DETROIT BUSINESS...CRAIN’S DETROIT BUSINESS Readers ˘rst for 30 Years 1 Six 1/6-page 4-color ads...
3
CRAIN’S DETROIT BUSINESS EFFECTIVE JANUARY 2016 FREQUENCY Business never stops. Neither should media advertising. 1 Three 1/6-page 4-color ads in Crain’s Detroit Business. Issues of choice (must run three consecutive months; ads to run by 12/31/16). 2 Three months online advertising. Rotate Position 4 (300x250) or Position 5 (728x90), based on availability. • 215,500 registered users*** • 934,927 average impressions per month*** 3 45 % SAVINGS! Stay connected to the business decision makers in Southeast Michigan with the Crain’s Detroit Business frequency program that includes print, online and events! • 302,709 print/online net reach per month* • 67% of high-level executives attend Crain’s events and of that, 69% developed business relationships as an outcome** • The more businesspeople see an ad that communicated effectively, the more the message and the advertiser register with them Major Sponsor Benefits > Pre-event Marketing & Promotion • 25% off the ad in the issue • Company logo on event ads in Crain’s Detroit Business, invitations and registration forms Credentials & Hospitality • Two tickets to attend feature event On-site Event Recognition • Logo placement on thank you signage and on table tents at the event and registration tables • Name tag for company attendees distinguishing sponsor role On-Site Promotional Activities • Display table at event to showcase product/service and generate leads • Distribution of pre-approved promotional items from booth Note: Crain’s Small Business Frequency Packages are designed specifically for companies with fewer than 100 full-time employees. THREE MONTHS 3x *Source: AAM June 2014 Audit **Warrior Research ***SiteCatalyst MICHIGAN BRIEFS Take-and-bake brand adds another pizza to portfolio Take-and-bake food maker C h a m p i o n F o o d s L L C in Huron Township has added a new brand to its fold of more than 10 private-label pizza brands —and this one has a food personality behind it. Hungry Girl Originals — the cre- ation of Lisa Lillien, a blogger, TV per- sonality, author and face behind the Los Angeles-based Hungry Girl brand — is being distributed in 132 M e i j e r I n c . stores throughout Michi- gan. The pizzas are designed to be low in calories and high in fiber and protein. The pizzas can be found in the deli section and retail at $6.99 for two pizzas. Hungry Girl pizza has been in pro- duction at Champion Foods for the past two years. Peter Smith, national marketing manager for Champion Foods, said his team and Lillien met through a mutual contact in the in- dustry. Champion Foods specializes in take-and-bake pizzas, breadsticks and cookies. It is represented by De- troit-based I l i t c h H o l d i n g s I n c . — Natalie Broda Perrigo board rejects $28.9B bid from Mylan Directors at P e r r i g o C o . p l c rejected a buyout offer from London-based M y l a n N . V . , citing the company’s own growth potential through product development and from business re- lated to past and future acquisitions, MiBiz reported. Perrigo Chairman and CEO Joe Papa announced the action during a conference call to dis- cuss Perrigo’s quarterly results. Mylan’s offer was $28.9 billion or $82 a share. “The board concluded that the proposal substantially undervalues the company and its future growth prospects and it is not in the best in- terest of Perrigo’s shareholders,” Papa said. “Simply put, the board be- lieves that a continued execution by the management team against our existing global growth strategy will deliver superior shareholder value.” Perrigo has grown rapidly in re- cent years through a series of acqui- sitions. The Mylan offer came after two major deals. On March 30, Perri- go closed on a $4.5 billion cash, debt and stock deal for Belgium-based O m e g a P h a r m a N V , Europe’s fifth- largest producer in the continent’s $30 billion over-the-counter market. In December 2013, Perrigo ac- quired Dublin, Ireland-based E l a n C o r p . for $8.6 billion. The acquisition allowed Perrigo, formerly based in Allegan north of Kalamazoo, to claim Ireland as its headquarters along with a lower corporate tax rate. MICH-CELLANEOUS Kevin Elsenheimer was ap- pointed executive director of the M i c h i g a n S t a t e H o u s i n g D e v e l o p m e n t A u t h o r i t y , according to a release. He replaces Wayne Workman, who had been both deputy state treasurer for local government services and MSHDA’s acting executive director. A proposed $558,000 fine against G r a n d R a p i d s P l a s t i c s in Wyoming for safety violations would be the largest issued by the M i c h i g a n O c c u p a t i o n a l S a f e t y a n d H e a l t h A d - m i n i s t r a t i o n in more than a decade, MLive.com reported. Russell Schar- enbroch Jr. was crushed in an injec- tion molding press. A company named A P C H - M I , L L C filed a lawsuit alleging that a plant it bought last year, the former O w e n s - B r o c k w a y G l a s s C o n t a i n e r I n c . operation in Charlotte southwest of Lansing, contains 5 million pounds of arsenic and cadmium contamination, the Lansing State Journalreported. The B l u e W a t e r C o n v e n t i o n C e n - t e r opened this month in Port Huron south of the Blue Water Bridge. The $9 million project is ex- pected to create nearly 250 jobs, ac- cording to a release. A subsidiary of U p t o w n R e i n v e s t - m e n t C o r p . signed a deal to buy the C a p i t o l T h e a t r e in downtown Flint and plans to spend an estimated $21 million to redevelop and reopen the building, MLive.com reported. The F e d e r a l R e s e r v e B o a r d ap- proved C h e m i c a l F i n a n c i a l C o r p . ’s pro- posed $184.1 million acquisition of L a k e M i c h i g a n F i n a n c i a l C o r p . , MiBiz reported. Midland-based Chemical Financial is now the seventh-largest bank in Michigan based on deposit market share. The board of B a t t l e C r e e k U n - l i m i t e d named Marie Briganti its new president and CEO, the eco- nomic development organization said in a release. She replaces Karl Dehn, who resigned last September. A q u i n a s C o l l e g e in Grand Rapids received a $2.2 million gift from the estate of Helen Palmatier, The Grand Rapids Press reported. The gift will fund an endowed pro- fessorship at the Catholic liberal arts college and a number of inter- disciplinary degree options. Traverse City ranked No. 4 on Smithsonianmagazine’s list of top 20 small towns in the U.S. to visit in 2015. Estes Park, Colo., was No. 1. INSIDE THIS ISSUE BANKRUPTCIES. . . . . . . . . . . . . . . . .18 BUSINESS DIARY. . . . . . . . . . . . . . . .25 CALENDAR. . . . . . . . . . . . . . . . . . . . . .25 CLASSIFIED ADS . . . . . . . . . . . . . . . .25 KEITH CRAIN. . . . . . . . . . . . . . . . . . . . .8 OPINION. . . . . . . . . . . . . . . . . . . . . . . . . .8 OTHER VOICES. . . . . . . . . . . . . . . . . . .9 PEOPLE . . . . . . . . . . . . . . . . . . . . . . . . .24 RUMBLINGS . . . . . . . . . . . . . . . . . . . . .31 WEEK ON THE WEB. . . . . . . . . . . . . .31 COMPANY INDEX: SEE PAGE 29 2 CRAIN’S DETROIT BUSINESS // April 27, 2015 Corrections A story on Page 4 of the April 20 issue should have said the D e t r o i t Z o o plans to invest $100,000 from its capital budget in the biodigester project. The article incorrectly implied that the M i c h i g a n E c o n o m i c D e v e l - o p m e n t C o r p . was contributing that money. Because of incorrect information supplied to Crain’s, an item in the April 20 Deals & Details column incorrectly listed A x i o n R M S L t d . as a name change for the Livonia office of M i d A m e r i c a n G r o u p I n c . Axion is actually a new company started by former employees of Mid American Group. E D I T O R I A L : Crain’s take on Prop 1 Perfect, it ain’t. But Proposal 1 may be the best illustration yet that perfect can be the enemy of “pretty good” — especially when it’s the anti-tax Michi- gan Legislature setting the parameters of perfection. That’s what’s behind Crain’sstance on the ballot proposal to fix the state’s abysmal roads. Page 8 MUST READS of the week... BY THE NUMBERS: THE MICHIGAN ECONOMY 3 CRAIN’S DETROIT BUSINESS // April 27, 2015 Detroit Surf’s up as apparel sales take off Founder rides T-shirt wave, curls into boards [GLENN TRIEST] How’s this for a business plan, courtesy of Detroit Surf Co. founder Dave Tuzinowski: “I basically made a T-shirt for myself to wear.” His 10-year-old company has since added surfboards and other equipment to its apparel line. By Bill Shea Detroit native Dave Tuzinowski spends a chunk of each year in Maui, where he has a place and surfs the picturesque Hawaiian waves. It’s also where the D e t r o i t S u r f C o . was born 10 years ago. To stand out from the beach crowd in their brand-name surf ap- parel — Q u i k s i l v e r , B i l l a b o n g , H u r l e y and O ’ N e i l l are the giants — Tuzi- nowski decided to make himself a unique shirt. He opted to mix his hobby and his hometown and came up with the Detroit Surf Co. name. “I basically made a T-shirt for myself to wear,” Tuzinowski said. “There was no business plan or business model. It was just some- thing for me to wear. My nickname out there is ‘Detroit.’ As soon as I get off the airplane, five or 10 minutes later, I’ll hear, ‘Hey Detroit!’ ” Before long, he was getting asked about the shirt — so often, in fact, that it irritated his wife. People wanted the shirts. Surfers wanted to know about the Detroit Surf Co. “That’s when the lightbulb went off in my head. Why am I not selling these things?” he said. So, when he returned home, he trademarked the name. ‘Did for fun’ The Detroit Surf Co. became a real company in 2005, with Tuzi- nowski selling on the streets and beaches of Maui. At first, it was simply niche ap- parel, but Tuzinowski later added actual Detroit Surf Co.-branded surfboards and other equipment. “It was something we did for fun. It was a part-time thing,” he said. Tuzinowski’s day job back home was running N e t E x p r e s s , the tele- com consulting company he launched in 1994. The clothing soon overtook his time. “We would carry around a back- See SURF, Page 26 Board silly.The Detroit Surf Co. gets its boards from a place not exactly known for hanging 10. Meet Blkbox Surf LLC in Oxford Township, Page 26 She puts the $ to the X’s and O’s Alison Maki was looking for a change from the world of accounting a decade ago, and she found it crunching numbers for the Detroit Lions. Today, she’s one of eight women who are CFOs in the NFL. Page 30 [LISA SAWYER/CRAIN’S DETROIT BUSINESS] 3/3 6/6 12/12 One major-level event sponsorship. Choose one of the following: • Newsmaker of the Year • Crain’s 20 in their 20s • Crain’s 40 under 40 Contact: (313) 446-6032
Transcript of DETROIT BUSINESS...CRAIN’S DETROIT BUSINESS Readers ˘rst for 30 Years 1 Six 1/6-page 4-color ads...
CRAIN’SDETROIT BUSINESS
Readers �rst for 30 Years
Dot Whack Sticker
Sports Business
Master Price List: Print
Inserts
Classified
Small Business
Display
Audience Demographics: Print
Audience Demographics: Online
Fact Sheet: Print
Fact Sheet: Online
Consumer Profile
Newsmaker of the Year
Healthiest Employers
Frequency Package
Crain’s Weekend: Most Read & Weekly
Book of Lists
Mackinac Edition
Private School Planner
General & In-House Counsel Awards
Veterans in the Workplace
Health Care Heroes
Print Advertisements
Executive Insights
Subscribers by County
Fact Sheet: Print
Fact Sheet: Online
EFFECTIVE JANUARY 2016FREQUENCY
Business never stops. Neither should media advertising. 1 Three 1/6-page 4-color ads in
Crain’s Detroit Business. Issues of choice (must run three consecutive months; ads to run by 12/31/16).
2 Three months online advertising. Rotate Position 4 (300x250) or Position 5 (728x90), based on availability.
• 215,500 registered users***
• 934,927 average impressions per month***
3
45%
SAVINGS!
Stay connected to the business decision makers in Southeast Michigan with the Crain’s Detroit Business frequency program that includes print, online and events!
• 302,709 print/online net reach per month*
• 67% of high-level executives attend Crain’s events and of that, 69% developed business relationships as an outcome**
• The more businesspeople see an ad that communicated effectively, the more the message and the advertiser register with them
Major Sponsor Benefits >
Pre-event Marketing & Promotion
• 25% off the ad in the issue
• Company logo on event ads in Crain’s Detroit Business, invitations and registration forms
Credentials & Hospitality
• Two tickets to attend feature event
On-site Event Recognition
• Logo placement on thank you signage and on table tents at the event and registration tables
• Name tag for company attendees distinguishing sponsor role
On-Site Promotional Activities
• Display table at event to showcase product/service and generate leads
• Distribution of pre-approved promotional items from booth
Note: Crain’s Small Business Frequency Packages are designed specifically for companies with fewer than 100 full-time employees.
