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Liquor that mitigates alcohol side effects to be bottled in Norton Shores

Liquor that mitigates alcohol side effects to be bottled in Norton Shores

By Meagan Beck | This e-mail address is being protected from spambots. You need JavaScript enabled to view it  
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on March 22, 2017 at 7:33 AM, updated March 22, 2017 at 7:37 AM

NORTON SHORES, MI -- A liquor company with a unique business model plans to open a manufacturing plant in Norton Shores.

Bio Care Spirits intends to manufacture naturally blended spirits at property it is leasing at 1224 E. Pontaluna Road.

The company, which already has has six manufacturing plants in Nepal, India and Australia, uses bio-alkaloid herbs and spices to lessen the adverse effects of consuming alcohol.

Bob Grunstra, Spring Lake resident and chairman of the company, said the raw material will be brought to the manufacturing plant, mixed with the herbs and spices and bottled.

He said said the company is not making assertions the product is a cure for hangovers, but it is all-natural with no artificial ingredients.

Norton Shores City Council approved Tuesday, March 21 a tax break for the company. The tax abatement will run six years and concurrently with the company's lease.

The abatement will allow for faster company growth by expanding the product line to the United States, add more bottling lines and employees. In the first two years, the project expects to create 23 new, full-time jobs.

Norton Shores City Council also approved a liquor license for the company. Bio Care Spirits needs state and federal licensing before it can begin blending and bottling spirits.

Bio Care Spirits plans to eventually extend its product line to include brandy, wine, beer and sodas in Norton Shores. There will be no tasting room or restaurant set up at the manufacturing plant.

Grunstra said the primary customer of the product will be distributors for domestic and export markets.

The company and its products are the idea of Dr. B. Srinivasa Amarnath, a holistic doctor from India who knows Rajwinder Grewal of Muskegon's Curry Kitchen.

Grunstra said he and his wife have known the Grewal family for many years. He said Amarnath discussed with Grewal's father in India the possibility of bringing the project to the United States.

Texas and Florida were possible options, but Grunstra said he emphasized the pure water available from Lake Michigan as a reason to bring the company to the area.

"We worked hard to convince him that West Michigan was the place," Grunstra said.

He said the manufacturing plant expects to be operational by October 2017.

   

American Grease Stick sold to private equity firm

 

Stout Advises on Sale of AGS Company

January 12, 2017

Stout announced today that its client, American Grease Stick Company (d/b/a AGS), has been acquired by 3 Rivers Capital, LLC (3RC). Stout served as exclusive financial advisor to AGS in connection with this transaction. 

AGS, founded in 1931, is the leading manufacturer of branded automotive fluid transfer lines and related products to the automotive aftermarket. The company, headquartered in Muskegon, Michigan with operations in the U.S. and U.K., sells to a world-class base of customers that include all of the largest aftermarket retailers, such as Advance Auto Parts, AutoZone, and Pep Boys, national hardware retailers, and a diversified mix of wholesalers and national, regional, and program group distributors. “We are excited about our partnership with 3RC. With their strategic support and capital, AGS can continue to be innovators in the market place while maintaining the highest level of service for our customers,” said Logan Pitts, President of AGS. 

Rob Carskadden, a Managing Director of 3RC, added “We are pleased with the outcome of the transaction. The AGS management team is very passionate about their business and we are extremely thrilled of the possibilities. We look forward to working with them.” 

Michael Benson, Managing Director at Stout, led the execution of the transaction. Mr. Benson added, “AGS has strong brand recognition and a long and rich history of product innovation in the industry. It was a pleasure working with the AGS team on this significant transaction.” Jeff Shippy, Director, and Eric Ng, Associate, assisted Mr. Benson on the deal. 

Stout’s Investment Banking Group provides mergers and acquisitions (M&A) advice, private capital raising, and other financial advisory services for private equity portfolio companies, closely held or family owned businesses, and divisions of large corporate parents. Stout's dedicated automotive industry practice includes experience with OE suppliers and aftermarket companies. For more information, please visit www.srr.com/industries/automobiles-components

About Stout Risius Ross 

Stout Risius Ross, Inc. is a premier global advisory firm specializing in Investment Banking, Valuation Advisory, Dispute Consulting, and Management Consulting. We serve a range of clients from Fortune 500 corporations to privately held companies in numerous industries around the world. Our clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex financial matters.

