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New Michigan Deal (20)

This edition of the Michigan Deal represents the second endeavor to cover the investment world in the Great Lakes state. A joint venture between Crain's Detroit Business in Detroit and MiBiz in Grand Rapids, this issue offers a go-to overview of the essential deal news for the state.

The sector report delves into medical devices. There's also coverage of deal news, other than medical devices. Venture capital investments and investment-worthy companies, as well as large-scale private equity and M&A deals, are all part of the coverage. We hope there is a strong take-away for you in this report — either to learn about an investment sector, a player in the state's investment world, or a company worth investing in. Click here to access full list of content.

Like other startups, medical device entrepreneurs need to demonstrate a market for their products or services. Then there's another obstacle to clear before most investors will write a check: reimbursement.

 

Manufacturing in Michigan has good news and bad news for medical device companies.

The biggest element that's lagging in Michigan's medical device industry? Talent. That's the most immediate and common answer among the state's industry players.

On Michigan’s list of big industries, it might be easy to sell medical devices short. But the assets show a different story.

Michigan bank M&As garner interest

Written by | Sunday, 13 October 2013 15:47 |

Several key merger and acquisition deals in Michigan’s banking community point to further consolidation around the state. Most recently: The $152 million merger of Grand Rapids-based Mercantile Bank Corp. with Alma-based Firstbank Corp.

Market conditions seem ripe for increased mergers and acquisitions among Michigan’s automotive suppliers.

Changes at play in the national health care structure have set the stage for health systems to be investment-worthy targets — and acquirers.

Among the M&A deals in Michigan, a string of transactions in Western Michigan stand out. Unlike deals in the past, it’s the Grand Rapids-area companies that are the acquirers rather than the targets.

After accelerating to nearly a quarter-billion dollars in 2012 activity, the pace of venture capital funding for Michigan companies has slowed significantly in 2013.

Stryker Corp. (NYSE: SYK) may be one of the largest medical device companies in the world, but don't expect to find its name plastered all over the company's hometown of Kalamazoo. In fact, drive around the Southwestern Michigan city and you'll see surprisingly little evidence of the $8.7 billion maker of hospital beds, artificial hips, knees and more than 59,000 other health care products.

Back home and looking for deals

Written by | Friday, 15 March 2013 13:35 |

Shortly after returning home in mid-2010, Martin Stein went to an Association for Corporate Growth meeting in Grand Rapids where former Perrigo Co. CEO Mike Jandernoa talked about Michigan's economy.

Rick DeVos — like his grandfather Richard DeVos, the co-founder of Amway Corp. — is writing a new page in the entrepreneur playbook with Start Garden, a $15 million investment fund that has been investing small amounts in scores of business concepts in the hopes of growing Michigan's next big win.

In a quest to fill West Michigan's early-stage funding gap, the $15 million Michigan Accelerator Fund I has invested $4.8 million in seven companies, with an additional $3 million earmarked for add-on investments in those companies.

Phil Torrence can't think of a better time to do M&A legal work. Torrence, managing partner of the Kalamazoo office of Honigman Miller Schwartz and Cohn LLP, said that 2012 was a busy year for M&A activity and that 2013 "started off with a real bang."

 

As more venture money has been invested in Michigan companies and deals have skewed toward early-stage companies, the next chapter in the state's venture capital industry is to see whether these companies grab growth capital — and eventually bring about profitable exits.

Even dogs need affordable health care, and Perrigo Co. thinks it's just the company to give it to them — or at least provide it to their owners.

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