THREE MONTHS3x
*Source: AAM June 2014 Audit**Warrior Research***SiteCatalyst
MICHIGAN
BRIEFSTake-and-bake brand addsanother pizza to portfolio
Take-and-bake food makerChampion Foods LLC in HuronTownship has added a new brand toits fold of more than 10 private-labelpizza brands —and this one has afood personality behind it.
Hungry Girl Originals — the cre-ation of Lisa Lillien, a blogger, TV per-sonality, author and face behind theLos Angeles-based Hungry Girlbrand — is being distributed in 132Meijer Inc. stores throughout Michi-gan. The pizzas are designed to below in calories and high in fiber andprotein. The pizzas can be found inthe deli section and retail at $6.99 fortwo pizzas.
Hungry Girl pizza has been in pro-duction at Champion Foods for thepast two years. Peter Smith, nationalmarketing manager for ChampionFoods, said his team and Lillien metthrough a mutual contact in the in-dustry.
Champion Foods specializes intake-and-bake pizzas, breadsticksand cookies. It is represented by De-
troit-based Ilitch Holdings Inc.— Natalie Broda
Perrigo board rejects $28.9B bid from Mylan
Directors at Perrigo Co. plc rejecteda buyout offer from London-basedMylan N.V., citing the company’s owngrowth potential through productdevelopment and from business re-lated to past and future acquisitions,MiBiz reported. Perrigo Chairmanand CEO Joe Papa announced theaction during a conference call to dis-cuss Perrigo’s quarterly results.
Mylan’s offer was $28.9 billion or$82 a share.
“The board concluded that theproposal substantially undervaluesthe company and its future growthprospects and it is not in the best in-terest of Perrigo’s shareholders,”Papa said. “Simply put, the board be-lieves that a continued execution bythe management team against ourexisting global growth strategy willdeliver superior shareholder value.”
Perrigo has grown rapidly in re-cent years through a series of acqui-
sitions. The Mylan offer came aftertwo major deals. On March 30, Perri-go closed on a $4.5 billion cash, debtand stock deal for Belgium-basedOmega Pharma NV, Europe’s fifth-largest producer in the continent’s$30 billion over-the-counter market.
In December 2013, Perrigo ac-quired Dublin, Ireland-based ElanCorp. for $8.6 billion. The acquisitionallowed Perrigo, formerly based inAllegan north of Kalamazoo, to claimIreland as its headquarters alongwith a lower corporate tax rate.
MICH-CELLANEOUS� Kevin Elsenheimer was ap-
pointed executive director of theMichigan State Housing DevelopmentAuthority, according to a release. Hereplaces Wayne Workman, who hadbeen both deputy state treasurer forlocal government services andMSHDA’s acting executive director.
� A proposed $558,000 fineagainst Grand Rapids Plastics inWyoming for safety violations wouldbe the largest issued by the MichiganOccupational Safety and Health Ad-ministration in more than a decade,MLive.com reported. Russell Schar-enbroch Jr. was crushed in an injec-tion molding press.
� A company named AP CH-MI, LLCfiled a lawsuit alleging that a plant itbought last year, the former Owens-Brockway Glass Container Inc. operationin Charlotte southwest of Lansing,contains 5 million pounds of arsenicand cadmium contamination, theLansing State Journal reported.
� The Blue Water Convention Cen-ter opened this month in PortHuron south of the Blue WaterBridge. The $9 million project is ex-pected to create nearly 250 jobs, ac-cording to a release.
� A subsidiary of Uptown Reinvest-ment Corp. signed a deal to buy theCapitol Theatre in downtown Flintand plans to spend an estimated $21million to redevelop and reopen thebuilding, MLive.com reported.
� The Federal Reserve Board ap-proved Chemical Financial Corp.’s pro-posed $184.1 million acquisition ofLake Michigan Financial Corp., MiBizreported. Midland-based ChemicalFinancial is now the seventh-largestbank in Michigan based on depositmarket share.
� The board of Battle Creek Un-limited named Marie Briganti itsnew president and CEO, the eco-nomic development organizationsaid in a release. She replaces KarlDehn, who resigned last September.
� Aquinas College in GrandRapids received a $2.2 million gift
from the estate of Helen Palmatier,The Grand Rapids Press reported.The gift will fund an endowed pro-fessorship at the Catholic liberalarts college and a number of inter-disciplinary degree options.
� Traverse City ranked No. 4 onSmithsonian magazine’s list of top20 small towns in the U.S. to visit in2015. Estes Park, Colo., was No. 1.
