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Published in Economic Development

MiBiz Growth Report: December 5, 2021

BY Sunday, December 05, 2021 12:49pm

Here is the MiBiz Growth Report for December 5, 2021.

M&A

  • Lansing-based Neogen Corp. (Nasdaq: NEOG), a manufacturer and supplier of food and animal safety products, acquired Delf (UK) Ltd., a U.K.-based manufacturer of soap for animal hygiene and industrial cleaning products, according to a statement. Founded in 1928, Delf also produces iodine-based biocidal products. The addition bolsters Neogen’s offerings of performance dairy chemicals and complements the company’s Quat-Chem disinfectant and cleaner offerings. Terms of the deal were not disclosed.
  • Spring Lake-based Eagle Quest International Ltd., which does business as EQI Ltd., has acquired Northern Ireland-based Industrial Paint Solutions Ltd., a supplier of repair, vendor and finish painting services, according to a statement. EQI is a provider of supply chain management services for OEMs who procure metal castings. With the deal, the company adds wet and powder coat painting capabilities to enhance the usability of the castings it supplies to customers. Industrial Paint Solutions founder Richard Graham will stay on and continue to lead the U.K.-based business. Terms of the deal were not disclosed. 
  • Traverse City-based independent insurance brokerage High Street Insurance Partners has acquired 27 former Nationwide exclusive insurance agencies in North Carolina, South Carolina, Pennsylvania, Tennessee and Maryland. All agency presidents will remain active in the business and now report to High Street Regional President Karl Sherrill, the company announced. High Street Insurance Partners has now completed 78 acquisitions since the company was founded in mid 2018. High Street is a portfolio company of Arby Partners LLC, a Boston-based private equity firm.
  • Grand Rapids-based Charter Capital Partners served as the exclusive M&A adviser to Fond du Lac, Wis.-based Modern Dental Care Inc. in its sale to Sarasota, Fla.-based Dental Care Alliance, a portfolio company of the private equity firm Harvest Partners LP. The deal allowed DCA to expand into a new state. DCA includes more than 355 practices with more than 775 dentists spanning 21 states. Terms of the deal were not disclosed.
  • Blue Cross Blue Shield of Michigan (BCBSM) is now the sole owner of NASCO, a provider of health care technology for Blue Cross Blue Shield plans across the country. NASCO, which specializes in administrative processing solutions, was previously owned by six Blue Cross Blue Shield health plans. BCBSM has held a minority ownership in NASCO since the I.T. company’s founding in 1987. NASCO’s offerings include membership management, claims processing, customer servicing and billing. BCBSM sought complete ownership in NASCO to further the health plan’s business strategy and ensure longevity in NASCO’s core products.
  • UFP Global Holdings Ltd., an affiliate of Grand Rapids Township-based wood products manufacturer UFP Industries Inc., acquired a controlling equity position in an India-based industrial packaging operation. UFP Global Holdings acquired 70 percent of Ficus Pax Private Ltd. for $13.5 million in a deal that marks UFP’s first industrial presence in India. The Indian company manufactures products that include wood pallets, crates and nail-free plywood boxes. Ficus Pax operates 10 facilities throughout the southern region of India and owns a majority stake in an additional company, Wadpack, which also manufactures industrial packaging products. 
  • Belding-based Flat River Group LLC has acquired Greater Than Games LLC, a St. Louis, Mo.-based designer and publisher of tabletop games including Sentinels of the Multiverse, Spirit Island and Medium. Greater Than Games had been a long-time vendor partner of Flat River Group, an e-commerce distributor, marketer and services provider firm specializing in the toys and games, pets, baby and outdoor sporting goods industries. The acquisition complements Flat River Group’s 2019 deal for Impressions Game Distribution Services, according to a statement. Terms of the deal were not disclosed. Since 2019, Flat River Group has been a portfolio company of Guardian Capital Partners, a Wayne, Pa.-based private equity firm.

Expansion

  • Kalamazoo-based Consumers Credit Union has begun construction on a new full-service office that will open in 2022 on South Cedar Street in Lansing. Grand Rapids-based CopperRock Construction Inc. is serving as the contractor on the project, which was designed by Kalamazoo-based Bosch Architecture Inc. Consumers Credit Union, with 23 offices in West Michigan, had more than 117,000 members and $1.68 billion in total assets at the end of the third quarter, according to a quarterly financial report filed with federal regulators.
  • Grand Rapids-based Mary Free Bed Rehabilitation opened a new $41 million hospital in Saginaw that was developed through a joint venture formed in 2018 with Covenant HealthCare. The rehab hospital on Covenant HealthCare’s main campus includes 60 private inpatient rooms, outpatient therapy spaces, offices for six rehabilitation physicians as well as treatment and fabrication space for patients who need braces and prosthetic limbs.
  • Global designer, builder and integrator of automation solutions JR Automation Technologies LLC has opened a new 147,000-square-foot facility at 701 Waverly Road in Holland near its Holland Township headquarters. The facility, located in the former Prince Tech Center, will consolidate many of JR Automation’s local operations under one roof. The company plans to invest $1 million into renovations while creating a “significant number of high-paying jobs over the next two years.”
  • Wholesale truck and trailer parts distributor New Life Transport Parts Center has expanded its Byron Township facility to meet surging demand. The company signed a long-term lease for 175,000 square feet of additional space at a facility located at 425 Gordon Industrial Court SW, next door to the headquarters of its parent company, Hinton Transportation Investments Inc. New Life leased an initial 73,000 square feet of the building last year. By leasing the additional space, the company now occupies the entire facility, which is owned by Core West Michigan Industrial LLC and formerly housed wine and liquor wholesaler Republic National Distributing Co. The expansion increases the capacity for parts storage, adds additional handling capabilities, and led New Life to hire 20 additional employees. The company worked with Cascade Township-based Advantage Commercial Real Estate Services LLC to secure the additional space.

Investment

  • Michigan Capital Network has further expanded its angel investment network across the state with the addition of Saginaw-based BlueWater Angels. The addition expands Grand Rapids-based Michigan Capital Network (MCN) to five angel investing affiliates that include Grand Angels in Grand Rapids, Ka-Zoo Angels in Kalamazoo, Woodward Angels in Detroit, and Flint Angels. The addition of BlueWater Angels expands Michigan Capital Network into mid-Michigan and the Saginaw and Midland markets. The addition grows the organization to more than 160 active members who hold investments in 76 portfolio companies, and also brings investments under management to more than $50 million.
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