Published in Finance

MiBiz Growth Report: Nov. 12, 2018

BY MiBiz Staff Sunday, November 11, 2018 10:07pm

Here is the MiBiz Growth Report for Nov. 12, 2018.

M&A

  • Grand Rapids-based Proos Manufacturing Inc., a family-owned metal stamper and fabricator, has reached an agreement to sell the company to its existing president, Bryan Howard. Amy Proos, the company’s outgoing CEO and third-generation owner, will take on the role of “chief thought officer.” Terms of the deal were not disclosed. In addition to the change in ownership, the company said it plans to increase manufacturing capacity and add 25 jobs over the next two years. Currently, Proos employs 140 individuals. The company plans a 60,000-square-foot expansion at its existing facility at 2140 Oak Industrial Drive. To support the expansion, the Michigan Strategic Fund provided a $998,000 loan to the company.
  • GNAP LLC, a distributor of abrasive products, equipment, specialty ceramics and ancillary services, completed a majority recapitalization with Dallas, Texas-based private equity firm CenterOak Partners LLC. CEO Michael Currie and the present management team will continue to lead Grand Rapids-based GNAP, which was created in 2005 with the merger of Grand Northern Products and Abrasive Products. Terms investment by CenterOak Partners were undisclosed. The CenterOak deal will drive continued growth at GNAP, Currie said.
  • Zeeland-based Novo Building Products has acquired L.J. Smith Inc., a 133-year-old producer of parts for stairs that’s based in Bowerston, Ohio. Terms of the deal were undisclosed. Novo Building Products supplies molding, stair parts, doors and specialty millwork to lumber yards, home centers and stair builders located east of the Rockies in the U.S. and Canada. Founded in 2016, Novo is owned by an affiliate of Blue Wolf Capital Fund III L.P., a fund of New York City-based private equity firm Blue Wolf Capital Partners LLC.
  • Five Michigan-based businesses in the fire and safety equipment industry sold last month to St. Paul, Minn.-based Summit Companies. According to a statement, the private equity-backed Summit Companies completed add-on acquisitions of three companies in West Michigan: Greenville-based Mid-Michigan Fire & Safety Supply Inc., Battle Creek-based Fire Extinguisher Service and Paw Paw-based Flametamer LLC. Summit Companies in October also acquired Clark Fire & Safety Inc. of Owosso and VanEx Fire Systems Inc. of Luna Pier. The company first established a Michigan presence in July when it acquired two in-state branch offices from an Indiana firm. New York-based CI Capital Partners LLC owns and manages Summit Companies, which has completed 18 add-on acquisitions, according to a statement. The platform company now has locations in eight states.

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