INSIDETHIS ISSUE
BANKRUPTCIES . . . . . . . . . . . . . . . . . 18BUSINESS DIARY . . . . . . . . . . . . . . . . 25CALENDAR . . . . . . . . . . . . . . . . . . . . . . 25CLASSIFIED ADS . . . . . . . . . . . . . . . . 25KEITH CRAIN . . . . . . . . . . . . . . . . . . . . . 8OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . 8OTHER VOICES . . . . . . . . . . . . . . . . . . . 9PEOPLE . . . . . . . . . . . . . . . . . . . . . . . . . 24RUMBLINGS . . . . . . . . . . . . . . . . . . . . . 31WEEK ON THE WEB . . . . . . . . . . . . . . 31
COMPANY INDEX:SEE PAGE 29
2 CRAIN’S DETROIT BUSINESS // April 27, 2015
Corrections
� A story on Page 4 of the April 20 issue should have said the DetroitZoo plans to invest $100,000 from its capital budget in the biodigesterproject. The article incorrectly implied that the Michigan Economic Devel-opment Corp. was contributing that money.
� Because of incorrect information supplied to Crain’s, an item in theApril 20 Deals & Details column incorrectly listed Axion RMS Ltd. as aname change for the Livonia office of Mid American Group Inc. Axion isactually a new company started by former employees of Mid AmericanGroup.
20150427-NEWS--0002-NAT-CCI-CD_-- 4/24/2015 3:59 PM Page 1
EDITORIAL: Crain’s take on Prop 1Perfect, it ain’t. But Proposal 1 may be the best illustration yet that perfectcan be the enemy of “pretty good” — especially when it’s the anti-tax Michi-gan Legislature setting the parameters of perfection. That’s what’s behindCrain’s stance on the ballot proposal to fix the state’s abysmal roads.Page 8
MUST READS of the week...
BY THE NUMBERS: THE MICHIGAN ECONOMY
3CRAIN’S DETROIT BUSINESS // April 27, 2015
Detroit Surf’sup as apparelsales take offFounder rides T-shirt wave, curls into boards
[GLENN TRIEST]
How’s this for a business plan, courtesy of Detroit Surf Co. founder Dave Tuzinowski:“I basically made a T-shirt for myself to wear.” His 10-year-old company has sinceadded surfboards and other equipment to its apparel line.
By Bill [email protected]
Detroit native Dave Tuzinowskispends a chunk of each year in Maui,where he has a place and surfs thepicturesque Hawaiian waves.
It’s also where the Detroit Surf Co.was born 10 years ago.
To stand out from the beachcrowd in their brand-name surf ap-parel — Quiksilver, Billabong, Hurleyand O’Neill are the giants — Tuzi-nowski decided to make himself aunique shirt.
He opted to mix his hobby andhis hometown and came up withthe Detroit Surf Co. name.
“I basically made a T-shirt formyself to wear,” Tuzinowski said.“There was no business plan orbusiness model. It was just some-thing for me to wear. My nicknameout there is ‘Detroit.’ As soon as I getoff the airplane, five or 10 minuteslater, I’ll hear, ‘Hey Detroit!’ ”
Before long, he was getting askedabout the shirt — so often, in fact,that it irritated his wife. Peoplewanted the shirts. Surfers wanted toknow about the Detroit Surf Co.
“That’s when the lightbulb went
off in my head. Why am I not sellingthese things?” he said. So, when hereturned home, he trademarked thename.
‘Did for fun’
The Detroit Surf Co. became areal company in 2005, with Tuzi-nowski selling on the streets andbeaches of Maui.
At first, it was simply niche ap-parel, but Tuzinowski later addedactual Detroit Surf Co.-brandedsurfboards and other equipment.
“It was something we did for fun.It was a part-time thing,” he said.
Tuzinowski’s day job back homewas running Net Express, the tele-com consulting company helaunched in 1994.
The clothing soon overtook histime.
