Auto supplier acquires $20M finishing company
A maker of analog gauge pointers and light guides for the automotive industry has acquired a local finishing company.
Monroe Group Holdings at 4490 44th St. SE. in Grand Rapids — a $30-million subsidiary of Grand Rapids-based The Huizenga Group — has acquired Lakeland Finishing Corp., a $20-million company at 5400 36th St. SE in Grand Rapids.
Terms of the deal, which closed in February, were not disclosed.
Greg Peters, president, Monroe Group Holdings, said the acquisition will “strengthen Monroe Group Holdings’ capacity as an auto supplier.”
Peters said Lakeland will continue operations at its current location and all Lakeland employees will be retained at this time.
Tom Smith, Lakeland’s former owner, will continue as president of the subsidiary but will report to Peters.
In the coming year, Monroe Group and Lakeland will identify opportunities for resource consolidation in some cases and expansion in others.
“We are already looking at shared resources such as accounting, payroll, etc. Then we will look at a name change based on who has a stronger brand,” Peters said.
Lakeland Finishing joins Monroe Group as its third portfolio company, in addition to Monroe LLC and Monroe Mechanical (Shanghai) Ltd. Co.
Grand Rapids-based NuVescor was the mergers and acquisition firm that assisted with the transaction.
Monroe Group Holdings
Monroe Group Holdings is a privately held firm that provides “highly engineered” analog gauge pointers and light guides for the automotive industry.
Lakeland Finishing Corp.
Lakeland Finishing provides product finishing services to the automotive and transportation markets. Its specialty is coating of plastic molded automotive trim parts, as well as manufacture and supply of decorative plastic components for automotive interior and exterior trim.
It also offers auxiliary services such as injection molding, pad printing, assembly and warehousing to save customer costs in handling and transportation.