Published in Economic Development

MiBiz Growth Report: May 27, 2020

BY MIBIZ STAFF Tuesday, May 26, 2020 09:35pm

 Here is the MiBiz Growth Report for May 27, 2020.

M&A

  • Grand Rapids-based Charter Capital Partners served as M&A adviser to Oakdale, Minn.-based Supply Chain Services, a provider of automatic identification and data capture and factory automation, in its sale to Santa Monica, Calif.-based Sole Source Capital LLC. The deal allowed Supply Chain Services founder Chip Emery to retire from the company. Sole Source focuses on acquiring industrial lower middle market companies in North America. 
  • Full-service machine shop Grand Rapids Electric Motor Service LLC has been acquired by individual investor Brent Pelishek, according to a statement. EMS sells and repairs electric motors, gearboxes and pumps. The company provides on-site service for customers who need assistance in the installation, alignment or troubleshooting of electric motors. EMS has six full-time employees and three part-time employees. Grand Rapids-based M&A firm Small Business Deal Advisors LLC represented the company in the sale. Terms of the deal were not disclosed. 
  • Holland-based Collision Consolidation Co. LLC has acquired Stonewall Road Automotive Group, a Grand Rapids-based multi-state operator of MAACO automotive repair centers. Stonewall Road Automotive Group operates five locations in metro Detroit, four in Maryland and one in Ohio, according to a statement. The company will continue to operate under the Stonewall Road Automotive Group name and all key people are remaining with the firm following the transition. The company employs 120 people. Grand Rapids-based M&A firm Calder Capital LLC represented Stonewall Road Automotive in the sale. Terms of the deal were not disclosed.
  • Byron Center-based SurfacePrep, a private equity-backed abrasive products distributor, has acquired Sacramento, Calif.-based Temple Associates Inc., a distributor of loose abrasives and blast equipment. The deal marks the 10th strategic acquisition for Byron Center-based SurfacePrep in the last 18 months, according to a statement. Dallas-based private equity firm CenterOak Partners LLC formed SurfacePrep as a platform company out of its November 2018 acquisition of GNAP LLC. Terms of the Temple Associates deal were not disclosed. 
  • Grand Rapids-based BlueWater Partners LLC served as financial adviser to Monroe, Wis.-based Orchid Monroe LLC in its signing of a definitive agreement to acquire Carter Motor Co., a Chicago-based designer and manufacturer of electric motors, gear motors, rotary converters and tachometers. Orchid Monroe is a manufacturer of components for electric motors, generators and transformers. The deal, terms of which were undisclosed, is expected to close on or around June 30, according to a statement.
  • High Street Insurance Partners, a private equity-backed agency platform, recently completed three acquisitions, including two deals in West Michigan. The Traverse City-based agency closed in April on deals for Ken Bleeker Insurance Agency in Martin and Trust Shield Insurance Group in Schoolcraft. High Street Partners also expanded outside of Michigan with the acquisition of New Hartford, N.Y.-based Gates-Cole Associates. That deal closed May 4. Since forming in June 2018 with backing from Detroit-based private equity firm Huron Capital, High Street Partners has completed 10 acquisitions. The company now has more than 300 employees at offices in Michigan, New York and Pennsylvania.
  • Federal regulators approved the $21.9 million acquisition of Community Shores Bank Corp. in Muskegon by Sparta-based ChoiceOne Financial Services Inc. Approval of the deal came May 14 from the Federal Reserve Bank of Chicago. Community Shores shareholders vote June 17 on the deal, which should close in the third quarter. ChoiceOne also has completed the integration of ChoiceOne Bank with Lakestone Bank & Trust following the 2019 acquisition of Lapeer-based County Bank Corp. in an $89 million deal.

Expansion

  • Kentwood-based Packaging Compliance Labs LLC is investing $2.57 million to expand its headquarters. The medical device packaging, engineering and testing firm was awarded a $135,000 Jobs Ready Michigan grant from the Michigan Strategic Fund for the project, which is expected to create 27 high-wage jobs. The company qualified for the performance-based grant because of its plan to train and develop employees to put them in a position for upward mobility, according to a statement. The company specializes in assisting global medical device manufacturers in speeding new medical devices to market while maintaining regulatory compliance to FDA and international requirements. 
  • Ann Arbor-based C3 Industries LLC opened a marijuana dispensary on May 11 in Newaygo County at 262 South Maple St., commonly known as M-37, in Grant. The company expected to start selling recreational cannabis products on May 22 at the High Profile Cannabis branded store. C3 Industries CEO Ankur Rungta called Grant “an ideal location” along a major north-south road near Grand Rapids, which is not expected to allow recreational sales until next year. The closest recreational marijuana dispensaries in the region are located in White Cloud, Lowell, Douglas and Muskegon.

Health care

  • The Center for Physical Rehabilitation and Therapy plans to open a new clinic June 1 on Georgetown Center Drive in Jenison. The clinic will provide outpatient physical therapy services, including specialties in orthopedic and sports medicine care and have a dedicated pediatric area. The 2,200 square-foot clinic is in the same building as the new Western Michigan Pediatrics office. First Companies Inc. served as the general contractor for the project. Rebekah VanZegeren will serve as the clinic’s manager. The Center has three clinics in Grand Rapids, plus offices in Wyoming, Belmont, Walker, Kentwood and Greenville.
  • Cedar Springs Dental broke ground this month on a new 3,000-square-foot office to replace an existing location in Cedar Springs. The new office is expected to open after the turn of the new year. Grand Rapids-based First Companies will manage construction. Grand Rapids-based Dixon Architecture is the architect.
  • Ed Postma was named interim president of Exalta Health in Grand Rapids. A member of the Exalta Health Board of Directors and a former chair, he replaces Dan Takens, who resigned this month for personal reasons. The Exalta Health board has begun searching for a new president. The nonprofit Exalta Health provides health care to a wide variety of children, adults and seniors in West Michigan, regardless of their employment, health insurance and other financial factors. In 2019, Exalta Health served 1,099 medical patients, 1,210 dental patients and provided more than 9,000 total services.

Energy

  • Holland-based Jolt Energy Storage Technologies LLC has received $250,000 to further advance its utility-scale energy storage solutions. The grant funding was awarded via GCxN, a program commonly known as Shell GameChanger operated in partnership with the U.S. Department of Energy’s National Renewable Energy Laboratory and Shell Global. The selective accelerator program aims to help push forward the commercialization of clean energy technologies and reduce investment risk for recipients. Jolt’s technology for energy storage helps to address a key barrier in the widespread adoption of renewable energy, according to co-founder Jack Johnson, who characterizes the company’s innovation as “a true game changer” for the industry. The funding comes on top of a $200,000 Department of Energy grant the company received last August. Jolt is a spin-off of Michigan State University’s Bioeconomy Institute.
  • Jackson-based Consumers Energy — in partnership with Google and energy management firm Uplight — is giving away 100,000 Nest thermostats to customers in an effort to help them conserve energy during the COVID-19 pandemic. The smart thermostats, which retail for $169, give households more control over their energy usage and can help the utility shift demand during different times of the day. Residential electric and natural gas customers with central air conditioning are eligible for the upgrade, which is available through July.

Read 186 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >