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Published in Economic Development

MiBiz Growth Report: March 14, 2022

BY Sunday, March 13, 2022 06:12pm

Here is the MiBiz Growth Report for March 14, 2022.

M&A

  • Family-owned materials recycler Schupan & Sons Inc.  — a Kalamazoo-based third-generation business that was established in 1968 — has acquired Des Moines, Iowa-based Mid America Recycling. Mid America Recycling operates from a 75,000-square-foot facility and specializes in recycling paper, metal, glass and plastic. Mid America’s operations will roll into Schupan & Sons, which specializes in metal and plastic recycling while also serving as a processor, distributor and manufacturer for these materials.
  • Sock retailer boldSOCKS, which sells a wide ranging inventory of decorative socks both online and at a downtown Grand Rapids brick and mortar shop, has been sold to Grand Rapids-based OCI Ventures Inc. boldSOCKS, which produces brands Statement Sockwear and boldSOCKS, plans to move both its storefront and all operations to a new location in Fruitport.
  • West Michigan accounting firms Hungerford Nichols CPAs + Advisors P.C. and Ferris, Busscher & Zwiers P.C. plan to merge May 1. The staff and partners — Bill Borgman, Doug Rotman and Tony Zwiers — at Holland-based Ferris, Busscher & Zwiers will join Grand Rapids-based Hungerford Nichols while continuing to operate the Holland office. Borgman will serve as a principal at the firm while Rotman and Zwiers will become shareholders.
  • Pallet solutions provider Kamps Inc. expanded its presence in Colorado through a recent acquisition. The Walker-based Kamps, which supplies, recycles, maintains and customizes wooden pallets, announced that it has acquired L&R Pallet Services, which operates from a single location in Denver. L&R Pallet Services, which specializes in new and recycled pallets, also offers its clients a recycling service for cardboard, plastic and aluminum. L&R is currently run by second-generation owners James and Carine Ruder and has 110 employees.
  • Grand Rapids-based global insurance broker Acrisure LLC acquired one of Spain’s leading insurance brokerages, Summa Insurance Brokerage. The acquisition was Acrisure’s first move into the Spanish market. The Grand Rapids-based company now has a physical presence in 10 different countries. The deal also adds another major market to Acrisure’s operations in Europe, which includes Italy, the Netherlands, Switzerland and the United Kingdom.
  • Traverse City-based speciality and vintage auto insurer Hagerty Inc. (NYSE: HGTY) has acquired an event-planning company known for its series of standalone events that celebrate automobiles of the 1980s and ’90s. Hagerty, which went public in 2021, recently announced that it purchased RADwood, adding it to its growing event portfolio. Hagerty intends to continue RADwood events, where participants pay homage to the cars and culture from that time period.
  • Grand Rapids marketing agency Deksia LLC has merged with Anvil Media, a digital marketing agency in Portland, Ore. The deal will give each company deeper capabilities and expertise across the practice groups. The combined company will employ 50 people full time at offices in Grand Rapids, Portland, Des Moines, Iowa and Indianapolis.
  • Hutson Inc., a Murray, Ky.-based John Deere dealership group spanning a five-state footprint, has acquired Gaylord-based Lappans of Gaylord Inc., according to a report in trade publication Farm Equipment. The deal will allow the Gaylord location to expand into agricultural equipment to serve counties in the northern Lower Peninsula. Terms of the deal were not disclosed. As well, Hutson is in the process of building a new dealership facility in Charlotte. The company is consolidating the former Bader and Sons Co. dealership in Grand Ledge to a new location across the street from a former D&G Equipment store in Charlotte, according to a statement.
  • Grand Rapids investment firm Auxo Investment Partners has acquired Golden State Assembly Inc., a wire and cable assembly and harness manufacturer based in Fremont, Calif. Golden State Assembly’s founders, Cesar and Yesenia Madrueno, retained a “significant interest” in the company and retained their operating roles. The 15-year-old Golden State Assembly designs and assembles wire harnesses and cable assemblies for clients in the automotive, aerospace, industrial equipment, medical device, electronics, specialty vehicle and energy industries.

EXPANSION

  • Michigan Screen & Window Repair quadrupled its space after a recent move. The company, which repairs, replaces and installs glass and screens, recently moved to 3113 Hillcroft Ave. SW in Wyoming, signing a lease for 12,779 square feet of industrial space in the facility. An additional 3,400 square feet of upper level office space is still available for lease. 

FINANCE

  • Grand Rapids-based Michigan Capital Network and BlueWater Angels in Midland have partnered with the Central Michigan University Research Corp. to help more startups in the Great Lakes Bay Region connect with prospective investors. The partnership includes pitch nights and similar meet-and-greet events with angel investors. BlueWater Angels is one of five regional angel investing groups that make up the Michigan Capital Network trade association. The groups collectively have 160 active members with investments in nearly 100 companies.

HEALTH CARE

  • Serenity Village in Hastings has entered the public phase of its Time to Build campaign to raise $2.7 million to build a six-bed hospice house in Barry County. The campaign has raised more than $2.3 million since beginning in May 2020. Donors include local businesses and area foundations. Planned for a donated site just east of Hastings Mutual Insurance Co., Serenity Village would become the first hospice care provider in Barry County. The capital campaign will continue through this summer and construction could begin in early 2023.
  • Senior living providers United Methodist Retirement Communities in Chelsea and Porter Hills in Grand Rapids rebranded their corporate umbrella organization as Brio Living Services. In March 2019, UMRC and Porter Hills affiliated as a single organization with shared leadership and governance. The names of the 24 locations and service lines that are a part of the Brio Living Services family will remain the same.
  • Providers at Advanced Diagnostic Imaging P.C. in Saginaw have joined Grand Rapids-based Advanced Radiology Services P.C. Advanced Diagnostic Imaging operated for more than 20 years. After absorbing the practice, the physician-owned Advanced Radiology Services now has 214 radiologists, 37 advanced practice providers and 185 employees in operations, I.T. and administrative support. Advanced Radiology also provides services to nine health systems across Michigan.
  • The U.S. Department of Health and Human Services awarded Grand Rapids-based Cherry Health $2 million to improve health care access and quality for underserved populations using telehealth, artificial intelligence, remote patient monitoring, digital patient tools and health information technology platforms. Cherry Health is one of 29 health centers nationwide and the only one in Michigan to receive funding through the Health Resources and Services Administration. 

BANKRUPTCY

  • Coopersville-based environmental consulting firm Superior Environmental Corp. has filed for Chapter 11 bankruptcy as it positions to sell the company to an industry competitor. Superior Environmental cited extreme staff turnover and hardships associated with the COVID-19 pandemic as reasons for dwindling revenue. The company also faces a $584,000 payment under a judgment in a lawsuit filed by a former client. In the bankruptcy filing, Superior Environmental claimed $1.29 million in liabilities compared to $1.28 million in assets.
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