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Published in Economic Development

MiBiz Growth Report: January 31, 2022

BY Sunday, January 30, 2022 07:00pm

Here is the MiBiz Growth Report for January 31, 2022.

M&A

  • VIKTOR Incentives & Meetings, a Traverse City-based firm in the incentive travel, meetings and rewards and recognition industry, was acquired by Schaumburg, Ill.-based Motivation Excellence, according to a statement. VIKTOR owner and President Mark Bondy will stay on with the company through a transition period. The two companies serve clients in the health care, building supply, automotive, insurance, veterinary, electrical and fire safety industries. Motivation Excellence has offices in Wisconsin, Missouri, New Jersey, South Carolina and Florida. Terms of the deal were not disclosed.
  • Grand Rapids-based clean room solutions provider Angstrom Technology Ltd. recently made an overseas acquisition with the purchase of U.K.-based Connect 2 Cleanrooms. The deal between like-minded companies stands as Angstrom’s second add-on acquisition after the company purchased Irvine, Calif.-based Built 2 Spec in September of last year. The purchase of Connect 2 Cleanrooms expands Angstrom’s footprint around the world and allows it to expand its offering domestically, where it designs and manufactures modular cleanrooms. Angstrom is a portfolio company of New York-based private equity firm ASGARD Partners & Co.
  • CasterDepot, a Grand Rapids-based, family-owned industrial caster supplier, recently purchased Tucson Truck and Caster, helping to expand operations into the southwest region of the country. CasterDepot currently operates distribution centers in Chicago, Detroit, Indianapolis, Jacksonville, Fla. and Richmond, Va. CasterDepot will gain two locations in Arizona with the purchase of Tucson Truck and Caster, which was founded in 1981.
  • PE-backed metal components manufacturer Modineer Co. Inc. has expanded operations by purchasing Pulverman, a Pennsylvania-based maker of customized metal products that is owned by Pennmark Technologies Corp. The Niles-based Modineer currently produces 50 million components each year throughout the 14 different facilities that it operates both in the United States and Mexico. It specializes in low to medium-volume metal components for the automotive, military, truck/trailer, power sports and industrial industries. Modineer is owned by Chicago-based Westbourne Capital Partners, Oklahoma City-based family investment firm Hall Capital and an unnamed private investor.
  • High Street Insurance Partners in Traverse City acquired Hershey Insurance Agency, a full-service insurance firm based in Troy. The acquisition is one of 17 finalized in December by High Street, which has acquired 97 insurance agencies in three years and now operates in 23 states.
  • Digital and I.T. consultant OST has expanded its Cloud service capabilities through a recent acquisition. Grand Rapids-based OST closed on the acquisition of Stratum Technology Management just before the end of 2021. Stratum is based in Richmond, Texas, and brings Cloud architects, engineers and project managers on board with OST. The acquisition gives OST clients access to more robust Cloud service, while both companies also specialize separately in Cloud services tailored to the health care industry.

EXPANSION

  • Eastern Kille Distillery plans to build a presence on Grand Rapids’ east side with a new tasting room that will focus on handcrafted cocktails. The Grand Rapids Planning Commission will consider a site plan at its Feb. 10 meeting for the distillery to open a tasting room at 634 Wealthy St. SE. Eastern Kille owners plan to lease half of the building, which also includes Rowster Coffee Inc. 
  • Walker-based West Contract Manufacturing plans to invest $6 million to expand in Walker. As a local subsidiary of West Whiteland Township, Pa.-based West Pharmaceutical Services Inc., which designs and produces injectable pharmaceutical packaging for pharmaceutical and medical device companies, West Contract Manufacturing expects to add 110 jobs under the expansion plan. The company presently employs 266 people at its Walker contract manufacturing facility.
  • ​​Indoor farming operation Square Roots Urban Growers and Gordon Food Service Inc. are partnering to create a new farm in Kenosha, Wis. Square Roots — a Brooklyn, N.Y.-based, technology-focused food producer — has an existing relationship with Wyoming-based food distributor Gordon Food Service. The two companies signed a strategic partnership in 2016, and Square Roots has built two farms at the GFS headquarters. With a capacity to produce more than 2.4 million packages of herbs and leafy greens each year, the new Kenosha farm is poised to be Square Roots’ largest one yet.
  • Grocery retailer and distributor SpartanNash Co. is leveraging a long-standing relationship with a West Coast partner to expand its distribution business. The Byron Center-based SpartanNash (Nasdaq: SPTN), which already distributes throughout all 50 states, announced that it would develop new operations at a 500,000-square-foot facility in Stockton, Calif., a venture executed by Coastal Pacific Food Distributors Inc. The two companies have maintained a relationship for more than 25 years.
  • Transportation solutions company Art Mulder & Sons Trucking Inc. plans to invest more than $31 million in a project to greatly enhance its cold storage capabilities. The Holland-based company and economic development organization Lakeshore Advantage Corp. recently announced the $31.1 million investment to build a 147,000-square-foot facility, which will create an estimated 55 new jobs when it’s fully staffed. The project — which is under construction at 1870 Transport Lane in Holland — will do business as Cold-Link Logistics and will be operated by a new entity created by Art Mulder & Sons called MG88 Holland Cold Storage LLC.
  • ​​Industrial recycling and scrap management company PADNOS plans to invest $6.6 million to expand its facility in Wyoming. The expansion will take place at 500 44th St. SW and is expected to create 50 new jobs. The family-owned PADNOS had considered expanding either the Wyoming site or a facility in Indiana, according to state officials.

FINANCE

  • Business consulting and financial services firm DWH LLC appointed Ben Borisch as managing partner. Borisch joined DWH four years ago and became partner and chief operating officer in 2020. He succeeds Monica King, who was recently named CEO of longtime DWH client Gun Lake Investments. DWH also named Jeremy Cosby and Heather Gardner as partners. Cosby has been with DWH since 2019 and Gardner has been the managing director for DWH’s Detroit office for two years.
  • Consumers Credit Union planned to begin construction this month of a new Woods Lake office and retail space at Parkview Avenue and Oakland Drive in Kalamazoo. The project includes two buildings: A 7,355-square-foot retail building and a two-story, 4,391-square-foot credit union office that will occupy approximately two-thirds of the main floor. The new office is expected to open early next year. AVB Inc. in Portage is the contractor and Bosch Architecture Inc. is the designer for the project. The Kalamazoo-based Consumers Credit Union has more than 117,000 members and 23 offices located in Kalamazoo, Battle Creek, Grand Rapids, Coldwater and along the Lakeshore.
Read 1820 times Last modified on Tuesday, 15 February 2022 13:47
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