MiBiz Growth Report: Aug. 29, 2022 – MiBiz: West Michigan Business News

MiBiz Growth Report: Aug. 29, 2022 - MiBiz: West Michigan Business News


Here is the MiBiz Growth Report for August 29, 2022:

M&A

  • Holland-based Padnos, a fourth-generation, family-owned recycling company, has expanded its geographic footprint within Michigan by acquiring B. Clinkston & Sons Inc., the owner of a scrap metal yard in Saginaw. Founded in 1915, B. Clinkston & Sons is a third-generation family business run by Steve Clinkston. The deal furthers Padnos’ regional consolidation strategy and marks the next step in the company’s growth plans, according to President and CEO Jonathan Padnos. With the addition of the Clinkston business, Padnos now operates 26 locations in Michigan and Indiana. Terms of the deal were not disclosed. The investment follows an announcement in January that Padnos was investing $6.6 million to expand its facility at 500 44th St. SW in Wyoming, where the company expected to create 50 new jobs. 
  • Private equity-backed FlavorSum LLC, formerly known as National Flavors, has bolstered its platform with the addition of a fifth flavor manufacturer. The deal for Fenton, Mo.-based Meridian Flavors Inc. bolsters the platform’s capabilities in natural, non-GMO and organic flavors, according to a statement. For Kalamazoo-based FlavorSum, formed by the 2020 merger of National Flavors, GSB & Associates, and Bonnie & Don Flavours, the strategic acquisition comes as part of a corporate strategy to expand its capabilities that serve the needs of small, mid-sized and emerging food and beverage businesses. Meridian, which was founded in 2009, also has capabilities in sweet and dairy flavors used in bakeries and snack making that adds new lines to FlavorSum. Joining the FlavorSum platform will give Meridian “more flavor and applications capabilities to offer customers,” former owner and President Richard Lane said in a statement. Terms of the deal were not disclosed. 
  • Baroda-based private investor group Lateral Industries Holdings LLC has acquired Wahpeton, N.D.-based Aaseby Industrial Machining LLC, a family owned supplier of machined and assembled components to the recreational vehicle industry, according to a statement. Aaseby also serves companies in the hydraulic equipment, defense, transportation, agriculture, consumer products, oil and gas, wind energy, and construction equipment industries. Terms of the deal were not disclosed. Grand Rapids-based Calder Capital LLC advised Aaseby in the deal. 
  • Grand Rapids-based Greatland Corp., a provider of W-2 and 1099 products for businesses, has acquired California-based TaxFormStore.net. Terms of the deal were not disclosed. Based near San Francisco, TaxFormStore.net provides year-end reporting forms and software to businesses and organizations nationally.
  • SpendMend LLC, a Grand Rapids company that provides spending visibility and audit recovery services to the health care industry, completed the acquisition of Trulla, a provider of pharmacy procurement software. The acquisition of Trulla should enable SpendMend’s pharmacy division to further expand services that are designed to help health systems, hospitals, and clinics reduce annual pharmacy costs.
  • Blackford Capital recorded another exit with the sale of Hastings-based Quality Aluminum Products Inc. to a publicly traded manufacturer and service provider for the renewable energy, residential, agricultural technology and infrastructure markets. The Buffalo, N.Y.-based Gibraltar Industries (Nasdaq: ROCK) said it paid $54 million in cash for Quality Aluminum Products, which for the 12-month period ending July 31 recorded $93 million in revenue and $11.5 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). Grand Rapids-based Blackford Capital acquired Quality Aluminum Products in 2016.

 

EXPANSION

  • BHSH System Spectrum Health West Michigan began work recently on a new $37 million rehabilitation and nursing center in Grand Rapids. The 94,000-square-foot facility at 1226 Cedar St. NE will replace Spectrum Health’s aging continuing care facility nearby on Fuller Avenue that’s owned by Kent County. Scheduled to open in the spring of 2024, the new Cedar Street campus will have the capacity to care for 120 long-term care patients and include five hospice beds. The center will provide onsite dialysis care and therapy. Architecture and engineering firm Progressive AE Inc. designed the new facility. The Christman Co. serves as the general contractor. Once the Cedar Street Continuing Care, Rehabilitation and Nursing Center opens, Spectrum Health plans to turn over the Continuing Care campus at 750 Fuller Ave. back to Kent County. 
  • Metal Flow Corp. is adding a 60,000-square-foot facility adjacent to its existing Holland Township location to accommodate growth from the deep draw stamping company’s technology investments. Metal Flow’s new $7.2 million facility will include light manufacturing, robotics, automation and logistics to enable continued support of existing and new customers, according to CEO Kelly Springer. The development will create 10 new jobs and received a 12-year Industrial Facilities Tax Exemption from Holland Charter Township. Metal Flow considered several locations in North America to expand, and decided to build on property the company has owned for years, Springer said. Holland-based Lakewood Construction Co. is overseeing the expansion design and build out. 

 

HEALTH CARE

  • Grand River Aseptic Manufacturing Inc. in Grand Rapids has signed a deal with Danish vaccine company Bavarian Nordic to fill and finish a smallpox and monkeypox vaccine. The agreement, supported by the U.S. Department of Health and Human Services and the Biomedical Advance Research and Development Authority, was intended to increase domestic vaccine supply. The Department of Health and Human Services in July said it had ordered another 2.5 million doses of Bavarian Nordic’s JYNNEOS vaccine in response to the monkeypox outbreak and to strengthen the country’s smallpox preparedness. The July order came after a prior order two weeks earlier for 2.5 million doses for the Strategic National Stockpile.

 

AGRIBIZ

  • Backed by a new federal grant, the city of Hart in Oceana County plans to upgrade its wastewater treatment infrastructure to support the lakeshore region’s growing cluster of food processing companies. For the project, the city is leveraging a $2.9 million grant from the U.S. Commerce Department’s Economic Development Administration, which will be matched by an equal amount of local funds, according to a statement. The American Rescue Plant Act-funded grant is part of the EDA’s $500 million Economic Adjustment Assistance program, one of the agency’s most flexible initiatives. The program aims to help communities fund construction or non-construction-related projects that solve local needs. Officials expect the project will lead to the creation of 75 new jobs in the community, and help to retain 425 existing jobs. They also anticipate the wastewater infrastructure upgrades will generate an additional $2 million in private investments. 

 

SPORTS

  • Endurance event company Tris4Health in Grand Rapids added BIKED Inc. as the title sponsor for Dirtfest Weekend as a part of The Dirty Mitten that includes a gravel cycling event and a gravel triathlon. Founded in 2021, BIKED is a Grand Rapids based startup that offers convenient bike pick-up and drop-off service. BIKED previously partnered with Tris4Health at two of its gravel events earlier this year as the official bike partner. Dirtfest Weekend is scheduled for Sept. 24-25 at Camp Manitou-Lin in Middleville and features 28-mile and 50-mile courses through gravel roads, followed by a triathlon the next day.





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About the Author: Eugene Berry