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Motion Dynamics Partners with Vance Street Capital LLC

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Vance Street Capital Partners with Motion Dynamics Management to Support Future Growth

Second investment from Vance Street Capital Fund II leverages the firm’s experience in high-precision manufacturing and medical components

LOS ANGELES--()--Vance Street Capital LLC, a Los Angeles-based private equity firm, today announced that it has partnered with Motion Dynamics Corporation, a leading provider of highly engineered precision wire-based components primarily for the medical device, industrial and aerospace markets. This is Vance Street’s second investment out of its second fund. Terms of the transaction were not disclosed.

Founded in 1992 and headquartered in Fruitport, Michigan, Motion Dynamics is a leading manufacturer of wire-based micro-components and sub-assemblies, which are frequently found in micro-catheters, pacemakers and neuromodulation devices. The Company focuses on products that require fine and ultra-fine wire diameters, unique alloy types and shapes, and high precision / tight tolerances.

As part of the transaction, Chris Witham, President of Motion Dynamics, will continue to lead the business in his current role and has retained a material ownership position in the Company. “Vance Street’s long track record of supporting high-precision manufacturing businesses across the medical, A&D and industrial end markets makes them the perfect partner to help Motion Dynamics grow and continue to provide the highest level of products and services to our customers,” said Chris Witham. “We look forward to collaborating with the Vance Street team to provide even more manufacturing capabilities to our customers and prepare the business for its next stage of growth.”

“The Motion Dynamics opportunity is a perfect situation for Vance Street to support a world-class management team that has positioned the Company in attractive, high-growth end markets with a strong focus on providing customers the highest level of design and complex manufacturing services,” said John LeRosen, Principal at Vance Street. “Chris and his senior management team have built a unique Company and we are excited to help them take the business to the next level.”

“Partnering with passionate entrepreneurs such as Chris is a core focus at Vance Street and we look forward to supporting Motion Dynamics’ strong growth trajectory and continued success,” added Brian Martin, Partner at Vance Street.

Vedder Price LLP acted as legal advisor to Vance Street Capital. Charter Capital Partners and Miller, Johnson, Snell & Commiskey, PLC served as financial and legal advisors to Motion Dynamics. Vance Street Capital partnered with Lexington Partners, funds advised by Neuberger Berman, Northwestern Mutual, Private Advisors and Madison Capital, all of whom co-invested equity alongside Vance Street in support of the transaction. Senior debt was provided by Madison Capital Funding LLC and BMO Sponsor Finance, and mezzanine debt was provided by Neuberger Berman and Northwestern Mutual.

About Vance Street Capital LLC

Vance Street Capital is a Los Angeles-based private equity firm which invests in middle-market businesses in the medical, aerospace, defense and industrial sectors. For over two decades, Vance Street’s partners have worked with management, family owners and other co-investors to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.

Contacts

Muirfield Partners
Mickey Mandelbaum or Maya Pogoda, 310-785-0810
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Dynamic Conveyor Issued Patent

 

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Dynamic Conveyor issued patent for tool-less conveyor design

September 8, 2016

The U.S. Patent Office has issued Dynamic Conveyor a patent that presents a tool-less design for the incline transition piece of the DynaClean incline conveyor system.

The patent for invention number 9,394,111 is for removable retaining walls with corner rollers that greatly reduce sliding friction of the belt while holding it down on incline conveyors, according to Dynamic Conveyor. The patented design does not require the use of bearings, shafts, wheels, fasteners and/or lubricants.

The toolless and maintenance-free design of the removable retaining walls with corner rollers correlates with the overall design of the DynaClean conveyors, according to the company.

DynaClean systems are designed to meet NSF, FDA, USDA and BISCC standards. According to Dynamic Conveyor, the plastic materials are corrosion resistant, non-toxic, non-absorbent, temperature-resistant and will not rot or retain harmful bacteria, odors or cleaning agents. The food conveyor systems can be cleaned and sanitized with water, steam and/or detergents ranging from Sodium Hydroxide to Hydrochloric Acid.

