Thursday Feb 02, 2023

MiBiz Growth Report: Aug. 15, 2022 – MiBiz: West Michigan Business News

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Here is the MiBiz Growth Report for August 15, 2022:

M&A

  • Global appliance manufacturer Whirlpool Corp. has acquired a leading manufacturer of food waste disposers and instant hot water dispensers for $3 billion. In the all-cash deal, Benton Harbor-based Whirlpool (NYSE: WHR) has entered into a definitive purchase agreement to acquire the InSinkErator business, based in Mount Pleasant, Wis., from parent company Emerson Electric Co. (NYSE: EMR) of St. Louis, Mo. Founded in 1938, InSinkErator maintains a more than 70-percent share of the food waste disposal industry, serving both home and commercial users. Emerson Electric acquired the business in 1968. InSinkErator employs nearly 1,400 people. The InSinkErator business expects to generate sales of about $650 million, with more than $170 million in earnings before interest, taxes, depreciation and amortization (EBITDA) for the fiscal year ending on Sept. 30, 2022. 
  • A New York investment firm has acquired Burke Porter Group Co., an Ada-based producer of automated diagnostic, testing and production equipment for the life science, automotive, aerospace and other specialty industrial markets. AEA Investors’ Middle Market Private Equity bought Burke Porter Group from Hong Kong-based China Everbright Ltd.’s CEL Global Investment Fund LP, which acquired a controlling stake in the company in 2015 for $90 million. Through the partnership with CEL Global Investment, Burke Porter Group was transformed “into a leading global platform of automation solutions,” according to an announcement this month on the sale to AEA Investors. Terms of the deal with AEA Investors were undisclosed.
  • Heartland Home Services LLC, a private equity-backed HVAC, plumbing and electrical home service provider, has added a second Wisconsin-based firm to its portfolio of companies in recent months. Following the recent acquisition of The Thielmann Group, Heartland Home Services officials announced this month that the company has acquired Hurlburt Heating, AC & Plumbing of western Wisconsin. Hurlburt has been family-owned and operated since 1959. Terms of the deal were undisclosed. Heartland Home Services — which is owned by New York City-based private equity firm The Jordan Co. — has now announced a half dozen deals in 2022, gradually expanding its Midwestern reach after acquisitions this year in Cincinnati, St. Louis, Kansas City and the Chicagoland area.
  • Portage-based HTSE Inc., a provider of process automation and machine control systems, has been acquired by GrayMatter Systems LLC, a private equity-backed cybersecurity, technology and consulting firm based in Warrendale, Pa. The acquisition will add complementary capabilities to help GrayMatter meet the demand for industrial intelligence solutions, according to a statement. Founded in 1989, HTSE currently serves customers in the food, beverage, pharmaceutical, chemical and broader manufacturing industries. The deal is GrayMatter’s third strategic acquisition in the four years since the company received an investment from Hamilton Robinson Capital Partners, a Stamford, Conn.-based private equity firm. Terms of the HTSE deal were not disclosed. 
  • Zeeland-based ODL Inc., a manufacturer of door glass, door blinds and other building products, has acquired Robover Inc., an insulated glass manufacturer based in Quebec. Robover has served the Canadian market for more than two decades. ODL plans to maintain all of Robover’s employees and locations after the close of the deal, which will bring new products and capabilities into the company. Wells Fargo financed the deal. Fifth Third Securities served as financial adviser to ODL, which was advised by law firms Honigman LLP in the U.S. and Faskens LLP in …….

    Source: https://mibiz.com/sections/economic-development/mibiz-growth-report-aug-15-2022

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