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Published in Economic Development

MiBiz Growth Report: October 10th, 2021

BY Sunday, October 10, 2021 12:57pm

Here is the MiBiz Growth Report for October 10th, 2021.

M&A

  • R.W. Mercer Co., a Jackson-based, family-owned construction and services company, has acquired the assets of longtime subcontractor West Michigan Electric Systems Inc., the companies announced this month. West Michigan Electric Systems is a full-service electrical contractor based in Cedar Springs and will now operate out of R.W. Mercer’s Walker office. 
  • Walker-based modular cleanroom manufacturer Angstrom Technology, a portfolio company of New York private equity firm ASGARD Partners & Co. LLC, has acquired Built 2 Spec LLC, a cleanroom service provider with a strong presence on the West Coast. The acquisition broadens the client base of Angstrom Technology, whose facilities provide clean manufacturing environments in aerospace, defense, technology, semiconductor, pharmaceutical, automotive, health care and industrial end markets. McGuireWoods LLP served as legal adviser to ASGARD. Terms of the deal were not disclosed.
  • Anticipating an uptick in demand for factory-built housing, Grand Rapids-based wood products manufacturer UFP Industries Inc. has acquired one of its current vendors. UFP announced recently that its wholly owned subsidiary UFP Distribution LLC acquired the operating assets of Haleyville, Ala.-based Shelter Products Inc., which distributes lumber, plywood and other building materials, primarily to clients in the manufactured housing space. UFP acquired Shelter Products for $6.5 million. UFP will take over operations at Shelter Products’ 87,800-square-foot warehouse in Haleyville, which is located adjacent to an existing UFP Industries facility that manufactures trusses for manufactured home builders.
  • Performance Plus Quick Oil Change Centers Inc. has added to its portfolio of oil change and car wash stores with the acquisition of Muskegon-based Van’s Car Wash Inc. Performance Plus is headquartered at 2225 28th Street SW in Wyoming and has dozens of stores across Michigan. With the addition of Van’s, which operates eight stores in the greater Muskegon area, Performance Plus will now have 46 stores. Terms of the deal were not disclosed.
  • Hart & Cooley LLC, a Grand Rapids-based manufacturer of HVAC and air distribution products including vents, grills, registers, diffusers and rooftop chimney products, has been sold to Detroit-based DuraVent Inc. Global investment firm H.I.G. Capital, which managed Hart & Cooley as a portfolio company, announced the sale earlier this month. Hart & Cooley was also previously a subsidiary of Johnson Controls International plc.

Manufacturing

  • New Buell motorcycles are heading into production, and the local company behind the brand’s revival has made good on its promise to produce them in the Grand Rapids area. Buell Motorcycle Co., now based in Cascade Township, recently announced that it would begin producing the Buell Hammerhead 1190 and is taking reservations for the sportbike beginning Nov. 1. Earlier in the year, Buell Motorcycle announced that it plans to release 10 performance models by the year 2024.

Health care

  • Mary Free Bed Rehabilitation Hospital will reach into the Chicago health care market with a contract to manage care at Schwab Rehabilitation Hospital. The Grand Rapids-based Mary Free Bed’s professional services agreement with Sinai Chicago’s Schwab Rehabilitation Hospital covers outpatient and inpatient care, managing day-to-day operations and coordinating marketing. Most staff at the 92-bed Schwab Rehabilitation Hospital will remain employed by Sinai Chicago, except for about a dozen hospital leaders who will join Mary Free Bed. Bruce Brasser, vice president of operations for the Mary Free Bed Rehabilitation Network, serves as interim president for Schwab Rehabilitation Hospital. 
  • Becoming part of a much larger health system in Indiana should give Three Rivers Health a greater ability to grow, add medical services and upgrade facilities. Three Rivers Health finalized the agreement on Oct. 1 with Granger, Ind.-based Beacon Health System Inc. The now eight-hospital Beacon Health System offers Three Rivers access to expanded care, especially medical specialties, and capital for investments in facilities. As part of the deal, Beacon Health System committed to investing $20 million in Three Rivers Health over five years to improve facilities and drive growth.
  • Hulst Jepsen Physical Therapy Inc. has opened a new location at 1621 44th Street SW in Wyoming. The office is Hulst Jepsen’s 19th location in the Grand Rapids area and its second Pelvic Rehabilitation Center.
  • CURE International, a nonprofit Christian organization that operates eight pediatric hospitals throughout the world, has relocated its headquarters to Grand Rapids. CURE’s new office at 70 Ionia Ave. SW houses a staff of 40 individuals and moves the organization closer to Grand Rapids health care providers. CURE employs nearly 1,000 health care workers worldwide. 

Tech

  • Conquer Accelerator has selected five teams for its Grand Rapids program: Ascending, Revolin Sports, SBE Medical, Smart Bridge Medical and Student Achievement Systems. Operated by Spartan Innovations, a subsidiary of the Michigan State University Foundation, Conquer Accelerator is a 10-week business accelerator program that provides $20,000 in funding, access to mentors and follow-on funding, and other resources. The 35 startup companies that have gone through the program have gone on to raise $31 million in additional funding.

Finance

  • Lake Trust Credit Union opened a new branch on West M-43 in Hastings that was formerly a Mercantile Bank office. Lake Trust has 22 branches across Michigan, from Detroit to Grand Haven. The Brighton-based credit union, with 174,652 members, had $2.44 billion in total assets, $2.18 billion in total deposits and total loans of $1.64 billion that include $260.5 million in commercial loans as of June 30, according to a quarterly filing to federal regulators.
  • Kalamazoo-based trust bank Greenleaf Trust moved its in-house research team to 277 S. Rose St., located next to its current headquarters. The move follows Greenleaf Trust’s growth to $16 billion in client assets under advisement, an increase of about $7 billion in five years. The research team consists of 11 investment professionals specializing in portfolio construction, manager selection, equity research, fixed income research, alternative investments and trading.
  • James Bosserd retired from the board of directors at ChoiceOne Bank and holding company ChoiceOne Financial Services Inc. Greg Armock, owner and president of Armock Mechanical Contractors Inc., was appointed to the ChoiceOne Financial Services board after serving nearly four years on the ChoiceOne Bank board. Bosserd retired Sept. 8 with more than 50 years in the banking industry, 30 of those years in senior executive positions. He served 14 years as ChoiceOne’s president and CEO, and then five years as a director.
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