“We would carry around a back-
See SURF, Page 26
Board silly. The Detroit Surf Co.gets its boards from a place notexactly known for hanging 10. MeetBlkbox Surf LLC in Oxford Township,Page 26
She puts the $ to the X’s and O’sAlison Maki was looking for a change from the world ofaccounting a decade ago, and she found it crunchingnumbers for the Detroit Lions. Today, she’s one of eightwomen who are CFOs in the NFL.Page 30
[LISA SAWYER/CRAIN’S DETROIT BUSINESS]
20150427-NEWS--0003-NAT-CCI-CD_-- 4/24/2015 6:17 PM Page 1
3/3 6/6 12/12
One major-level event sponsorship. Choose one of the following:
• Newsmaker of the Year• Crain’s 20 in their 20s• Crain’s 40 under 40
Contact: (313) 446-6032
CRAIN’SDETROIT BUSINESS
Readers �rst for 30 Years
1 Six 1/6-page 4-color ads in Crain’s Detroit Business. Issues of choice (must run six consecutive months; ads to run by 12/31/16).
2 Six months online advertising. Rotate Position 4 (300x250) or Position 5 (728x90), based on availability.
• 215,500 registered users***
• 934,927 average impressions per month***
3
49%
SAVINGS!SIX MONTHS6x
Major Sponsor Benefits >
Pre-event Marketing & Promotion
• 25% off the ad in the issue
• Company logo on event ads in Crain’s Detroit Business, invitations and registration forms
Credentials & Hospitality
• Two tickets to attend feature event
On-site Event Recognition
• Logo placement on thank you signage and on table tents at the event and registration tables
• Name tag for company attendees distinguishing sponsor role
On-Site Promotional Activities
• Display table at event to showcase product/service and generate leads
• Distribution of pre-approved promotional items from booth
Note: Crain’s Small Business Frequency Packages are designed specifically for companies with fewer than 100 full-time employees.
*Source: AAM June 2014 Audit**Warrior Research***SiteCatalyst
Dot Whack Sticker
Sports Business
Master Price List: Print
Inserts
Classified
Small Business
Display
Audience Demographics: Print
Audience Demographics: Online
Fact Sheet: Print
Fact Sheet: Online
Consumer Profile
Newsmaker of the Year
Healthiest Employers
Frequency Package
Crain’s Weekend: Most Read & Weekly
Book of Lists
Mackinac Edition
Private School Planner
General & In-House Counsel Awards
Veterans in the Workplace
Health Care Heroes
Print Advertisements
Executive Insights
Subscribers by County
Fact Sheet: Print
Fact Sheet: Online
EFFECTIVE JANUARY 2016FREQUENCY
Business never stops. Neither should media advertising. Stay connected to the business decision makers in Southeast Michigan with the Crain’s Detroit Business frequency program that includes print, online and events!
• 302,709 print/online net reach per month*
• 67% of high-level executives attend Crain’s events and of that, 69% developed business relationships as an outcome**
• The more businesspeople see an ad that communicated effectively, the more the message and the advertiser register with them
MICHIGAN
BRIEFSTake-and-bake brand addsanother pizza to portfolio
Take-and-bake food makerChampion Foods LLC in HuronTownship has added a new brand toits fold of more than 10 private-labelpizza brands —and this one has afood personality behind it.
Hungry Girl Originals — the cre-ation of Lisa Lillien, a blogger, TV per-sonality, author and face behind theLos Angeles-based Hungry Girlbrand — is being distributed in 132Meijer Inc. stores throughout Michi-gan. The pizzas are designed to below in calories and high in fiber andprotein. The pizzas can be found inthe deli section and retail at $6.99 fortwo pizzas.
Hungry Girl pizza has been in pro-duction at Champion Foods for thepast two years. Peter Smith, nationalmarketing manager for ChampionFoods, said his team and Lillien metthrough a mutual contact in the in-dustry.
Champion Foods specializes intake-and-bake pizzas, breadsticksand cookies. It is represented by De-
troit-based Ilitch Holdings Inc.— Natalie Broda
Perrigo board rejects $28.9B bid from Mylan
Directors at Perrigo Co. plc rejecteda buyout offer from London-basedMylan N.V., citing the company’s owngrowth potential through productdevelopment and from business re-lated to past and future acquisitions,MiBiz reported. Perrigo Chairmanand CEO Joe Papa announced theaction during a conference call to dis-cuss Perrigo’s quarterly results.
Mylan’s offer was $28.9 billion or$82 a share.
“The board concluded that theproposal substantially undervaluesthe company and its future growthprospects and it is not in the best in-terest of Perrigo’s shareholders,”Papa said. “Simply put, the board be-lieves that a continued execution bythe management team against ourexisting global growth strategy willdeliver superior shareholder value.”
