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Published in Economic Development

MiBiz Growth Report: May 9, 2022

BY Sunday, May 08, 2022 06:49pm

Here is the MiBiz Growth report for May 9, 2022:

M&A

  • Elevator Service Inc., a private equity-backed provider of elevator services for a growing coverage area throughout the Midwest, continued to expand its geographical footprint with another acquisition. The Grand Rapids-based company announced this week that it has acquired Columbus, Ohio-based Moseley Elevators Inc., opening up its fourth new market within the last six months as it continues to consolidate throughout the region. Elevator Service (ESI) will operate the company as a wholly owned subsidiary called Moseley Elevator Service, naming Dan DeVault president of the business. DeVault is the grandson of the founder of Moseley Elevators, which was established in 1955.
  • Ownership of asphalt maintenance service company Tustin’s Asphalt Sealing Inc. is changing hands. The Plainwell-based business with 20 employees announced that it has been sold to individual investor Brian Holt, the former vice president of marketing for SpartanNash Co. who currently works as a consultant. Tustin’s works with residential, commercial and industrial clients to provide services including sealcoating, crack filling, patching and both asphalt removal and replacement.
  • Unity Vibration Kombucha LLC, a Michigan-based brewer and the first to develop a kombucha beer, has inked a deal with a national beverage consulting firm to expand sales throughout the United States. The Ypsilanti-based Unity Vibration announced that it has entered into a stock ownership agreement with Phoenix-based Edge Beverage. Unity Vibration co-founder Tarek Kanaan told MiBiz that Edge would have to reach certain sales targets to acquire the specified stake in the business as part of the deal. He declined to disclose the terms of the deal.
  • Indianapolis-based CertaSite, which specializes in fire protection and life safety solutions, continued its growth in Michigan by acquiring White Pigeon-based and family-owned Midwest Fire Protection Co. The deal stands as CertaSite’s seventh acquisition in Michigan. Midwest Fire Protection was founded 30 years ago and specializes in fire extinguisher services. CertaSite now operates 18 different locations throughout the Midwest.
  • Food distributor and grocery retailer SpartanNash Co. has reached an agreement to acquire Shop-N-Save Food Centers, which operates stores in Benzonia, Fremont and Ludington. Those locations will be converted to Family Fare stores, one of the Byron Center-based SpartanNash’s most popular brands. The company said it planned to retain all employees. 
  • Northville-based private equity firm Orchard Creek Capital LLC has acquired Grand Rapids-based injection molder Action Molding Inc. The deal marked the fourth for the PE firm since opening in 2017 as it continues to target growing companies. Action Molding employs 17 people and operates a 20,000-square-foot facility that features 10 injection molding machines.
  • Holland-based luxury watercraft manufacturer Tiara Yachts Inc. expanded its reach in Connecticut after a recent acquisition. Portland, Conn.-based Portland Boat Works, an exclusive dealer of Tiara Yachts, has been acquired by Atlantic Outboard, which is located in Westbrook, Conn. After the recent acquisition, Tiara Yachts are now available at two dealerships and three marinas in the state.
  • Global office furniture maker Steelcase Inc. announced that it has entered into a definitive agreement to acquire Minnesota-based HALCON for $127.5 million. The deal also includes an adjustment for working capital and potential for additional consideration of up to $9.5 million. HALCON designs and manufactures precision wood furniture for the workplace. In business since 1977, HALCON produces tables, credenzas and desks. The company generated $70 million in revenue in the 12 months leading up to April 2022. The deal is expected to close in the second quarter of fiscal year 2023. 

EXPANSION

  • A $120 million investment by the federal government will fund a large share of the cost for Grand River Aseptic Manufacturing Inc.’s latest expansion. The multiyear contract with the U.S. Department of Health and Human Services and the U.S. Department of Defense will support the company’s expanded production capacity that the federal government can tap in the event of another public health crisis similar to the COVID-19 pandemic. Under the contract, Grand River Aseptic Manufacturing will invest $160 million overall to expand filling and finishing capacity.

REAL ESTATE & DEVELOPMENT

  • The Rowe, a downtown Grand Rapids mixed-use building formerly owned by the DeVos family office, recently sold for $19.6 million to a California-based real estate firm. The historic building, located at 201 Michigan St. NW, was constructed in 1900. In recent years, The Rowe underwent a $28 million renovation carried out by CWD Real Estate Investment Inc., which transformed the hotel into 77 luxury apartments, condominium units and ground-floor retail including an Atwater Brewing Co. taproom.
  • Grand Rapids city officials have approved a 12-year Neighborhood Enterprise Zone tax incentive for the $52 million second construction phase of the Studio Park development downtown. City commissioners approved the incentive as well as a separate revision to the development’s brownfield plan. A 16-story, 212,000-square-foot addition will be added to the existing Studio Park parking ramp located at 120 Ottawa Ave. SW. Olsen Loeks Development LLC’s project will contain 165 residential apartment units and 24 to 30 condominium units.

HEALTH CARE

  • Spectrum Health Butterworth Hospital received national accreditation from the American College of Cardiology for its Electrophysiology Lab, Cardiac Catheterization Lab, and as a HeartCARE Center. Spectrum Health is one of three organizations in Michigan to achieve recognition for its cardiac catheterization lab and the only health system in the state to receive accreditation for its electrophysiology lab and as a HeartCARE Center, which is a designation awarded to facilities that continue to meet the parameters and criteria of a highly regarded and sustainable quality improvement program.
  • Cherry Health was awarded a $555,170 grant as part of Public Health AmeriCorps, an initiative between AmeriCorps and the U.S. Centers for Disease Control and Prevention to support the recruitment, training and development of public health leaders. The funding will support 20 full-time AmeriCorps members offering increased care access to residents in Michigan for two primary services: Health education to promote breast, cervical and colorectal cancer screening; and Medicaid and marketplace outreach and enrollment.
  • Mary Free Bed expanded chiropractic care to patients as an option to treat, manage and prevent pain without medication or surgery. Dr. Tom Fowler, with more than four decades of chiropractic experience that includes 30-plus years in private practice, joined Mary Free Bed’s outpatient Spine Center. 
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Read 269 times Last modified on Monday, 09 May 2022 13:38
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