Stout is a trade name for Stout Risius Ross, Inc. and Stout Risius Ross Advisors, LLC, a FINRA registered broker-dealer and SIPC member firm.

- See more at: http://www.srr.com/news/stout-advises-sale-ags-company#sthash.I1YO61Au.dpuf
   

Camcar Plastics buys former school building

Orchard View sells former elementary school building

Former Jolman School Site
Ochard View school district sold the former Jolman Elementary to Camcar Plastics Inc. (Google Maps)

MUSKEGON, MI - Orchard View school district recently closed on the sale of a former elementary school buildings.

The school district sold former Jolman Elementary School building at 2389 Laketon Ave. to Camcar Plastics Inc.

Jim Nielsen, superintendent of Orchard View school district, said the building had been vacant for nearly three years and for sale during that time period.

He said the sale of the 39,598 square foot was finalized late January. The building was sold for $100,000.

Camcar Plastics Inc. is a Muskegon-based plastic fabrication company. According to a news release, the building was classified as office space but it is unknown what Camcar will use it for.

Jolman Elementary School closed about 10 years ago and was then used for community education programs. Those programs moved to a building the school district purchased at 2900 E. Apple Ave. in 2014. 

The Muskegon Chronicle previously reported the Jolman School building had been plagued with mechanical and boiler issues.

   

KL Outdoor in Muskegon sold to Florida-based PE firm

KL Outdoor in Muskegon sold to Florida-based PE firm

Written by  
KL Outdoor, the maker of Sun Dolphin and Evoke brands of watercraft, sold to New Water Capital, a Florida-based private equity firm.
KL Outdoor, the maker of Sun Dolphin and Evoke brands of watercraft, sold to New Water Capital, a Florida-based private equity firm.MIBIZ FILE PHOTO: JOHN WIEGAND









MUSKEGON — A West Michigan manufacturer of kayaks, paddleboards and other watercraft has sold to a Florida-based public equity firm.New Water Capital LP of Boca Raton, Fla. purchased Muskegon-based KL Outdoor LLC in a deal that closed at the end of 2016.

The transaction occurred after an unnamed Detroit-based investor group decided to sell its stake in KL Outdoor, the maker of Sun Dolphin and Evoke brands of watercraft, said Chas Chandler, managing partner at Birmingham-based Amherst Partners LLC.

Chandler and Amherst Partners served as the financial adviser to KL Outdoor, which rebranded from Ameriform Inc. in 2016 in a bid to attract more attention to its key brands.

“There’s always a period of time where people need to harvest their investment,” Chandler said of the investor’s decision to sell. “The timing seemed to be right because the future of the company looked very bright. Those investors said we want to transition the ownership to a new group when things look really rosy, and 2017 is going to be another great year for the company.”

For KL Outdoor, the transaction provided a needed influx of capital so it could meet customer demands for its products, which also include plastic thermoformed sleds, hunting blinds and portable outhouses.

“Since 2010, we’ve been growing at about a 20-percent clip or better,” said Dan Harris, vice president of sales, who declined to disclose annual sales for KL Outdoor. “We got to a point where we needed more financing to help continue to grow. These guys will help us grow through property and equipment and maybe strategic acquisitions. We’ve really had our hands tied with sales.”

Terms of the deal were not disclosed.

KL Outdoor will maintain its manufacturing facility in Muskegon, and the executive team will remain with the company following the sale. The company employs 500 people throughout its operation.

For the buyers, the transaction marked an opportunity to invest in a healthy, growing company, said Chandler of Amherst Partners.

Going forward, the company plans develop new kayaks and other product lines in the outdoor and recreation industry, Harris said.

The company has grown its kayak business significantly over the years. The company produced 600,000 kayaks in 2016, compared to the 28,000 kayaks it made in 2010, Chandler said.

KL Outdoor has increased its footprint in recent years, including a lease it signed in November 2016 for 70,000-square-foot in a facility Robert Grooters Development Co. is building in Norton Shores.

The company also invested $7.5 million in new equipment and leased a 130,000-square-foot facility in 2014 to better accommodate orders from big-box retailers such as Dunham’s Sports, according to a previous MiBiz report.

New Water Capital did not respond to requests for comment at the time this report was published.

   

Economic Development Update - 4th Quarter 2016

 Economic Dev Update 4th qtr 2016.pdf

   

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