Here is the MiBiz Growth Report for Sept. 19, 2016.
• M&A: Zeeland-based BiaCare Corp., a manufacturer of compression garments and bandages, was acquired by SIGVARIS Group, a Swiss maker of medical compression textiles. BiaCare was founded 12 years ago and employs 22 people in Zeeland, according to a statement. The company developed a range of compression products with velcro wraps to treat lymphedema, lipedema and chronic venous insufficiency. Terms of the deal were not disclosed. SIGVARIS pursued the acquisition as part of its international growth strategy for medically complex compression applications, calling BiaCare “a pioneering leader” in the segment. For BiaCare, the deal “significantly increases our ability to provide physicians and therapists the compression solutions they need,” according to President Keith Hoffman.
• M&A: Grand Rapids-based Universal Forest Products Inc. (Nasdaq: UFPI) entered a definitive agreement to buy St. Louis-based idX Corp. in a deal valued at about $68 million. Under the terms of the agreement, UFPI will acquire all outstanding shares of parent company idX Holdings Inc., a producer of retail merchandising products. The acquisition moves Universal Forest Products into adjacent markets with new products in a $6 billion industry and offers idX access to greater production capacity, plus new customers and markets. The deal should close by the end of the third quarter, the company said. UFPI is also paying $94.5 million “to retire outstanding debt and certain other obligations.” idX recorded 2015 sales of about $303 million.
• M&A: Lake Michigan Insurance Agency, a division of Grand Rapids-based Lake Michigan Credit Union, acquired Minor Field Agency in Kalamazoo. Minor Field Agency, founded in 1927, sells personal and commercial lines of insurance. The agency’s president, Art Skogsberg, and partner and co-owner Tom Magrath, Minor Field’s vice president, plan to retire, according to a statement.
• M&A: Kalamazoo-based Stryker Corp. has acquired Ivy Sports Medicine LLC, a Montvale, N.J.-based producer of products to repair meniscal tears in the knee. The acquisition by Stryker’s endoscopy division includes what it says is the only collagen meniscus implant on the market that’s been approved by the U.S. Food and Drug Administration.
• Expansion: Magna Mirrors, a Holland-based division of Magna International, has broken ground on a $30 million expansion project that includes a new building and manufacturing equipment at 3401 128th St. in Holland. The new facility will add 90,000 square feet of manufacturing space, which will be used to make interior and exterior automotive mirrors. Holland-based GDK Construction Co. will serve as the contractor on the project; Grand Rapids-based Paradigm Design Inc. is the architect. The company expects the expansion to be completed by summer 2017. Magna Mirrors employs 870 workers in Holland.
• Expansion: Rockford-based Wolverine World Wide Inc. is investing approximately $1 million into an expansion at its Big Rapids facility, which primarily manufactures its Bates brand of military footwear. The expansion comes as Wolverine (NYSE: WWW), a global marketer of footwear and apparel, makes room for potential forthcoming contracts from the U.S. Department of Defense, Mike Jeppesen, president of global operations for Wolverine’s Heritage Group, said in a statement to MiBiz. The expansion will add roughly 16,000 square feet of manufacturing space to its 75,000-square-foot facility in Big Rapids. Wolverine also plans to use the expansion to alleviate raw material and storage constraints at its Rockford facility and transfer those materials to Big Rapids, Jeppesen said.
• Expansion: Best Federal Credit Union in Muskegon plans to open a new branch in Spring Lake. Ottawa County commissioners recently approved a brownfield redevelopment plan for the credit union, which plans to build on a former contaminated industrial site once it’s cleaned up with the backing of tax-increment financing. The office would become the third for Best Financial Credit Union, which at midyear had assets to $79.4 million and 11,349 members, according to a quarterly report filed with the National Credit Union Administration.
• Expansion: Investment firm Charles Schwab opened an office in The Shops at Westshore on James Street in Holland. Kurt Kamminga, who has 16 years of experience in investment management, leads the office. Kamminga previously served as an investment executive at Fifth Third Securities.
• Expansion: National chain Device Pitstop, a servicer and retailer of computers and mobile devices, has opened a store at 3845 Rivertown Parkway in Grandville, the company’s first franchise in Michigan. The location is owned by Laura and Todd Staskiewicz.