Published in Economic Development

MiBiz Growth Report: Feb. 22, 2016

BY MiBiz Staff Sunday, February 21, 2016 11:22pm

Here is the MiBiz Growth Report for Feb. 22, 2016:

• M&A: Grand Haven-based Lakeshore Fittings Inc. has been acquired by Alco Manufacturing Corp. LLC of Elyria, Ohio, according to a statement. Lakeshore Fittings designs and manufactures machined brass, eco-brass, stainless steel and aluminum fittings for the lawn and garden, gas distribution, plumbing and hydraulic industries. The firm operates from a 90,000-square-foot facility in Grand Haven. The strategic acquisition will diversify Alco’s business, expand its product offerings and material capabilities. Terms of the deal were not disclosed. Alco is a portfolio company of Cleveland-based Blue Point Partners, a private equity firm that invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.

• M&A: Berger Motor Sales of Ionia Inc. has been acquired by Young Automotive Group Inc. of Lansing, according to a statement. The store, which sells new and used vehicles, was renamed Young Chevrolet Buick GMC. Terms of the deal were not disclosed. The firm owns the nearby Young Chrysler Dodge Jeep Ram of Ionia, as well as a string of dealerships across the central part of the state.

• M&A: Quebec, Canada-based holding company Duvaltex Inc. has acquired Grand Rapids-based True Textiles Inc., a manufacturer of upholstery, acoustic and privacy curtains for the office furniture, health care and education industries. The deal includes all of True Textiles’ business units, including Teknit, which operates a knit factory in Grand Rapids. Terms of the deal were not disclosed.

• M&A: Grand Haven-based Grand Transformers Inc. acquired Warner, N.H.-based Warner Power, a designer and manufacturer of electrical transformers and power systems. Grand Transformers is a portfolio company of Blackford Capital, a Grand Rapids-based private equity firm 

• M&A: 13 Marketing Group Inc. acquired two Auto Lab franchise automotive repair and service shops in the Grand Rapids area, according to a statement. Opened in 1996, the shops are in Jenison and on Plainfield Avenue in Grand Rapids. Rua Associates LLC in Zeeland represented the buyer.

• Expansion: The operators of Maru Hospitality Group LLC plan to open Ando Asian Kitchen as part of Rockford Construction Co. Inc.’s mixed-use development at the corner of Bridge Street and Turner Avenue in the west side neighborhood of Grand Rapids. Clothing store The Mitten State will also be a ground-floor tenant in the building, which will feature 36 apartments. The building is adjacent to the New Holland Brewing Co.’s Knickerbocker Pub, the Holland-based craft brewer’s satellite brewery and distillery project, which is also being developed by Rockford Construction. Maru Sushi also has plans for its first Kalamazoo location at 427 Michigan Ave. in the city’s downtown district. The restaurant will be based in the Depot project being redeveloped by Kalamazoo-based PlazaCorp Realty Advisors Inc.

• Expansion: Grand Rapids-based software solutions provider SalesPad LLC plans to leverage a $364,000 Michigan Strategic Fund incentive to invest a total $3.85 million and bring 91 new jobs to the area, according to a statement. SalesPad, founded in 2003, currently employs 110 people. The grant was supported by The Right Place Inc. and local and state partners.

• Expansion: Founders Brewing Co. of Grand Rapids has inked three new distribution deals to expand its reach. The deals are with Four Seasons Beer Distributing in Michigan’s Upper Peninsula in the Iron Mountain area, Artisan Beer Co. in Minnesota, and Central States Beverage in Kansas.

• Expansion: Bellaire-based Short’s Brewing Co. has signed with Bella Vista Beer Distributor in eastern Pennsylvania and Breakthru Beverage in Illinois to distribute its beers and Starcut Ciders outside of Michigan for the first time in company history. Shipments started in mid-February.

• Expansion: Galesburg-based Bell’s Brewery Inc. signed distribution deals with Crescent Crown Distributing, Eagle Distributing Shreveport, Choice Brands Inc. and Venture Marketing Corp. to break into the Louisiana market starting in May, according to a statement. The company is expanding into Arkansas with Arkansas Craft Distributors LLC and O’Connor Distributing. The West Michigan craft brewery also announced that it was also searching for distributor partners for the states of Kansas, Nebraska and South Dakota.

Read 1883 times Last modified on Tuesday, 23 February 2016 12:28