years, according to a statement. Terms of the transaction were undisclosed. The acquisition came after Greatland and Aabet Business Systems owner Shelli Clay partnered for 13 years on business checks, envelopes, and W-2 and 1099 forms.
- Medical device manufacturer Medbio Inc. is investing $3.5 million into an expansion project in Cascade Township. The Grand Rapids-based manufacturer of injection moldings, assemblies and packaging for the medical device and biotech industries said the expansion could create up to 43 jobs. According to a statement, the company plans to renovate a facility across the street from its existing Cascade Township plant. Medbio plans to use the new space for assembly and packaging, and expects to purchase 20 to 30 new injection-molding machines in conjunction with the move. The Michigan Economic Development Corp. provided Medbio with a $180,000 performance-based grant via the Michigan Business Development Program.
- Grand Rapids-based building materials manufacturer Lumbermen’s Inc. completed the transition of its door business from a “standalone, smaller building” in Wyoming to a 60,000-square-foot space in Byron Center. The new facility will have roughly 30 percent more space, according to a statement. The employee-owned Lumbermen’s employs 75 people in its door division.
- Grand Rapids-based BarFly Ventures LLC opened its second HopCat in Grand Rapids and the craft beer bar chain’s 17th location overall. The new location, located within Celebration Village along East Beltline Avenue, will showcase beers from smaller West Michigan-based craft breweries.
• Grand Rapids-based Blue Medora LLC, an enterprise software developer, received a $10 million investment from Edison Partners, a Princeton, N.J.-based growth equity investor. The company will use the investment to accelerate the development and market adoption of products such as BindPlane, a service that collects data from enterprise technologies and delivers it to a monitoring platform, according to a statement. The investment from Edison Partners came after Blue Medora grew its customer base by 60 percent in the last year. Edison Partners has more than $1.4 billion in assets under management in the eastern U.S. The firm invests in high-growth companies with revenue of $5 million to $20 million.