Perrigo has grown rapidly in re-cent years through a series of acqui-
sitions. The Mylan offer came aftertwo major deals. On March 30, Perri-go closed on a $4.5 billion cash, debtand stock deal for Belgium-basedOmega Pharma NV, Europe’s fifth-largest producer in the continent’s$30 billion over-the-counter market.
In December 2013, Perrigo ac-quired Dublin, Ireland-based ElanCorp. for $8.6 billion. The acquisitionallowed Perrigo, formerly based inAllegan north of Kalamazoo, to claimIreland as its headquarters alongwith a lower corporate tax rate.
MICH-CELLANEOUS� Kevin Elsenheimer was ap-
pointed executive director of theMichigan State Housing DevelopmentAuthority, according to a release. Hereplaces Wayne Workman, who hadbeen both deputy state treasurer forlocal government services andMSHDA’s acting executive director.
� A proposed $558,000 fineagainst Grand Rapids Plastics inWyoming for safety violations wouldbe the largest issued by the MichiganOccupational Safety and Health Ad-ministration in more than a decade,MLive.com reported. Russell Schar-enbroch Jr. was crushed in an injec-tion molding press.
� A company named AP CH-MI, LLCfiled a lawsuit alleging that a plant itbought last year, the former Owens-Brockway Glass Container Inc. operationin Charlotte southwest of Lansing,contains 5 million pounds of arsenicand cadmium contamination, theLansing State Journal reported.
� The Blue Water Convention Cen-ter opened this month in PortHuron south of the Blue WaterBridge. The $9 million project is ex-pected to create nearly 250 jobs, ac-cording to a release.
� A subsidiary of Uptown Reinvest-ment Corp. signed a deal to buy theCapitol Theatre in downtown Flintand plans to spend an estimated $21million to redevelop and reopen thebuilding, MLive.com reported.
� The Federal Reserve Board ap-proved Chemical Financial Corp.’s pro-posed $184.1 million acquisition ofLake Michigan Financial Corp., MiBizreported. Midland-based ChemicalFinancial is now the seventh-largestbank in Michigan based on depositmarket share.
� The board of Battle Creek Un-limited named Marie Briganti itsnew president and CEO, the eco-nomic development organizationsaid in a release. She replaces KarlDehn, who resigned last September.
� Aquinas College in GrandRapids received a $2.2 million gift
from the estate of Helen Palmatier,The Grand Rapids Press reported.The gift will fund an endowed pro-fessorship at the Catholic liberalarts college and a number of inter-disciplinary degree options.
� Traverse City ranked No. 4 onSmithsonian magazine’s list of top20 small towns in the U.S. to visit in2015. Estes Park, Colo., was No. 1.
INSIDETHIS ISSUE
BANKRUPTCIES . . . . . . . . . . . . . . . . . 18BUSINESS DIARY . . . . . . . . . . . . . . . . 25CALENDAR . . . . . . . . . . . . . . . . . . . . . . 25CLASSIFIED ADS . . . . . . . . . . . . . . . . 25KEITH CRAIN . . . . . . . . . . . . . . . . . . . . . 8OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . 8OTHER VOICES . . . . . . . . . . . . . . . . . . . 9PEOPLE . . . . . . . . . . . . . . . . . . . . . . . . . 24RUMBLINGS . . . . . . . . . . . . . . . . . . . . . 31WEEK ON THE WEB . . . . . . . . . . . . . . 31
COMPANY INDEX:SEE PAGE 29
2 CRAIN’S DETROIT BUSINESS // April 27, 2015
Corrections
� A story on Page 4 of the April 20 issue should have said the DetroitZoo plans to invest $100,000 from its capital budget in the biodigesterproject. The article incorrectly implied that the Michigan Economic Devel-opment Corp. was contributing that money.
� Because of incorrect information supplied to Crain’s, an item in theApril 20 Deals & Details column incorrectly listed Axion RMS Ltd. as aname change for the Livonia office of Mid American Group Inc. Axion isactually a new company started by former employees of Mid AmericanGroup.
20150427-NEWS--0002-NAT-CCI-CD_-- 4/24/2015 3:59 PM Page 1
EDITORIAL: Crain’s take on Prop 1Perfect, it ain’t. But Proposal 1 may be the best illustration yet that perfectcan be the enemy of “pretty good” — especially when it’s the anti-tax Michi-gan Legislature setting the parameters of perfection. That’s what’s behindCrain’s stance on the ballot proposal to fix the state’s abysmal roads.Page 8
MUST READS of the week...
