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Published in Economic Development

MiBiz Growth Report: Oct. 10, 2022

BY Sunday, October 09, 2022 07:39pm

M&A

  • Glenview, Ill.-based​​ Envoy Solutions has reached an agreement to acquire seven West Michigan-based companies from the Enterprises Group: BBC Distributing, Energyst Solutions, Rapid Supply & Sales, EMack Manufacturing and Star Flooring, all based in Grand Rapids; Kalamazoo-based KSS Enterprises; and Grand Haven-based Sideline Sports. The Enterprises Group specializes in facility supplies, foodservice and commercial flooring. The deal will allow Envoy Solutions to expand into Michigan and bolster its presence in Ohio and Indiana, according to a statement. The companies expect the transaction to close in the fourth quarter of this year, pending regulatory approvals. Terms of the deal were not disclosed. 
  • The owners of Integrity Tree Services LLC, a Grandville-based vegetation management company, have sold the business to its workers via a new employee stock ownership plan, which launched in August 2022. Under the ESOP, Integrity’s more than 200 team members now own 100 percent of the 24-year-old company. Integrity Tree Services is active in Michigan, Indiana, Ohio, Pennsylvania, Kentucky, Colorado and West Virginia, where it also maintains a second office. The company serves utility transmission and distribution clients and offers land clearing services for commercial, industrial and municipal customers. Advisers on the ESOP sale included Grand Rapids-based law firm Warner Norcross + Judd LLP and accounting firm BDO USA LLP. Smithfield, Ky.-based SCJ Fiduciary Services serves as the trustee for the new ESOP. Wyoming, Mich.-based Vision ESOP Valuation LLC served as financial adviser to the trustee. 
  • Gaines Township-based Mobile Defenders LLC was acquired by Chantilly, Va.-based rival and wholesale mobile device repair industry leader MobileSentrix. The deal came about after Mobile Defenders co-founder, President and CEO Jordan Notenbaum reached out in February to see if the company was interested in a possible acquisition. Mobile Defenders, the second largest wholesale parts distributor, focused on developing relationships with major OEMs to supply parts to enterprise customers. MobileSentrix retained all 45 of Mobile Defenders’ employees, including Notenbaum, who will remain as president of the company. Terms of the deal were not disclosed. The sale did not include Mobile Defenders’ EduParts business, which has 20 employees and serves the K-12 education market. 
  • Kentwood-based I.T. service provider Kraft Business Systems Inc. has acquired Northern Office Equipment Inc., a Traverse City service provider and exclusive supplier of Konica Minolta printers and other office products in Northern Michigan. Carla and Michael Westervelt, who founded Northern Office Equipment in 2006, decided to sell the business ahead of retirement. The deal will allow Kraft Business Systems, which specializes in managed I.T., print and copier and document management services, to further expand in Northern Michigan, where it has a business in the Charlevoix market that will merge with the Traverse City operation. Scott Nicholson, mergers and acquisitions adviser at Grand Rapids-based Small Business Deal Advisors, served as lead adviser for the seller on the deal. Terms of the transaction were not disclosed.
  • Grand Rapids-based global insurance broker and fintech Acrisure LLC recently announced the acquisition of U.K.-based CRK Commercial Insurance Services Ltd., which formed in 2000 and specializes in brokering deals in the manufacturing and engineering space. CRK Managing Director Darren Willis and his management team will continue to operate the firm under the CRK brand as part of Acrisure UK Retail. Terms of the deal were undisclosed.
  • Owosso-based manufacturer Clark Engineering Co. was acquired by industrial parts distributor Mechanical Power of Wauconda, Ill. Founded in 1946, Clark Engineering specializes in the custom designing and high-volume production of rod, wire and tube-formed products using in-house machining, cold heading, threading, welding, forming and coining. Mechanical Power distributes parts including bearings, sprockets, chains, fasteners and castings for industries such as agriculture, automotive, packaging, material handling, industrial lawn and industrial machining. The deal is a strategic acquisition for Mechanical Power, enabling it to produce some of the products that it currently distributes. Grand Rapids-based M&A advisory firm Calder Capital LLC represented Clark Engineering in the deal. Terms of the deal were undisclosed

 

Expansion

  • Lansing-based construction management firm Clark Construction Co. will expand its West Michigan presence with a new office at the McKay Tower in downtown Grand Rapids. The firm’s growing list of large-scale West Michigan projects and its success in the region over the past decade prompted the expanded office. Vice President Dan Korte will lead the office of nearly 30 current employees, with plans for more hires in the future. Over the past five years, Clark Construction has completed more than $500 million of work in the region, including the VanDyk Mortgage Convention Center in Muskegon, Michigan StateUniversity’s Grand Rapids Research Center, and Gun Lake Casino’s recent expansion. The family-owned Clark Construction was founded in 1946 and has offices in Lansing, Alpena and Auburn Hills. The firm specializes in K-12 and higher education, health care, government, sports and retail projects.
  • Wyoming-based Gordon Food Service Inc. opened a new 27,000-square-foot store in Memphis, Tenn. to serve home shoppers, restaurant owners, and foodservice professionals. The company operates more than 170 Gordon Food Service Store locations in 12 states. 
  • Infusion Associates P.C., a Grandville-based provider of outpatient infusion and injection therapies in the Midwest, opened its 10th Michigan location at 1399 W. Centre Ave. in Portage. Infusion Associates provides infusion therapy to treat chronic health conditions such as multiple sclerosis, Crohn’s disease and rheumatoid arthritis.

Health care

  • BHSH Spectrum Health West Michigan will use an $8.8 million grant to test and validate the ability to perform cardiac catheterizations remotely using robots. The funding from the New York City-based Leona M. and Harry B. Helmsley Charitable Trust will help cardiac cath labs at rural hospitals in the Upper Midwest and Nevada study the potential for doing procedures through telerobotics. Dr. Ryan Madder, an interventional cardiologist at Spectrum Health, has been researching and using robotics in his practice for years. He believes the technical ability exists to now perform cardiac caths remotely, enabling a cardiologist to treat a patient hundreds of miles away at a rural hospital and who may otherwise require a transfer elsewhere. If validated, the use of telerobotics to perform cardiac catheterizations could begin to close the gap between the care available between urban and rural hospitals. 
  • The U.S. Department of Health and Human Services awarded Grand Rapids Community College and health care partners $2.9 million over three years to increase the number of community health workers in West Michigan. The funding will allow students to earn a community health worker, medical assistant, or personal care assistant certification. GRCC partnered with Cherry Health, Trinity Health and Spectrum Health’s Healthier Communities for the training and job placements at each organization.
Read 980 times Last modified on Wednesday, 19 October 2022 12:11
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