Published in Economic Development

MiBiz growth report: May 12, 2019

BY MiBiz Staff Sunday, May 12, 2019 10:39pm

Here is the growth report for May 12, 2019.

M&A

  • Perrigo Co. plc (NYSE: PRGO) said last week that it intends to use the proceeds from the sale of its animal health business to buy Ranir Global Holdings LLC, a Grand Rapids-based maker of oral care products, for $750 million. The announcement came a day after Perrigo said it planned to sell its animal health business for $185 million in cash to PetIQ LLC, an Eagle, Idaho-based pet health and wellness company. Ranir’s lineup of more than 300 products includes manual toothbrushes, power toothbrush heads and handles, whitening strips, dental floss, dentures and travel kits sold in more than 50 countries. Ranir, which employs about 650 people, generated $218 million in sales for 2018. The companies expect the deal to close in the third quarter. Morgan, Lewis and Bockius LLP is serving as Perrigo’s legal counsel. William Blair & Co. LLC is the financial adviser for Ranir, which is represented by Kirkland & Ellis LLP.

  • Rose Street Advisors LLC of Kalamazoo has acquired Kalamazoo-based HRM Innovations LLC, a human resources consulting and training firm. The acquisition adds to Rose Street Advisors’ services, which include investments and retirement planning, group employee benefits and life/disability insurance. HRM Innovations founder and Chief People Officer Kevin Brozovich joins Rose Street Advisors’ staff as a people adviser, working with Erin Markel to grow the new HR consulting division. Terms of the deal were undisclosed.

  • South Bend, Ind.-based Teachers Credit Union plans to acquire New Buffalo-based New Bancorp Inc. (OTC: NWBB), the parent company of New Buffalo Savings Bank, in a cash deal valued at $21.3 million. Under the deal, Teachers Credit Union will acquire the assets and assume the liabilities of New Buffalo Savings Bank for $28.42 per share. The deal should close in the second half of this year and is subject to approval by regulators and shareholders of New Bancorp. New Buffalo Savings Bank has three offices in Berrien County with $119.5 million in total assets, according to its latest financial report with the FDIC.

  • Buchanan, Mich.-based G. P. Manufacturing Inc. has been acquired by Harbor Springs, Mich.-based Central Industrial Manufacturing Inc., a certified woman-owned precision CNC machine shop, according to a statement. Grand Rapids-based M&A firm Calder Capital LLC advised GP Manufacturing on the deal, the terms of which were not disclosed.

  • KAM Marine Northport LLC, a division of Bloomfield Hills-based KAM Yacht Sales LLC, has acquired Northport Bay Boat Yard in a deal that closed April 10, according to a report in Marine Dock Age. The 35-acre Northport facility includes 135,000 square feet of storage buildings with wet service slips and employs 12 people. Coral Gables, Fla.-based Simply Marinas advised on the deal.

  • Closet Concepts Inc., a Grand Rapids-based designer, builder and installer of high-end storage solutions, was purchased by a West Michigan-based financial buyer. Michael Greengard of Praxis Business Brokers LLC and Grand Haven attorney Mark Powers represented the seller. Powers and Greengard also represented Sterling Performance Inc., a testing service in Milford, in its sale to a strategic buyer group from Bloomfield Hills.

  • Lansing-based Farm Bureau Insurance of Michigan signed an agreement to acquire Cincinnati Equitable Companies, the parent company of Cincinnati Equitable Life Insurance Co. and Cincinnati Equitable Insurance Co. Cincinnati Equitable Insurance, founded in 1826 and headquartered in Cincinnati, sells property casualty insurance in Illinois, Indiana, Kentucky, Ohio, and Pennsylvania. Cincinnati Equitable Life provides life insurance in Georgia, Indiana, Kentucky, Mississippi, Ohio and Tennessee. Terms of the transaction were undisclosed.

Expansion

  • Dunneback Fruit Farm LLC is planning a brewery and winery tasting room at its Ed Dunneback & Girls Farm Market, located at 3025 6 Mile Road NW in Alpine Township. The company aims to use fruits and hops from the multi-generational family farm to make beer, wine and cider, pending the approval of a microbrewery license and small winemaker’s license from the Michigan Liquor Control Commission. Stephanie Ginsberg, manager of the farm market, said the family decided to explore adding the options as a way to create more consistency in the seasonal business.

  • Battle Creek-based WACO Classic Aircraft Corp. is expanding its headquarters and operations at W.K. Kellogg Airport in Battle Creek. The additions will add more than 80,000 square feet for WACO, a niche manufacturer of vintage open-cockpit biplanes. Detroit-based Walbridge Construction Co. is handling design-build services on the expansion of WACO’s production facility and FBO operations center at the airport. Dearborn-based Ghafari Associates LLC, which has an office in Grand Rapids, is the design partner on the project. Last November, Fort Lauderdale, Fla.-based Dimor Group Inc., a division of Germany-based Dimor Aero GmbH, acquired WACO and fixed base operator Centennial Aircraft Services Inc., also of Battle Creek.

  • Forman Glass LLC, a glass and glazing company, is relocating production of its window and entrance frames from Ft. Wayne, Ind. to Comstock, Mich., where the company will invest almost $2 million into a new 25,200-square-foot facility. The site will house warehousing, fabrication and office space, according to a statement. The Michigan Economic Development Corp. supported the project with a $100,000 performance-based grant via the Michigan Business Development Program.

  • Grand Haven-based Renishaw Metrology Fixturing Solutions LLC plans to expand in a move north into a new 52,000-square-foot facility in Norton Shores. The company, a division of U.K.-based Renishaw plc, is working with Grand Haven-based Westwind Construction & Development Inc. on the Norton Shores manufacturing and engineering facility, which is scheduled this month for a groundbreaking at 5500 Grand Haven Road and should open in early 2020, according to a statement.

  • Kentwood-based DK Security is opening a new office in Flint, the company’s third location outside of its West Michigan headquarters. The Flint office will be located at 653 Saginaw Street. DK Security also maintains offices in Detroit and Lansing.

Reopening

  • Private prison operator Geo Group Inc. (NYSE: GEO) plans to reopen its closed North Lake Correctional Facility in Baldwin. The Florida-based company said it won a 10-year federal government contract to house “non-U.S. citizen criminal aliens” and plans to reopen the 1,800-bed prison in Lake County to fulfill the contract. The contract is expected to generate about $37 million in incremental annualized revenues for Geo and create up to 320 jobs. The Baldwin facility is the only private prison in the state.

Health care

  • Spectrum Health Lakeland in St. Joseph and Mary Free Bed Orthotics and Prosthetics formed a joint venture. The collaboration will provide patients with adaptive equipment such as cranial reshaping helmets, artificial limbs and external braces designed to enhance and improve their functional ability after a serious injury, illness or other debilitating condition.

  • Oaklawn Hospital in Marshall named Gregg Beeg as its new president and CEO. Beeg began May 1, and had served as Oaklawn’s interim president and CEO since August 2018, and before that was chief financial officer.

Layoffs

  • Global direct-selling giant Amway Corp. of Ada instituted another round of cuts to its workforce. The layoffs affect operations and “key back-office functions” at the company’s world headquarters in Ada, just east of Grand Rapids, and at other offices globally, according to Amway spokesperson Anna Bryce. Positions that will be eliminated span legal, human resources, supply chain, finance and strategic planning. The company did not disclose the number of jobs that would be affected in the latest round of layoffs, citing ongoing “internal communications.”
Read 1131 times Last modified on Saturday, 11 May 2019 19:32
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