Here is the growth report for July 8, 2019:
- Nashville, Tenn.-based SteelSummit Holdings Inc., a subsidiary of Tokyo-based Sumitomo Corp., expanded its footprint into the eastern United States with the strategic acquisition of Grand Rapids-based Magic Steel Sales LLC. With approximately $200 million in annual sales, Magic Steel Sales is a supplier of cold-rolled, hot-rolled, and coated-slit steel products to customers in the eastern U.S. CEO Joe Maggini founded Magic Steel Sales in 1974 and the company operates service centers in Grand Rapids and Decatur, Ala. Terms of the all-cash deal were not disclosed.
- Bridgman, Mich.-based Great Lakes Metal Stamping Inc. divested its business in Cusseta, Ala. to Walker-based Challenge Manufacturing Co., according to a statement. The deal allows the employee-owned Challenge to expand in the southeastern U.S. with a 90,000-square-foot facility, 65 employees and eight press lines. The company employs 3,500 people at 10 locations in North America and Asia. Divesting the business allows Great Lakes to focus on its core operations as a supplier of precision metal-formed products for the appliance, automotive and consumer products industries. Grand Rapids-based BlueWater Partners LLC served as financial adviser to Great Lakes, which was advised on the deal by the law firm of Dickinson Wright PLLC.
- Holland-based Louis Padnos Iron and Metal Co. has acquired Howell-based Regal Recycling Inc. The deal will add two Southeast Michigan locations to Padnos’ portfolio. Padnos will operate Regal Recycling’s Howell operations, while partner firm GLR Advanced Recycling, of which Padnos acquired a “significant” stake in August 2018, will run the company’s Whitmore Lake site, according to a statement. Terms of the deal were not disclosed. Padnos now operates 19 locations in Michigan and Indiana.
- Wyoming-based Robert Allen Home and Garden, an alias of Robert Allen JHK Inc., will relocate to Syracuse, Neb. following a sale to Headwind Consumer Products. Robert Allen Home and Garden, which had operated from 4240 Roger B. Chaffee Blvd. SE, is a maker of designed pottery planters and products made from recycled vehicle parts. The deal with Headwind, a division of Glenn Family Inc., will double the company’s business and expand its product offerings. Headwind makes rain gauges, decorative solar lighting and other outdoor products. Terms of the deal were undisclosed.
- Traverse City-based High Street Insurance Partners, a provider of specialty commercial property and casualty insurance, employee benefits services, and personal insurance lines, acquired the assets of independent Tompkins Insurance Agency Inc., also of Traverse City. Tompkins provides specialized business and personal insurance solutions throughout Michigan. Terms of the acquisition were undisclosed.
- Grand Rapids-based Small Business Deal Advisors LLC brokered the sale of an A&W All American Food Restaurant in Stansbury Park, Utah to an individual investor. Associate Broker Doug Yntema led the deal for Small Business Deal Advisors through the development of marketing materials, marketing of the acquisition opportunity, and consulting through the negotiation, due diligence, and closing periods.
- Grandville-based West Michigan Dermatology has acquired The Dermatology Center of Grand Rapids PC, according to a statement. The acquisition gives West Michigan Dermatology, with offices in Grandville and Holland, a larger market presence. The Dermatology Center of Grand Rapids operates from an office at 750 E. Beltline Ave. Terms of the deal were undisclosed.
- Jackson, Mich.-based Dawn Food Products Inc., a bakery ingredient manufacturer, acquired a mix facility in Burlington, Ontario and the Canadian sweet goods business of Ardent Mills LLC, a flour-milling and ingredient company. The deal expands Dawn’s business to the Canadian market. Terms of the deal, which closed June 21, were not disclosed.
- Standish-based Forward Energy, a division of Forward Corp., acquired the propane division of Hirschman Oil Supply Inc. of Reese, Mich., east of Saginaw, according to a statement. The deal expands Forward Energy’s services to the Thumb region of Michigan. Hirschman will retain its fuel oil business and do business as Hirschman Oil. Terms of the deal were not disclosed.
- Mercy Health opened a new outpatient center in Muskegon that houses urgent care and workplace health. The $2 million, 9,770-square-foot center at East Sherman Boulevard and U.S. 31 is located near the Mercy Campus in Muskegon. Workplace Health moved to the site from the Hackley Professional Building on May 20. Urgent care opened June 24. Progressive AE Inc. of Grand Rapids was the architect of this project, and Clifford Buck Construction Co. in Muskegon served as the general contractor.
- Grand Rapids-based office furniture dealer and custom manufacturer Custer Inc. has opened a pair of new showroom spaces in Holland and Kalamazoo. Custer will occupy 6,500 square feet with a co-working space called “Worklab by Custer” on the 15th floor of the Exchange Building in downtown Kalamazoo, located at the corner of West Michigan Avenue and South Rose Street. Custer has had a presence in Kalamazoo for more than 20 years, most recently operating out of the Haymarket Building at 161 E. Michigan Avenue since 2014. In downtown Holland, Custer will occupy space in @Home Realty LLC’s new 21,000-square-foot building at 171 College Ave. Custer will have access to the first floor of the new three-story building, which is occupied by @Home Realty.
- Grand Rapids-based restaurant operator Meritage Hospitality Group Inc. (OTCQX: MHGU) plans to invest $100 million to develop 40 new Wendy’s restaurants. Under an agreement the company signed with the Wendy’s organization, Meritage will receive “significant economic incentives,” including royalty and marketing fee relief, to open the restaurant locations by the end of 2024, according to a statement. The incentive plan is contingent on Meritage annually updating 10 percent of its existing Wendy’s restaurants to the corporate brand standards. Meritage plans to use cash on hand and credit to fund the developments.