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Grand Rapids PE firm to relocate Ohio production to Wyoming COURTESY PHOTO

Grand Rapids PE firm to relocate Ohio production to Wyoming

BY MiBiz Staff Wednesday, January 16, 2019 01:56pm

WYOMING — A Cleveland-based producer of specialty abrasive products plans to move part of its business to the Grand Rapids area after it was acquired by local private equity firm Stone Fox Ventures LLC.

Even Cut Abrasive Co. will set up operation on Roger B. Chaffee Memorial Boulevard in Wyoming and invest $3.7 million on a facility and equipment to expand its product offerings. The company’s move is expected to create 52 jobs locally.

“We believe the City of Wyoming is a great place to build a company and a community,” said Robert Shindorf, managing member at Grand Rapids-based Stone Fox Ventures. “Not only is the area full of talented individuals who will make fantastic team members, but it also provides a quality of life we believe is important to our business culture.”

Stone Fox Ventures considered keeping all of Even Cut Abrasive’s operations in Cleveland, but ultimately decided to relocate a portion of the business. The new Wyoming facility will take over the production of two product lines and the expansion of several others, according to a statement today from The Right Place Inc.

Stone Fox Ventures worked with The Right Place and the Michigan Economic Development Corp., which provided the company a $400,000 Michigan Business Development Program performance-based grant. The Right Place also connected the company with West Michigan Works! to assist with talent attraction and workforce training.

“Stone Fox Ventures’ decision to expand Even Cut Abrasive’s operations into Wyoming is a testament to the economic strength of our region,” said Eric Icard, senior business development manager and project lead for the Right Place Inc. “West Michigan has always been exceptionally well-suited to support manufacturers, and the addition of Stone Fox Venture’s recent acquisition only strengthens our reputation as a place where manufacturers thrive.”

Stone Fox Ventures typically focuses its investments on underperforming or troubled middle-market manufacturing, distribution and services companies with industrial and business customers, according to its website.

Read 10026 times Last modified on Thursday, 12 September 2019 14:25