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Published in Economic Development

MiBiz Growth Report: August 15, 2021

BY Sunday, August 15, 2021 10:13am

Here's the MiBiz growth report for August 15, 2021.

M&A

  • Rockford-based Wolverine World Wide Inc. has finalized a deal to acquire London-based premium women’s activewear brand Sweaty Betty. Wolverine Worldwide, which operates a portfolio of footwear and lifestyle brands, purchased all of the shares of Lady of Leisure InvestCo Ltd. — which owns the Sweaty Betty brand — in a $410 million all-cash deal. Sweaty Betty was founded in 1998. It has since developed innovations in activewear, offering a collection of tops, bottoms, swimwear, outerwear and accessories. More than 80 percent of Sweaty Betty’s sales are made through a direct-to-consumer channel, mostly through e-commerce.
  • Franchised moving company Two Men and a Truck/International Inc. has been sold to a leading provider of residential and commercial cleaning, restoration and moving services. Two Men and a Truck, which operates multiple franchise locations throughout West Michigan, recently announced that it has sold to Atlanta-based ServiceMaster Brands, which manages brands such as Furniture Medic, Merry Maids, ServiceMaster Clean and ServiceMaster Restore.
  • Family-owned temperature-controlled warehousing and logistics provider Hanson Cold Storage Co., which does business as Hanson Logistics, has been sold to a Southeast Michigan company. Lineage Logistics LLC, a Novi-based temperature-controlled industrial real estate investment trust and logistics firm, acquired the St. Joseph-based Hanson Logistics, which was founded in 1954 and has seven distribution facilities in Michigan and Indiana. That includes operations in Hart, Benton Harbor, Decatur and Hartford in West Michigan. 
  • Ada-based M-Industries LLC has been acquired by Tekni-Plex Inc., a Pennsylvania-based developer and manufacturer of packaging material solutions and medical products, the companies announced last week. M-Industries specializes in container vented lining technology and will operate as part of Tri-Seal, a Tekni-Plex division specializing in closure liners and seals. M-Industries’ office, staff and manufacturing facility in Ada will remain in place. Terms of the deal were not disclosed.
  • Aterian Investment Partners, through its portfolio company Xpress Global Systems LLC, has acquired SSBB Inc. and affiliates Michigan Carpet / Delta Distribution, a specialized flooring company headquartered in Cascade Township. The acquisition allows XGS to expand and increase capacity in Michigan, Indiana, Missouri, Ohio and Pennsylvania. Birmingham-based Amherst Partners LLC served as financial adviser to Delta Distribution.

EXPANSION

  • ​​St. Joseph-based Edgewater Automation LLC is expanding as manufacturers across the state adopt automation to help ease workforce pressures. The company announced last week that it would expand to a facility located at 211 Hilltop Road, which is also located in St. Joseph. The company, which is headquartered at 481 Renaissance Drive, will use the facility as additional assembly space. 

MEDICAL DEVICE

  • Marquette-based Able Medical Devices, a division of J.M. Longyear Manufacturing LLC, also based in Marquette, has received Food and Drug Administration approval for a single-use, sterile screw delivery system known as the Mach Screw Clip, according to a statement. The company said the system is intended to eliminate the need to individually load screws, simplifying the process and driving efficiency in the operating room. The product works with Able’s Valkyrie Thoracic Fixation System, which is used to stabilize fractures of the chest wall. 

REAL ESTATE/DEVELOPMENT

  • Whirlpool Corp. broke ground on a $22 million multifamily housing development near downtown Benton Harbor that officials say will help fill gaps in workforce housing availability. In partnership with Harbor Shores Community Redevelopment LLC, the project will include 80 apartments and 120 parking spaces on 10.65 acres west of M-63 near the intersection of Whitwam Drive and Riverview Drive. 

HEALTH CARE

  • Metro Health-University of Michigan Health and Holland Hospital are partnering to offer neurothrombectomy in Holland, a procedure used to treat acute strokes that involves the surgical removal of a blood clot from a blood vessel. Teams from Holland Hospital and Metro Health worked together to prepare to perform these procedures in the Cath Lab Special Procedures Room at Holland Hospital.
  • Christian Healthcare Centers, a Grand Rapids-based nonprofit medical services organization, plans to open a new office at 53 W. Wood St. in Newaygo. The 8,150-square-foot facility, which is now under construction, will house primary care, x-ray, labs, medication dispensing and counseling services. Christian Healthcare Specialists, a subsidiary that provides various medical specialties, in-office procedures and minor surgeries, will also have a presence there. CopperRock Construction Inc. in Grand Rapids is the general contractor for the $1.8 million project. Completion is targeted for spring 2022.
  • United Methodist Retirement Communities & Porter Hills expanded its home health services from the Grand Rapids area to the east side of the state. UMRC & Porter Hills recently received final state and federal approval for the move. Home health clients are often recovering from orthopedic surgeries or have congestive heart failure, cardiac health needs or serious wounds. 
  • Spectrum Health President and CEO Tina Freese Decker was elected to the American Hospital Association board of trustees for a three-year term beginning Jan. 1, 2022. Freese Decker presently chairs the Michigan Health and Hospital Association board and is vice chair of The Right Place Inc. board. She is also the immediate past chair of the Economic Club of Grand Rapids.
  • Retirement home and assisted living center Holland Home opened a $5.5 million expansion of its Breton Woods campus on 44th Street in Grand Rapids. Post Associates Inc. designed the project and Erhardt Construction Co. built the 15-bed Water View assisted-living center at the Breton Woods campus, which was already home to two existing 15-bed units.

FINANCE

  • Sturgis-based GT Independence, a financial management services company that helps people self-direct their long-term care and support services, named Holly Carmichael to succeed John Carmichael as CEO. Holly Carmichael has been GT Independence’s chief operating officer since 2016 and co-led the company with John Carmichael, who is also her brother-in-law. GT Independence manages more than $350 million in Medicaid funds related to financial management and support broker services for self-directed, long-term services and support. The company serves more than 22,000 people in 12 states.
  • Michigan City, Ind.-based Horizon Bancorp Inc. gained approval from the FDIC to acquire 14 Huntington National Bank branches in 11 Michigan counties. Under the deal, Horizon will get $976 million in deposits and $278 million in associated loans. The branches were previously operated by TCF National Bank and were divested as part of the recent merger with Huntington Bancshares Inc. The branches will become part of Horizon Bank in mid-September, Chairman and CEO Craig Dwight said. Horizon expects to add more than 50,000 primarily retail and small business customer accounts and the entire workforce of the acquired branches. Donnelly Penman & Partners served as financial advisers and Warner Norcross + Judd LLP served as legal advisers to Horizon on the transaction.
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