SPONSORED BY CHEMICAL BANK
A small private equity firm started in Southern Michigan plans to invest in a niche area most investors ignore. In targeting small manufacturers in small towns and other rural markets across the state, Parma-based Fresh Water Ventures Fund LP seeks to acquire small businesses and maintain operations in their hometowns.
M&A/PE Roundtable: Advisers see strong M&A market ahead, even as distressed deals, due diligence ramps upWritten by Mark Sanchez
M&A professionals expect the dealmaking market to remain healthy in 2019. That’s one of the conclusions from a panel of executives MiBiz assembled to talk about West Michigan’s mergers and acquisitions sector.
CALEDONIA — In the more than five years since Greg Williams founded the company, Acrisure LLC has become the most prolific acquirer of independent insurance agencies in the U.S.
Interest rates likely will rise again in 2019. How much and how often remains the question following the latest quarter-point increase in the federal funds rate last week by the Federal Open Market Committee (FOMC), which for two years has been raising interest rates from historic lows reached a decade ago during the Great Recession.
Volatility came back to the stock market in 2018 and Todd Harvey doesn’t see it going away in 2019. The director of Fifth Third Private Bank since 2012 and a wealth management professional for 16 years, Harvey believes the market next year will have to cope with rising interest rates amid a U.S. economy that will continue growing, although at a slower rate.
Bank of America’s West Michigan operations had a record year in 2018 in terms of the number of new business clients. The year came on top of similar results in 2017, when the bank consolidated local operations into a single office in downtown Grand Rapids, a move that better organized and generated greater collaboration among staff in pursuing new business. Echoing the sentiment of other local executives, Tabben said business clients are working to cope with the region’s tight labor market.
Krista Flynn joined Chemical Bank in July as regional president for West Michigan, leading a market that includes Grand Rapids and Holland. She previously spent seven years in corporate banking at PNC Bank and 15 years at JPMorgan before going to work at Chemical, the largest bank based in Michigan. Chemical Bank, with more than $20.9 billion in total assets, has been building its commercial banking and wealth management staff, and is presently building out a new regional headquarters in downtown Grand Rapids. Parent company Chemical Financial Corp. also plans to develop a new corporate headquarters in downtown Detroit.
Kalamazoo-based Consumers Credit Union surpassed a key milestone when it hit $1 billion in assets back in May 2018. By the end of the third quarter, the 92,000-member credit union had grown assets further to $1.07 billion, and President and CEO Kit Snyder expects assets to close the year at $1.1 billion. The growth during 2018 came as Consumers Credit Union settled into a new headquarters in The Groves Engineering Business Technology Park in Kalamazoo.
GRAND RAPIDS — A new office in suburban Detroit gives Blackford Capital a market presence to scout for deals in the heart of the auto industry and center for American manufacturing.
Michigan will maintain job growth through 2019, although at a slower rate than the past several years as employers have fewer people to hire.
GRAND RAPIDS — A lukewarm initial public stock offering by drinkware and cooler-maker Yeti Holdings Inc. spelled a smaller-than-expected payout for a prominent West Michigan family office.
GRAND RAPIDS — Even when it first acquired Dickinson Press LLC more than three years ago, Blackford Capital saw Brainerd, Minn.-based CJK Group Inc. as a potential buyer.
Seven credit unions in Michigan plans to open a new trust bank late in the first quarter of 2019 after receiving approval from state regulators.
MiBiz, in conjunction with the Association for Corporate Growth of Western Michigan, highlighted the winners and finalists of the 2018 M&A Deals and Dealmakers of the Year Awards on Oct. 28 at the Gerald R. Ford Presidential Museum in Grand Rapids.
An already strong M&A market could get even more competitive in 2019, driven by a good U.S. economy and plenty of available capital.
The spring acquisition of TCSB Bancorp Inc. in Traverse City, combined with strong loan growth, drove earnings higher for Independent Bank Corp. in the third quarter.
Marijuana for recreational use by adults could become a $1.4 billion industry in Michigan in the years ahead.
A tribal-owned architecture and engineering firm in Southwest Michigan plans to relocate its headquarters to a new Kalamazoo commercial development.
A West Michigan manufacturer of wood-based products has acquired Pak-Rite Ltd., a Milwaukee,Wis.-based packaging design and manufacturing firm.
Shoulder Innovations Inc. closed on $2.5 million raised in a Series A equity funding round led by the Michigan Angel Fund of Ann Arbor.
Mercantile Bank Corp. grew third quarter earnings by more than 20 percent compared to a year ago.
MiBiz, in conjunction with the Association for Corporate Growth Western Michigan, is pleased to present the sixth-annual M&A Deals and Dealmakers of the Year Awards.
A recapitalization in late 2010 put Grand River Aseptic Manufacturing Inc. on the path to triple-digit annual growth.
Acquiring Sparta-based Old Orchard Brands LLC in April allowed a Canadian beverage company to add a modern plant in Michigan to better access the Midwestern market.
Faced with an industry sea change and the loss of a major customer, Benton Harbor-based Midwest Timer Services Inc. needed to take action to remain a growing business.
By focusing on the smaller end of the M&A market, Max Friar has sought to expand the deal flow for his Grand Rapids-based advisory firm.
Venture capital investors made fewer deals in Michigan during the third quarter than the same period a year earlier, although the amount invested more than tripled.
The Michigan Venture Capital Association presented Jody Vanderwel, the former president of Grand Angels, with its Lifetime Achievement Award.
Blackford Capital’s latest deal brought a new investment partner to the table: Gun Lake Investments, the economic development arm of the Gun Lake Tribe.
Closing fundraising for a $50 million private equity fund gives Auxo Investment Partners a year-long breather before preparing to raise capital for a second fund.
In the 12-month period from June 2017 to June 2018, Commerce Bank’s outstanding commercial loan balances in West Michigan grew by 100 percent.