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Published in Economic Development

MiBiz Growth Report: June 6, 2021

BY Sunday, June 06, 2021 11:47am

Here is the MiBiz Growth Report for June 6, 2021.

M&A

  • Grand Rapids Venture Capital has acquired Professional Courier Services, a same-day, small-package delivery and errand service in Grand Rapids. Small Business Deal Advisors LLC represented Professional Courier Services owner Cathy Smith in the sale. Smith founded Professional Courier Services in 1978 and sold the business to retire. Grand Rapids Venture Capital plans to add warehouse space to offer more logistics services, including warehousing and fulfillment, last-mile delivery and transportation options to customers. Steve Barnes created Grand Rapids Venture Capital during the pandemic to find new investment opportunities.
  • Public relations and investor relations firm Lambert & Co. has sold its Lansing political business formerly known as Sterling Corp. to Brightspark Strategies, the three-person team running Sterling’s conservative fundraising unit. Lambert President Don Hunt said in a statement that the firm is focused on its “growing and profitable practice areas” and is “shedding non-core operations.” He added that the sale provides a “significant return” while also “eliminating the potential for conflicts inherent with a political practice.” Lambert, which has offices in Grand Rapids, Detroit and New York City, will retain its Lansing office.
  • BluJay Solutions, a global provider of supply chain software with a major presence in Holland, has been sold to Austin, Texas-based E2open in a deal valued at around $1.7 billion. The deal, which was announced late last month, brings together two complementary software as a service (SaaS) providers. BluJay Solutions works with 50,000 network participants that will enhance E2open’s network of more than 220,000 network participants. The deal also helps expand E2open’s supply chain execution capabilities, namely with transportation management. The deal is expected to close in the third quarter.

Expansion

  • Industrial Magnetics Inc. plans to more than double its manufacturing space in Boyne City with a 36,000-square-foot addition, according to a statement. The additional room will allow the company to support its organic business growth and to handle production of products stemming from its recent acquisition of Walker Magnetics. Construction on the project started last fall and is expected to wrap up by July 1. Industrial Magnetics is a manufacturer of permanent and electromagnetic solutions for industrial applications. In February 2021, the company acquired the assets of Worcester, Mass.-based Walker Magnetics Group Inc., a manufacturer of highly engineered industrial magnetic products that’s been in business since 1896. 
  • Industrial automation and robotics integrator Mission Design and Automation LLC is building a new 50,000-square-foot manufacturing facility at 9696 Black River Court in Holland Charter Township. The $5.3 million project is expected to create 109 jobs over a two-year period by increasing the company’s engineering and machine build capacity. State officials said the project aligns with the Michigan Economic Development Corp.’s strategic goal of growing advanced manufacturing and Industry 4.0 jobs statewide. Grand Rapids-based Pioneer Construction Co. serves as the general contractor on the project, which is expected to be move-in ready by the end of the month.
  • Autocam Medical Devices LLC plans to invest $60 million over the next three years to expand production capacity in West Michigan. The producer of surgical and medical components and devices expects to build a new 100,000-square-foot global headquarters and production facility at Broadmoor Avenue and 36th Street in Kentwood. Autocam Medical is working with Grand Rapids-based AMDG Architects Inc. to design the facility. Pioneer Construction Co., also of Grand Rapids, will handle the build-out. The company expects the expansion will create an additional 250 jobs. Autocam Medical has already started hiring and expects to increase its recruiting efforts significantly over the next year.

Banking

  • Lake Michigan Credit Union opened a new branch at 496 Ada Drive SE in Ada and an office on Robbins Road in Grand Haven. The Grand Rapids-based credit union has 59 offices, including 13 in Florida, with assets of about $10 billion and more than 406,000 members.
  • Mercantile Bank of Michigan transferred ownership of a former office on Lincoln Street in downtown Lakeview to the Hough-Pontius VFW Post No. 3701, which plans to renovate the building to include a large event space, commercial kitchen, private offices and meeting spaces.
  • Honor Credit Union will add an office in the Grand Rapids area with the planned acquisition of the smaller ATL Federal Credit Union. The acquisition will give ATL’s 1,767 members access to a far larger branch network in the Grand Rapids area and more financial services, including business lending and “robust” mortgage lending, ATL President and CEO Robert Shane said. ATL has a single office on 36th Street in Wyoming with $15.1 million in assets. The Berrien Springs-based Honor Credit Union has 23 offices in Southwest Michigan and the Upper Peninsula with $1.14 billion in total assets and nearly 92,000 members. The present ATL location would become Honor’s first office in Kent County.
  • Tom Lampen, senior vice president and CFO at Sparta-based ChoiceOne Financial Services Inc., plans to retire effective Dec. 31, 2021. ChoiceOne directors approved a succession plan and expect to name senior vice president and COO Adom Greenland to succeed Lampen as CFO. Lampen will retire after 34 years in the banking industry, which includes service as ChoiceOne’s CFO since 1992.

Health care

  • Bronson Healthcare has opened its new $22 million, 52,000-square-foot South Haven Hospital. The two-story facility was developed east of the existing hospital between Blue Star Highway and Bailey Avenue. The 8-bed facility includes significantly less inpatient capacity than the existing 49-bed hospital to reflect low inpatient volumes, and focuses mainly on primary care, wellness, disease management and the most-used medical services. Bronson South Haven Hospital is the second new facility the Kalamazoo-based health system opened this year. Bronson in February opened the $60 million Frank J. Sardone Pavilion in Kalamazoo adjacent to Bronson Methodist Hospital.
  • Spectrum Health will rebrand Health Pointe, an outpatient medical campus in Grand Haven developed jointly with Holland Hospital, as Spectrum Health Grand Haven Center. The name change will occur over the next six months and comes after Spectrum Health bought out Holland Hospital’s share of the joint venture to become sole owner. The new name “aligns with Spectrum Health’s branding in West Michigan and identifies the Grand Haven Center as part of the health system’s family of services,” the health system said in a statement.
  • Holland Hospital added a specialty care practice in pulmonary and sleep medicine with Dr. Dale Coller, who specializes in the diagnosis and treatment of lung conditions, breathing problems and sleep disorders, including obstructive sleep apnea. 
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