Published in Economic Development

MiBiz Growth Report: Feb. 17, 2019

BY MiBiz Staff Sunday, February 17, 2019 11:18pm

Here is the MiBiz Growth Report for Feb. 17, 2019.

M&A

  • Wayland-based CasterDepot Inc. has acquired the assets of the caster and wheel operations at Indianapolis, Ind.-based Bastian Solutions LLC. The acquisition, which closed Jan. 11, included an office in Indianapolis. CasterDepot plans to leverage the new office to supply caster and wheel products to customers in Indiana, Ohio and Kentucky, according to a statement. Terms of the deal were not disclosed.

  • Novi-based I.T. firm Red Level Group LLC acquired West Michigan business and technology consultant Conway, Dierking & Hillman Inc. The deal for Conway, Dierking & Hillman, which does business as C/D/H, gives Red Level a combined workforce of more than 50 employees with offices in the Detroit area and Grand Rapids and projected annual growth of 25 percent. The sale closed Feb. 1. Terms of the deal were undisclosed. Mark Becker, vice president at C/D/H, joined Red Level as senior vice president of business development and leads the Grand Rapids office.

  • Boyne City, Mich.-based Industrial Magnetics Inc. acquired the family-owned Clamp Manufacturing Co. of South El Monte, Calif., according to a statement. Founded in 1973, Clamp Manufacturing serves a range of industries with products for metalworking, welding, assembly, and general manufacturing applications. The acquisition allows Industrial Magnetics to expand its workholding and manufacturing product lines, according to a statement. Terms of the deal were not disclosed.

  • Lansing-based LightSpeed Fiber Communications has been acquired by Evansville, Ind.-based MetroNet Fiber Inc., a provider of fiber-optic internet, TV and phone service. LightSpeed is a provider of fiber-optic internet in Michigan for Lansing, Grand Rapids, Southfield, Huntington Woods and Ypsilanti. The deal allows MetroNet, which serves cities in Indiana, Illinois and Kentucky, to expand its footprint into Michigan. The company also plans to invest “up to $100 million” in expanding its Michigan footprint. Terms of the deal were not disclosed. LightSpeed CEO Jason Schreiber will lead the Michigan market and take on the role of Chief Technology Officer for MetroNet.

  • Belmont-based Filter and Coating Technology Inc. (FACT), a supplier of filter and coating solutions for the automotive and industrial markets, has been acquired by Ohio Transmission Corp., a Columbus, Ohio-based industrial equipment service provider and distributor, according to a statement. FACT employs 21 people and supplies manufacturers with paint, finishing, adhesives and coating operations, primarily in Michigan, Indiana and Ohio. It will become a division of OTP Industrial Solutions and maintain its name and local management. Terms of the deal were undisclosed.

  • Portage-based Kendall Electric Inc. acquired Dayton, Ohio-based The Becker Electric Co., a third-generation family-owned distributor of electrical equipment. The deal closed in January, according to a statement on Kendall’s website. Becker serves as a full-line wholesale electrical equipment distributor offering switchgear, lighting, automation and electrical supplies for contractors and industrial and commercial customers. It operates from eight locations in Ohio, Indiana and Georgia. Cincinnati-based ArkMalibu LLC served as the financial adviser for Becker Electric. Terms of the deal were not disclosed.

  • Caledonia-based Acrisure LLC acquired Milwaukee, Wis.-based HNI Risk Services in a deal that closed Dec. 31, according to a report by BizTimes Milwaukee. Acrisure plans to retain local staff, leadership and the HNI brand name. HNI has offices in Milwaukee, Chicago and Minneapolis. The transaction does not include HNI’s Grand Rapids office, which remains independent.

Expansion

  • Byron Center-based grocery chain operator and food distributor SpartanNash Co. (Nasdaq: SPTN) plans to open a small-format Ada Market by Forest Hills Foods store in the Grand Rapids suburb of Ada. The store will occupy space recently vacated by Kingma’s Market, which had operated the satellite location for about 18 months before closing in January. SpartanNash expects to immediately begin remodeling the 13,000-square-foot space at 444 Ada Drive SE, with an opening targeted for mid April.

  • RMB Capital, a Chicago-based investment and advisory firm with about $8.8 billion in assets under management, opened an office on Momany Drive in St. Joseph. The firm has about 300 clients in the area, with some client relationships dating back nearly 30 years.

  • Janesville, Wis.-based discount retailer Blain’s Farm & Fleet plans to open a 106,000-square-foot store this fall at 940 West Shore Drive in Holland Township. The expanding family-owned company expects to employ more than 100 people at the location, according to a statement.

  • Retailer Pet Supplies Plus opened a franchise store location at 5729 S. Harvey St. in Norton Shores in January. The location is owned by Dan and Kasey Skinner and Craig and Dianne LeMieux, according to a statement. Livonia-based Pet Supplies Plus has 435 locations in 33 states.

  • The Small Business Association of Michigan launched MainStreet Legislative Consulting Services LLC, a lobbying firm for small businesses to hire on legislative issues in Lansing. Former legislator and small business owner Goeff Hansen, a Republican from Hart, will serve as president of the firm. Hansen was co-owner of Hansen Foods Inc. in Hart and served in the state House from 2005 to 2010 and in the Senate from 2011 to 2018.

Investment

  • Spectrum Health Innovations was among the recent investors in Lumere Inc., a Chicago-based provider of analytics and services to reduce unwarranted and costly clinical variation in health care. Nashville, Tenn.-based Heritage Group led the capital round that will allow Lumere to develop and further expand service offerings.

  • West Michigan investment banking firm Charter Capital Partners led an $18.3 million financing round in Malvern, Pa.-based Trice Medical Inc. The Series C capital round will go to expand Trice Medical’s commercialization and accelerate the development of its product portfolio. Trice developed diagnostic orthopedic devices equipped with a camera at the end of a needle that enable a doctor to diagnose a knee or shoulder injury in the office, thereby saving on costs compared to relying on an MRI.

Higher ed

  • The Grand Valley State University Kirkhof College of Nursing received a $600,000 grant to pay for scholarships for students pursuing a nursing career after earning a bachelor’s degree in another field. The grant comes from the Helene Fuld Health Trust in Buffalo, N.Y., a private funder for nursing students and nursing education.

Closure

  • Camp Hill, Pa.-based Harsco Corp. (NYSE: HSC) plans to permanently close its Harsco Rail division’s manufacturing facility in Ludington starting April 1. The plant makes a range of equipment used to install, remove and resurface rails. Work will be consolidated to the rail division’s headquarters in West Columbia, S.C. The closure could affect up to 151 employees, according to a state notice. Employees at the Ludington facility are represented by Local 811 of the United Auto Workers union. The South Carolina facility is non-union, according to industry reports.
Read 1747 times Last modified on Sunday, 17 February 2019 22:43
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