MiBiz Growth Report: March 14, 2022


This is the MiBiz Growth Report for March 14, 2022.

Mergers & Acquisitions

  • Family-owned materials recycling company Schupan & Sons Inc. — a Kalamazoo-based third-generation company that was established in 1968 — acquired Des Moines, Iowa-based Mid America Recycling. Mid America Recycling operates from a 75,000 square foot facility and specializes in the recycling of paper, metal, glass and plastic. Mid America’s operations will be transferred to Schupan & Sons, which specializes in recycling metals and plastics while also serving as a processor, distributor and manufacturer of these materials.
  • Sock retailer boldSOCKS, which sells a large inventory of decorative socks online and in a brick-and-mortar store in downtown Grand Rapids, has been sold to Grand Rapids-based OCI Ventures Inc.. boldSOCKS, which produces the Statement Sockwear and boldSOCKS brands, plans to move both its storefront and all operations to a new location in Fruitport.
  • West Michigan accounting firms Hungerford Nichols CPAs + Advisors PC and Ferris, Busscher & Zwiers PC plan to merge on May 1. -based in Hungerford Nichols while continuing to operate the Holland office. Borgman will be director of the company while Rotman and Zwiers will become shareholders.
  • Pallet solutions provider Kamps Inc. has expanded its presence in Colorado with a recent acquisition. Walker-based Kamps, which supplies, recycles, services and customizes wooden pallets, announced that it has acquired L&R Pallet Services, which operates from a single location in Denver. L&R Pallet Services, which specializes in new and recycled pallets, also offers its customers a recycling service for cardboard, plastic and aluminium. L&R is currently run by second-generation owners James and Carine Ruder and has 110 employees.
  • Acrisure LLC, a Grand Rapids-based global insurance broker, has acquired one of Spain’s leading insurance brokers, Summa Insurance Brokerage. The acquisition was Acrisure’s first step into the Spanish market. The Grand Rapids-based company now has a physical presence in 10 different countries. The agreement also adds another major market to Acrisure’s operations in Europe, which includes Italy, the Netherlands, Switzerland and the United Kingdom.
  • Hagerty Inc. (NYSE: HGTY), a Traverse City-based specialty and vintage auto insurer, has acquired an event-planning company known for its series of stand-alone events that celebrate 1980s and 90s automobiles. going public in 2021, recently announced it has purchased RADwood, adding it to its growing events portfolio. Hagerty intends to continue RADwood events, where attendees pay homage to the cars and culture of this period.
  • Grand Rapids marketing agency Deksia LLC has merged with Anvil Media, a digital marketing agency in Portland, Oregon. The agreement will give each company deeper capabilities and expertise in practice groups. The combined company will employ 50 full-time people in offices in Grand Rapids, Portland, Des Moines, Iowa and Indianapolis.
  • Hutson Inc., a Murray, Kentucky-based John Deere dealer group covering a five-state footprint, has acquired Gaylord-based Lappans of Gaylord Inc., according to a report in a trade publication. Farm equipment. The agreement will allow the Gaylord location to expand into agricultural equipment to serve the northern Lower Peninsula counties. The terms of the contract are not disclosed. Additionally, Hutson is building a new dealership in Charlotte. The company is consolidating the former Bader and Sons Co. dealership in Grand Ledge into a new location across from a former D&G Equipment store in Charlotte, according to a statement.
  • Grand Rapids investment firm Auxo Investment Partners has acquired Golden State Assembly Inc., a Fremont, Calif.-based manufacturer of wire and cable assemblies and harnesses. Golden State Assembly founders Cesar and Yesenia Madrueno retained a “meaningful stake” in the company and retained their operational roles. The 15-year-old Golden State Assembly company designs and assembles wire harnesses and cable assemblies for customers in the automotive, aerospace, industrial equipment, medical device, electronics industries. , specialized vehicles and energy.

EXPANSION

  • Michigan Screen & Window Repair has quadrupled its space after a recent move. The company, which repairs, replaces and installs glass and screens, recently moved to 3113 Hillcroft Ave. SW in Wyoming, signing a lease for 12,779 square feet of industrial space at the facility. An additional 3,400 square feet of office space on the upper level is still available for lease.

FINANCE

  • Grand Rapids-based Michigan Capital Network and BlueWater Angels in Midland have partnered with Central Michigan University Research Corp. to help more Great Lakes Bay Area startups connect with potential investors. The partnership includes pitch parties and similar meet-and-greet events with angel investors. BlueWater Angels is one of five regional angel investor groups that make up the Michigan Capital Network trade association. The groups collectively have 160 active members with investments in nearly 100 companies.

HEALTH CARE

  • Serenity Village in Hastings has entered the public phase of its Time to Build campaign to raise $2.7 million to build a six-bed hospice in Barry County. The campaign has raised over $2.3 million since its launch in May 2020. Donors include local businesses and area foundations. Planned for a given site just east of Hastings Mutual Insurance Co., Serenity Village would become Barry County’s first hospice provider. The fundraising campaign will continue throughout this summer and construction could begin in early 2023.
  • Retirement home providers United Methodist Retirement Communities in Chelsea and Porter Hills in Grand Rapids have rebranded their umbrella organization as Brio Living Services. In March 2019, UMRC and Porter Hills affiliated into a single organization with shared leadership and governance. The names of the 24 locations and service lines that are part of the Brio Living Services family will remain the same.
  • Advanced Diagnostic Imaging PC providers in Saginaw have joined Grand Rapids-based Advanced Radiology Services. PC Advanced Diagnostic Imaging has been operating for over 20 years. After absorbing the practice, physician-owned Advanced Radiology Services now has 214 radiologists, 37 advanced practice providers, and 185 employees in operations, IT, and administrative support. Advanced Radiology also provides services to nine health systems across Michigan.
  • The U.S. Department of Health and Human Services awarded $2 million to Grand Rapids-based Cherry Health to improve access and quality of health care for underserved populations using telehealth, intelligence artificial intelligence, remote patient monitoring, digital patient tools and health information technology platforms. Cherry Health is one of 29 health centers nationwide and the only one in Michigan to receive funding through the Health Resources and Services Administration.

BANKRUPTCY

  • Coopersville-based environmental consultancy Superior Environmental Corp. has filed for Chapter 11 bankruptcy as it positions itself to sell the business to an industry competitor. Superior Environmental cited extreme employee turnover and difficulties associated with the COVID-19 pandemic as reasons for the decline in revenue. The company is also facing a $584,000 judgment payout in a lawsuit brought by a former client. In the bankruptcy filing, Superior Environmental claimed $1.29 million in liabilities versus $1.28 million in assets.
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