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Published in Economic Development

MiBiz Growth Report: July 19, 2021

BY Sunday, July 18, 2021 05:36pm

Here is the MiBiz Growth Report for July 19, 2021.

M&A

• Grand Rapids-based investment banking firm Charter Capital Partners advised Arlington, Texas-based ISG Technologies in its sale to Oakdale, Minn.-based Supply Chain Services, according to a statement. ISG Technologies is a value-added reseller of automatic identification and data collection (AIDC) hardware that serves customers in food and beverage distribution, retail, entertainment, warehousing and logistics. The deal marked Charter Capital’s fourth in the AIDC sector. Previously, the firm advised Supply Chain Services in its acquisition by Sole Source Capital, a Santa Monica, Calif.-based private equity firm. 

• Traverse City-based insurance brokerage High Street Insurance Partners has acquired Hickory, N.C.-based First Security Insurance, marking High Street’s first agency partner in North Carolina. First Security, founded more than a century ago, specializes in customized business and personal insurance solutions. First Security CEO Karl Sherrill will remain in his role and also become principal and agency operations leader for High Street Insurance Partners. Terms of the deal were not disclosed.

Perrigo Co. plc on July 6 closed the previously announced sale of its Generic Rx Pharmaceuticals business to New York City-based private equity firm Altaris Capital Partners LLC for $1.55 billion. Perrigo President and CEO Murray Kessler said the closing “was another important milestone for Perrigo’s transformation” into a consumer self-care company.

Pottstown, Pa.-based The Eastwood Company, an e-commerce provider of automotive tools, equipment and supplies with retail stores in the Midwest and East Coast, has acquired Holland-based Yost Vises Inc., a specialized provider of high-quality vises. Both companies boast a loyal customer base among the DIY automotive community. Family-owned Yost Vises has been owned by the Nelis family for more than 40 years. “The Yost Vises acquisition offers us another high-quality product line that complements our existing capabilities and enables us to continue providing a broader set of solutions to our customers,” Eastwood CEO Brian Huck said in a statement. Hudsonville-based NuVescor Group served as financial adviser to Yost Vises. Robinson, Bradshaw & Hinson P.A. served as legal adviser to Eastwood. Terms of the deal were not disclosed.

• Ingersoll Rand Inc. a global provider of flow creation and industrial solutions, has entered into an agreement to acquire Montreal-based Maximus, whose U.S. distributor is Jenison-based Maximum Ag Technologies Inc. The all-cash deal, valued at roughly $107.4 million, is expected to close in the third quarter pending regulatory approvals. Varnum LLP served as legal adviser on the U.S. aspects of the deal.

Expansion

• Copemish-based M-R Products Inc., a manufacturer of crowd control and visual barriers under the trade name Mr. Chain, is investing $4.2 million to expand its operations in Manistee County. The growing company, which currently employs 77 people, expects to add 25 jobs as a result of the investment. To support the expansion, the Michigan Strategic Fund board approved providing the company with a $200,000 Jobs Ready Michigan Grant to support recruitment and job training efforts.
• Logistics and data security company MCPc Inc. broke ground last week on a $2.8 million facility that’s expected to bring at least 75 new and existing jobs to Grand Rapids’ Madison Square Neighborhood. The 51,000-square-foot facility at 1601 Madison Ave. SE previously housed a vacant industrial building. Cleveland-based MCPc signed a lease agreement with Amplify GR in April allowing the company to move into the space in 2022. The company chose Michigan for its expansion over its headquarters in Cleveland and a competing site in Indiana. 

• Byron Center-based grocery retailer and distributor SpartanNash Co. announced a new “Micro-Fulfillment Center” that will assemble online grocery orders to be shipped to local grocery stores or homes. The 55,000-square-foot facility, located at 5199 68th St. SE in Caledonia, will fulfill orders made through SpartanNash’s Fast Lane online grocery shopping software. Orders are then shipped to 24 SpartanNash retailers across West Michigan, including Ada Fresh Market, D&W Fresh Market, Family Fare and Forest Hills Foods stores, as well as directly to homes. The center will primarily service customers in the Grand Rapids and Holland areas.

Health care

Trinity Health, the parent corporation of Mercy Health in West Michigan, will require employees to get a COVID-19 vaccine. The Livonia-based Catholic health system said this month that all employees who do not show proof of vaccination by Sept. 21 “will have their employment terminated,” unless they meet exemptions for religious or health reasons that they can request and document. Managers must show proof of vaccinations by Aug. 24.

Grand Valley State University’s Kirkhof College of Nursing received a $2.2 million federal grant to partner with Spectrum Health and McLaren Health Care to support working nurses from underrepresented backgrounds who wish to obtain a bachelor’s or advanced degree. The four-year project is supported with funding from the Health Resources and Services Administration in the U.S. Department of Health and Human Services. Spectrum and McLaren reach 14 counties in the lower peninsula to provide access to degree programs to nurses from underrepresented backgrounds.

Tech

A family investment group has launched information technology startup People Driven Technology Inc. in Byron Center. The company offers I.T. consulting, design and professional services and employs nearly 20 people working from the newly constructed office in the Venture Office Park. Partners of People Driven include Jim Engen, Tim Engen, Ryan Engen and Mark Wierenga.

Talent

Directors at the West Michigan Hispanic Chamber of Commerce have promoted Guillermo Cisneros to president and CEO from executive director, citing his “outstanding performance.” Under Cisneros’s leadership over four years, the West Michigan Hispanic Chamber grew its budget from $200,000 to $1.2 million and increased the number of employees from two to eight. He also led the development of three initiatives to support Latinx business owners, including helping them improve business processes and forming partnerships with local colleges and corporations to connect talent with employers. The third initiative that will soon launch, known as the Accounting Initiative, “will create solid financial structures that will allow growth and access to capital for Latinx businesses,” according to an announcement.

Clark Hill PLC named James Stadler as the new member in charge of the law firm’s Grand Rapids office. Stadler, who joined the firm in 2010, will continue his practice in the firm’s Labor and Employment department. He succeeds Ingrid Jensen, who is stepping aside after 15 years as member in charge but will remain with the firm.

Old National Bank promoted Mark Dobberstein to Michiana market president. Dobberstein leads the bank’s community engagement strategy and commercial banking for the greater Michiana area. He joined Old National in 2016 as a commercial relationship manager.

ADAC Automotive Inc., a Tier 1 manufacturer of automotive door handles and exterior mirrors, has named Cristian Baretti as its new executive vice president and chief financial officer. Baretti will oversee the Cascade Township-based company’s finance and commercial teams and will report directly to President Jeff Dolbee. Baretti joins ADAC after a 20 year career at Italian auto manufacturer Brembo S.p.A., where he was most recently CFO of Brembo North America Inc. “Christian brings a significant amount of experience, history of accomplishment, and we are excited to have him join ADAC as part of our team,” Dolbee said in a statement.

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