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Published in Economic Development

MiBiz Growth Report: July 5, 2022

BY Sunday, July 03, 2022 06:29pm

Here is the MiBiz Growth report for July 5, 2022:

M&A

  • Private equity-backed Elevator Service LLC, a Grand Rapids-based elevator service provider in the Midwest, made its third add-on acquisition with a deal to acquire Grand Rapids-based Van Duinen Elevator Co. Founded in 1972, Van Duinen Elevator serves a range of commercial and industrial customers in the greater Grand Rapids market, where Elevator Service also operates. The deal will strengthen the density of Elevator Service’s customer base in the Grand Rapids and lakeshore areas and allow the company to bring new capabilities and services to Van Duinen’s clients, according to a statement. As a result of the transaction, Larry Burns, the owner of Van Duinen Elevator, is joining the management team of Elevator Service, which also operates in the Detroit, Milwaukee, and Toledo and Columbus, Ohio markets. Elevator Service is a portfolio company of Greenwich, Conn.-based Carroll Capital, which also provided financial backing for the Van Duinen Elevator acquisition. Terms of the deal were not disclosed. 
  • Traverse City-based Starboard Solutions Corp., a developer of supply chain network design software, has signed a definitive agreement to sell the company to Logility Inc., a digital supply chain innovation company based in Atlanta, Ga. Starboard’s software allows users to create an interactive digital twin of the physical supply chain network and leverages gaming technology for an intuitive user experience, according to a statement. The software complements Logility’s systems and provides users with new kinds of analytical options for planning future plants, warehouses or third-party logistics locations. Logility is a wholly owned subsidiary of Atlanta-based American Software Inc. (Nasdaq: AMSWA). Terms of the deal were not disclosed. 
  • Grand Rapids insurance brokerage and fintech Acrisure LLC announced its acquisition of United Kingdom-based insurance broker and risk manager Russell Scanlan. The deal is expected to close soon, pending regulatory approval in England. The 141-year-old English firm specializes in commercial insurance across multiple sectors and company sizes. The firm will maintain its management team and will continue to operate under the Russell Scanlan brand. So far in 2022, Acrisure has completed or obtained letters of intent for 100 acquisitions.
  • Grand Rapids-based HVAC, plumbing and electrical home service provider Heartland Home Services LLC has expanded its Midwestern reach with the acquisition of Wisconsin-based HVAC service provider The Thielmann Group, which brings a record of organic growth as well as multiple acquisitions. “Partnering with Heartland gives us an opportunity to continue our growth goals under the umbrella of an honest, customer-focused partner,” Thielmann Group President Brad Smith said in a statement. Smith, along with the company’s management team and technicians, will stay on with the company. Terms of the deal were not disclosed. Heartland’s brands include Vredevoogd Heating & Cooling, Schaafsma Heating & Cooling and Hager Fox Heating & Cooling.
  • Grand Rapids private equity firm Auxo Investment Partners has acquired an Indiana-based manufacturer of braided lacing tapes, twines, cords and sleeving for the electrical, defense and aerospace markets. Breyden Products Inc. will operate under the Indianapolis-based Precision Products Group Inc., the parent company of Paramount Tube and Euclid Medical Products that Auxo acquired in 2020. Auxo co-founder and Managing Partner Jeff Helminski said Breyden Products’ portfolio will fit well with Paramount Tube, which makes spiral-wound and extruded tubular products that are part of the insulation used in electric motors.
  • An affiliate of wood products manufacturer UFP Industries Inc. has acquired a 50-percent stake in a key supplier based in South Carolina. UFP affiliate PalletOne Inc. acquired the equity stake in Orangeburg, S.C.-based Dempsey Wood Products LLC, the companies announced last week. The purchase agreement also includes options for PalletOne to acquire the remaining 50 percent after three years. Founded in 1988, Dempsey produces kiln-dried lumber, pallet lumber and other industrial wood products from a single location in South Carolina, and recorded $68.9 million in sales in 2021. Dempsey’s industrial lumber is key for pallet operations and has been in short supply as larger mills produce less of the product, according to company officials.
  • Grand Rapids staffing and human resources outsourcing firm Axios HR recently completed its merger with Petoskey-based PMP Personnel Services, creating an 11-office entity spanning Northern to Southwest Michigan. After completing the merger in March, the combined company includes 72 employees and offices in Auburn, Gaylord, Gladwin, Sparta, Traverse City (two), Petoskey, Grand Rapids, Holland, Ionia and Muskegon. Company executives say the two firms shared synergies and would benefit from expansions in each others’ service territories. Terms of the deal were undisclosed.

 

EXPANSION

  • Holland-based digital consulting firm Twisthink LLC is expanding with a new headquarters at the Michigan State University Grand Rapids Innovation Park. Twisthink’s move includes a $2.2 million capital investment and is expected to create 37 jobs by 2025 as it joins other tenants at the downtown Grand Rapids facility, including BAMF Health Inc., MSU and Perrigo Co. plc. Twisthink Managing Partner Robert Niemiec called it a “pivotal moment” for the company, which currently employs 40 people in Holland who will all move to the Grand Rapids location. Founded in 2001, Twisthink helps companies embrace digital acceleration within their operations. The Michigan Strategic Fund supported the expansion with a $300,000 Michigan Business Development Program performance-based grant.
  • Eight organizations in Manistee County will contribute $250,000 over the next three years to help expand nonprofit Housing North’s programming in the area. Housing North will expand its Housing Ready Program to Manistee County and appoint a program coordinator based in Manistee. Housing North currently operates its Housing Ready Program in Emmet and Charlevoix counties with plans for a coordinator position in Leelanau County. Founded in 2018, the nonprofit housing organization serves 10 counties across the northwestern Lower Peninsula.

 

HEALTH CARE

  • Gov. Gretchen Whitmer has signed legislation intended to aid North Ottawa Community Health System’s merger into Trinity Health. The bill that passed both the House and Senate by wide margins eliminates the need for a second public vote to approve the sale or transfer of a community hospital or health system that previously went through a voter-approved transfer from a public authority to a private, nonprofit corporation. Grand Haven-area voters in 1996 approved transferring North Ottawa to a private, nonprofit corporation. Under the existing law, North Ottawa would have to go through another public vote to again sell or lease the hospital. 
  • Holland Hospital has opened a primary care office in Grand Haven. Dr. Courtney Erickson-Adams and Carrie Roberson, a physician assistant, will staff the office at 1600 S. Beacon Blvd. The physicians will offer services involving infant care and well-child visits, physical and health screenings, virtual visits and diabetes management, to name a few. “This office reinforces our commitment to providing the Grand Haven community—and patients of all ages — with close-to-home access to high-quality primary care,” said Michelle Doctor, vice president of Holland Hospital Medical Group.
Read 1128 times Last modified on Tuesday, 05 July 2022 09:19
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