For more information about DynaClean sanitary conveyor systems call 800-640-6850 or visit the website at www.dynamicconveyor.com.

http://produceprocessing.net/news/dynamic-conveyor-issued-patent-toolless-conveyor-design/

   

JohnsonTechnology to add 100 jobs, invest $14.5 million

Aviation manufacturer to add 100 jobs, invest $14.5M in West Michigan facility

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Johnson Technology, shown here with its current facility in Norton Shores, is expanding to a third building in Muskegon County. (Joel Bissell | MLive.com) (Joel Bissell | MLive.com)
Johnson Technology plant photo.jpgJohnson Technology, headquartered in Muskegon County, will add a another plant in Norton Shores. The expansion includes $14.5 million in investment and 100 jobs.

NORTON SHORES, MI -- Johnson Technology will add 100 jobs and invest $14.5 million in a third Muskegon-area aviation engine manufacturing facility. 

The military and aviation engine component manufacturer employs nearly 700 people in Michigan now. It is a wholly owned subsidiary of GE Aviation since it was acquired in 1997. 

The company plans to convert a warehouse into a manufacturing plant at 6120 Norton Center Drive in Norton Shores. It should be up and running by Jan. 1, 2017, said Curtis Evans, human resources lead at Johnson Technology. 

Johnson's two existing facilities are at capacity, and growth is anticipated in new and existing engine programs. 

The new facility will produce components for GE Aviation's new Leap engine, Evans said. There's a backlog of 10,000 engines right now.

The Leap engine will be used in the Boeing 737 MAX, Airbus A320 neo and Comac C919, a Chinese aircraft, he said. 

The investment of $14.5 million will include building improvements, equipment and machinery, according to an MEDC memo. 

For the project, the company will receive an $800,000 performance-based grant from the Michigan Economic Development Corporation (MEDC), and property tax abatement from the city of Norton Shores. 

"The MEDC made the process simple and streamlined from start to finish and helped us get approval to put the work and the jobs in Muskegon," said Kevin Prindable, plant leader, in a release. 

Under the terms of the MEDC grant, the company has until April 1, 2020, to add 100 employees to the about 700 it has now.  

Hiring has already begun, Evans said. Jobs are in production, supervision, tool making and maintenance. Production operators start at $12.15 an hour, and other positions go up from there.

Michigan was chosen for expansion over sites in Kentucky, Ohio, South Carolina and Alabama. 

"We've got a good operation here already," Evans said of why Norton Shores was a good choice for expansion. "We're very productive and efficient. West Michigan is also known for manufacturing, and we thought we would be able to attract good employees." 

The company's headquarters are at 2034 Latimer Drive in the city of Muskegon. Its second facility is at 6060 Norton Center Drive, adjacent to the new facility, in Norton Shores.  

"Michigan leads the nation in creating manufacturing jobs, and these new expansions will keep us moving in the right direction," MEDC CEO Steve Arwood said in a release. "Today's investments will all lead to greater economic opportunities for Michigan residents, drive future business investment and create more and better jobs." 

The city of Norton Shores will consider a 12-year, 50 percent property tax abatement on $4.5 million worth of land and building improvements, said Mark Meyers, city of Norton Shores administrator.

A public hearing will be held at 5:30 p.m. on Tuesday, Sept. 20, at the Norton Shores Branch library, 205 Seminole Road. 

The city would yield about $12,000 in additional tax revenue each year during the abatement, while also giving up the same amount through the abatement, Meyers said. Between all taxing units, about $68,000 in new taxes will be collected.

"GE Aviation is one of our largest manufacturing employers, and one of the fastest growing employers in Norton Shores," Meyers said. "We're pleased to be able to assist them in expansion."

Job applications are available at ge.com/careers.  

   

How $200 million plans for lakefront site could benefit Michigan

How $200 million plans for lakefront site could benefit all of Michigan _ MLive.pdf 

   

Economic Development Update - 2nd Quarter 2016

Economic Dev Update 2nd qtr 2016.pdf 

   

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