fbpx
Published in Economic Development

MiBiz Growth Report: March 28, 2021

BY Sunday, March 28, 2021 11:05am

Here's the MiBiz Growth Report for March 28, 2021.

M&A

  • Traverse City-based Hagerty Insurance Agency Inc., an insurer of classic cars and high-end automobiles, has acquired the Detroit-based nonprofit Concours d’Elegance of America. The annual event showcases classic, rare and notable vehicles and has most recently been held at the Inn at St. John’s in Plymouth, Mich. According to a statement, Hagerty will work with Concours d’Elegance of America staff to raise its profile of the event, the proceeds of which support automotive education and local charities. Board Chair Larry Moss and director Tara Noftz will continue in their roles. The 42nd annual event is scheduled for July 23-25 this year. The deal adds to a growing lineup of automotive events for Hagerty, which previously acquired the Greenwich Concours d’Elegance and the California Mille.
  • A Boston interior design, procurement and project management firm owned by Grand Rapids-based Blackford Capital completed a merger that led to the creation of a new company serving the North American hospitality market. Blackford Capital jointly owns Boston Trade Interior Solutions with the management teams at portfolio company Vertically Integrated Products in Bloomingdale, Ill., and Boston Trade International in Hudson, Mass. Blackford Capital acquired Vertically Integrated Products in January 2017. 
  • A St. Paul, Minn.-based data backup and storage company now has a second headquarters near Grand Rapids after being acquired by a local entrepreneur. Mass Storage Systems Inc. announced this month that it has been acquired by Lisa Jabara Newell, an entrepreneur once from the Twin Cities area who is now located in Grand Rapids. Newell rebranded the company as Mass Mountain Technologies and relocated its headquarters to 3341 Ashton Road SE in Grand Rapids Township. The company specializes in customized data solutions for enterprise-level organizations. Newell told MiBiz that she finalized the deal a couple of months ago and is assembling a Grand Rapids team that will focus primarily on sales and marketing.
  • Steel distributor Mill Steel Co. has purchased the commercial assets of Los Angeles-based Prassas Metal Products Inc., which specializes in distributing pre-painted and coated coil products. The deal expands Mill Steel’s geographic footprint while growing its reach to sources in the southeastern U.S. “When favorable opportunities such as this present, our aggressive acquisition strategy allows us to transact quickly to the benefit of our customers,” said Pam Heglund, president and chairperson of Mill Steel, which is headquartered in Cascade Township and operates five service centers across the U.S. Terms of the deal were not disclosed.
  • Caledonia-based Aspen Surgical Products Inc. has acquired BlueMed Medical Supplies Inc., a Canadian manufacturer of disposable shoe covers and other personal protective equipment. The acquisition expands Aspen’s portfolio of disposable surgical products that are manufactured and then sold into the acute care market. Aspen CEO Jason Krieser called BlueMed a “highly synergistic fit for Aspen in terms of manufacturing and commercial operations.” The deal follows Aspen’s recent acquisitions of Precept Medical Products Inc. and Protek Medical Products Inc. Terms of the BlueMed deal were not disclosed.

Capital raise

  • Grand Rapids-based Acrisure LLC closed on a $3.4 billion capital raise, most of which came from the sale of senior preferred stocks to a consortium of investors. Already one of the largest and fastest-growing insurance brokerages, Acrisure will use the capital to support further growth and technology investments. Of the capital raised, $3 billion came from the sale of senior preferred shares to an investment consortium led by Chicago merchant banker BDT Capital Partners. Acrisure raised another $454 million through the sale of junior preferred shares to a consortium of investors.

Insurance

  • Small business clients of Blue Cross Blue Shield of Michigan that renew their health policies in the second half of the year will see small rate increases of less than 2 percent. The rate adjustments for third and fourth quarter policy renewals are similar to what Blue Cross Blue Shield and HMO subsidiary Blue Care Network implemented for small employers that renewed policies that were effective Jan. 1 or April 1. Rate adjustments for the third or fourth quarter renewals will average 0.9 percent statewide for the Blue Cross Blue Shield PPO health plans and 1.9 percent for HMO policies.

Health care

  • Dr. Hyung Kim has stepped down as president of Mercy Health Saint Mary’s. Chief Medical Officer Dr. Matt Biersack was named interim president as Saint Mary’s searches for a new leader. Kim left the position a little less than two years after joining Mercy Health Saint Mary’s, which is part of Livonia-based Catholic health system Trinity Health. A Mercy Health statement did not offer a reason for his departure. Kim became president at Mercy Health Saint Mary’s in May 2019 after serving for six years as senior associate dean for clinical affairs at Michigan State University’s College of Human Medicine in East Lansing.

Higher ed

  • Ferris State University’s Kendall College of Art and Design (KCAD) has named Tara McCrackin as president after serving in an interim role since 2019. McCrackin, a former interior designer at Custer Inc., first joined KCAD in 2000 as an assistant professor. School officials said McCrackin’s prior experience in the industry as well as a history in the classroom made her an ideal candidate. Ferris President David Eisler called McCrackin a “dynamic leader” whose experience and “understanding of the Kendall community as a long-term faculty member makes her the right person at the right time.”

Nonprofit

  • Muskegon-based Goodwill Industries of West Michigan Inc. is one of three organizations statewide that was selected to pilot an initiative assisting lower-income workers with affording and accessing child care. Serving Muskegon County, Goodwill Industries of West Michigan joins United Way of Northwest Michigan in Traverse City and Saginaw Intermediate School District as “facilitator hubs” for the MI Tri-Share Child Care Pilot Program. Under the program administered by the Michigan Women’s Commission, the state, employers and their employees will split the cost of child care. The initiative originated from a coalition of interests the Grand Rapids Area Chamber of Commerce assembled in 2019 to examine ways to assist lower-wage workers with child care and address a persistent labor shortage.
  • West Michigan Center for Arts + Technology (WMCAT) has named Jamon Alexander as its new president and CEO. A Grand Valley State University graduate, Alexander spent the prior six years as WMCAT’s director of workforce development, where he helped grow the program that provides support and career training for adults seeking careers in health care. Alexander also previously led fundraising and volunteer efforts at YMCA of Greater Grand Rapids, Spectrum Health Foundation and the Heart of West Michigan United Way.
Read 1354 times Last modified on Friday, 26 March 2021 12:43
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >