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Published in Economic Development

MiBiz Growth Report: August 29, 2021

BY Sunday, August 29, 2021 12:12pm

Here's the MiBiz Growth Report for August 29, 2021.

M&A

  • Grand Rapids-based private equity firm Auxo Investment Partners has acquired Altus Industries Inc., a Walker-based designer and producer of workstations for the health care induswtry. The deal includes Spectrum Health as a strategic partner for Altus Industries. Spectrum Health, which made the investment through Auxo, is one of the largest customers for the company’s mobile medical carts, mobile and wall-mounted workstations, and accessories that are used in patient rooms, surgical centers and continuing care, radiology and emergency departments.
  • Norton Shores-based Intelligent Machine Solutions Inc., a manufacturer of industrial robotics and automation solutions, was sold to North Canton, Ohio-based Timken Co. The deal expands product offerings for Timken (NYSE: TKR) in larger and heavy-duty applications, according to a statement. Founded in 2008, Intelligent Machine Solutions employs 20 people and generated $6 million in revenues in the 12-month period that ended June 30. Terms of the deal were not disclosed. A manufacturer and designer of engineered bearings and power transmission products, Timken generated $3.5 billion in sales last year and employs more than 17,000 people across a 42-country footprint. 
  • Kalamazoo-based FlavorSum LLC, formerly known as National Flavors, has acquired New Jersey-based Whittle & Mutch Inc., a 129-year-old formulator of flavors for the beverage industry. The deal is the fourth since FlavorSum in 2020 became a platform company of The Riverside Co., a Cleveland, Ohio- and New York City-based private equity firm. Terms of the deal were not disclosed. 
  • Grand Rapids-based Charlesbrook Protection Services LLC, a provider of security guards for hire to protect businesses, institutions and events, was acquired by individual investor Chris Jansens, the owner of Dorr-based Centurion Security Solutions LLC. Charlesbrook will continue to operate under its original name and brand, according to a statement. Grand Rapids-based Calder Capital LLC represented Charlesbrook founder Ryan Woodford in the sale. Terms of the deal were not disclosed. 
  • Grand Rapids-based Calder Capital LLC also advised Milford Township-based Eidemiller Precision Machining Inc. in its sale to Japan-based Kyowa Industrial Co. Ltd., according to a statement. Founded in 1976, Eidemiller has grown from a small one-lathe operation with a single customer to a national supplier of precision parts in a wide variety of materials. The sale allows owner Marty Eidemiller to transition into retirement. Terms of the deal were not disclosed.

Expansion

  • Williamsburg-based Grand Traverse Plastics Corp., a Tier 1 automotive and material handling supplier, plans a $11.5 million expansion in Whitewater Township near Traverse City that’s expected to create up to 43 jobs. The company specializes in under-the-hood components for battery systems, engines, transmissions and conveyor systems. The Michigan Strategic Fund approved a $430,000 Michigan Business Development Program performance-based grant for the expansion. Grand Traverse Plastics is owned by Troy-based private equity firm Covington Partners LLC
  • D.A. Blodgett-St. John’s broke ground on a $10 million multipurpose facility near the organization’s 25-acre Knapp Campus on the northeast side of Grand Rapids. The new facility is expected to be completed in late 2022 and will integrate all of DABSJ’s children and family services under one roof. Integrated Architecture LLC is serving as the project architect. Erhardt Construction Co. will serve as the general contractor for the project.
  • Comstock Park-based Gen3 Defense & Aerospace LLC received a $1 million Michigan Business Development Program performance-based grant to expand into a much larger facility in Kent County. Gen3 is a provider of manufacturing, engineering and supply chain solutions that was founded in 2020. The company plans to invest nearly $8.7 million in an expansion that will create 269 jobs, more than 10 times its present workforce.
  • Grand Rapids-based Blackmer Inc., a part of the Downers Grove, Ill.-based industrial conglomerate Dover Corp., plans to invest $7 million to demolish an obsolete foundry and build a new 60,000-square-foot facility to house assembly, paint and shipping operations. The company expects the expansion will create 50 new jobs. The Michigan Strategic Fund board approved a $350,000 Michigan Business Development Program performance-based grant in support of the project. 
  • Walker-based Irwin Seating Co. has planned a 60,000-square-foot expansion at its location at 3501 Fruit Ridge Ave. NW, where it expects to add 15 new jobs. The city of Walker approved a tax abatement in support of the company’s expansion project.

Banking

  • Union Bank plans to move its corporate office to a new facility now under construction in Grand Rapids Township. The Lake Odessa-based community bank broke ground this month on the new office at 670 W. Cascade Parkway SE. Designed by Ghafari Associates Inc., the office is targeted to open next summer. The bank intends to sell its existing corporate office in Lake Odessa within a few years. Union Bank, with $308.9 million in total assets, has seven branch offices in the region in Barry, Clinton, Eaton, Ionia and Kent counties. 

Health care

  • Amway Corp. Co-Chair Steve Van Andel was elected chair of the Metro Health – University of Michigan Health board of directors. Van Andel has served on the Metro board since 1995, including stints as interim chair. His service includes a period when Metro Health moved to a new hospital campus in suburban Wyoming and affiliated with University of Michigan Health. The board’s new vice-chair is Dr. David Miller, president of University of Michigan Health and executive vice dean of clinical affairs for the University of Michigan Medical School.
  • Bold Advanced Medical Future Health Inc., or BAMF, recently began work on a new headquarters in Michigan State University’s Grand Rapids Innovation Park. BAMF Health expects to begin treating and curing prostate cancer patients by mid-2022. Led by Dr. Anthony Chang, BAMF Health has been working to put radiopharmaceuticals to commercial use for molecular imaging deployed in precision treatment for cancer patients that can result in complete remission without side effects. The company expects to treat thousands of cancer patients from around the country at MSU’s Doug Meijer Medical Innovation Building, a joint venture between Rockford Construction Co. and Walsh Construction and Walsh Investors, MSU and Murphy Development Group.
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