Here is the MiBiz Growth Report for Nov. 14, 2016:
• M&A: Byron Center-based SpartanNash Co. (Nasdaq: SPTN) signed a definitive agreement to acquire certain assets of Caito Foods Service Inc. and its Blue Ribbon Transport business for about $217.5 million in cash, according to a statement. The deal includes an earn-out potential of an additional $12.4 million if the business hits performance targets. SpartanNash, which expects the transaction to be accretive to 2017 earnings, will fund the deal with proceeds from its lending facility. Subject to regulatory and other approvals, the deal is anticipated to close in early January 2017. The combined Caito and Blue Ribbon Transport businesses generate annual revenues exceeding $600 million. Caito supplies fresh fruit and vegetables to groceries and distributors in 22 states in the Southeast, Midwest and Eastern regions of the country. The company has facilities in Indiana, Ohio and Florida. SpartanNash was advised on the deal by Deutsche Bank (financial) and Morgan Lewis (legal).
As Michigan life sciences companies grow and seek to commercialize their innovations, the firms often face key constraints when it comes to access to capital in the state.
GRAND RAPIDS — Given the demand for more engineers in West Michigan, two local universities hope to be the institutions that can step up and fill that need.
For today’s engineering graduates, technical expertise remains paramount, but companies are asking more of their young workers, especially when it comes to so-called soft skills and the basics of business.
HART — After operating for a decade, The Starting Block has helped the West Michigan craft food movement grow from an idea into the fledgling industry it is today.
As Michigan legislators prepare to enter their final session of the year, policy watchers across the state are closely monitoring legislation that could get a vote in the lame duck session.
For the past two and half years, Hilary Dulany has been traveling between Oregon and Michigan to grow her small businesses amid the transformational change happening with the legal marijuana industry.
M&A professionals in Michigan feel a little more optimistic than their counterparts nationally about the prospects for stronger deal flow over the next year.
SOUTH HAVEN — Frank Sardone sees nothing but positives in the overwhelming voter support for the pending addition of South Haven Health System into Bronson Healthcare Group.
GRAND HAVEN TOWNSHIP — Spectrum Health and Holland Hospital collectively put $130,000 in cash toward what was billed as an information and education campaign on a ballot question in the township where the two are developing a medical campus.
GRAND RAPIDS — The sale of RespondWell LLC last summer for an undisclosed sum was the first exit recorded by venture capital firm Michigan Accelerator Fund.
New federal regulations that take effect Jan. 1 may require some employers to adjust the incentives they offer to get employees to join their workplace wellness programs.
Michigan employers have not transitioned to lower-cost, high-deductible health plans as quickly as the rest of the nation.
Large amounts of new office space, particularly for medical uses, will come online in suburban Grand Rapids in the near future, and it’s not expected to last long on the market.
GRAND RAPIDS — The largest bank headquartered in Michigan wants to increase its profile in downtown Grand Rapids in the years ahead.
GRAND RAPIDS — After closing last spring on a $2 million venture capital investment, Ted Spooner began seeking another $8 million for his company, RespondWell LLC, a Grand Rapids-based telehealth provider.
Coastal Competition? Industry experts believe Michigan can compete in medical device space through manufacturingWritten by John Wiegand
While West Michigan may lack the depth of resources and talent that some regions of the country possess when it comes to the medical device industry, it may have one key advantage: the affordability of its contract manufacturing.
After several tours of duty in Iraq and Afghanistan, Jed Welder knew that he needed a change. The 14-year military veteran grew up on a family farm but left at a young age for a stint in the U.S. Marine Corps before later transitioning into the U.S. Army. As his military career came to an end, Welder yearned for the freedom, challenge and accomplishment that comes through farming.
Perrigo reports $1.25 billion loss, explores ‘strategic alternatives’ for royalty stream tied to MS drugWritten by Mark Sanchez
Two large impairment charges totaling $1.67 billion drove Perrigo Co. plc to a net $1.25 billion loss in the third quarter.
Voters in Van Buren County cleared the way for South Haven Health System to become part of Bronson Healthcare Group at the start of the new year.
Spectrum Health plans a ceremonial groundbreaking Tuesday for a new medical campus within the Ada Village development.
GRAND RAPIDS — Residents of Michigan’s second largest city needn’t fear their drinking water.
SpartanNash Co. is expanding its capacity in produce distribution and fresh-prepared foods with the acquisition of an Indianapolis firm.
A newly-formed real estate investment firm has acquired three shopping centers in Greenville, northeast of Grand Rapids.