BY THE NUMBERS: THE MICHIGAN ECONOMY
3CRAIN’S DETROIT BUSINESS // April 27, 2015
Detroit Surf’sup as apparelsales take offFounder rides T-shirt wave, curls into boards
[GLENN TRIEST]
How’s this for a business plan, courtesy of Detroit Surf Co. founder Dave Tuzinowski:“I basically made a T-shirt for myself to wear.” His 10-year-old company has sinceadded surfboards and other equipment to its apparel line.
By Bill [email protected]
Detroit native Dave Tuzinowskispends a chunk of each year in Maui,where he has a place and surfs thepicturesque Hawaiian waves.
It’s also where the Detroit Surf Co.was born 10 years ago.
To stand out from the beachcrowd in their brand-name surf ap-parel — Quiksilver, Billabong, Hurleyand O’Neill are the giants — Tuzi-nowski decided to make himself aunique shirt.
He opted to mix his hobby andhis hometown and came up withthe Detroit Surf Co. name.
“I basically made a T-shirt formyself to wear,” Tuzinowski said.“There was no business plan orbusiness model. It was just some-thing for me to wear. My nicknameout there is ‘Detroit.’ As soon as I getoff the airplane, five or 10 minuteslater, I’ll hear, ‘Hey Detroit!’ ”
Before long, he was getting askedabout the shirt — so often, in fact,that it irritated his wife. Peoplewanted the shirts. Surfers wanted toknow about the Detroit Surf Co.
“That’s when the lightbulb went
off in my head. Why am I not sellingthese things?” he said. So, when hereturned home, he trademarked thename.
‘Did for fun’
The Detroit Surf Co. became areal company in 2005, with Tuzi-nowski selling on the streets andbeaches of Maui.
At first, it was simply niche ap-parel, but Tuzinowski later addedactual Detroit Surf Co.-brandedsurfboards and other equipment.
“It was something we did for fun.It was a part-time thing,” he said.
Tuzinowski’s day job back homewas running Net Express, the tele-com consulting company helaunched in 1994.
The clothing soon overtook histime.
“We would carry around a back-
See SURF, Page 26
Board silly. The Detroit Surf Co.gets its boards from a place notexactly known for hanging 10. MeetBlkbox Surf LLC in Oxford Township,Page 26
She puts the $ to the X’s and O’sAlison Maki was looking for a change from the world ofaccounting a decade ago, and she found it crunchingnumbers for the Detroit Lions. Today, she’s one of eightwomen who are CFOs in the NFL.Page 30
[LISA SAWYER/CRAIN’S DETROIT BUSINESS]
20150427-NEWS--0003-NAT-CCI-CD_-- 4/24/2015 6:17 PM Page 1
3/3 6/6 12/12
One major-level event sponsorship. Choose one of the following:
• Newsmaker of the Year• Crain’s 20 in their 20s• Crain’s 40 under 40
Contact: (313) 446-6032
CRAIN’SDETROIT BUSINESS
Readers �rst for 30 Years
1 Twelve 1/6-page 4-color ads in Crain’s Detroit Business. Issues of choice (must run twelve consecutive months; ads to run by 12/31/16).
2 Twelve months online advertising. Rotate Position 4 (300x250) or Position 5 (728x90), based on availability.
• 215,500 registered users***
• 934,927 average impressions per month***
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SAVINGS!TWELVE MONTHS12x
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• 25% off the ad in the issue
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• Name tag for company attendees distinguishing sponsor role
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• Display table at event to showcase product/service and generate leads
• Distribution of pre-approved promotional items from booth
Note: Crain’s Small Business Frequency Packages are designed specifically for companies with fewer than 100 full-time employees.
*Source: AAM June 2014 Audit**Warrior Research***SiteCatalyst
Dot Whack Sticker
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Inserts
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EFFECTIVE JANUARY 2016FREQUENCY
Business never stops. Neither should media advertising. Stay connected to the business decision makers in Southeast Michigan with the Crain’s Detroit Business frequency program that includes print, online and events!
• 302,709 print/online net reach per month*
• 67% of high-level executives attend Crain’s events and of that, 69% developed business relationships as an outcome**
• The more businesspeople see an ad that communicated effectively, the more the message and the advertiser register with them
MICHIGAN
BRIEFSTake-and-bake brand addsanother pizza to portfolio
Take-and-bake food makerChampion Foods LLC in HuronTownship has added a new brand toits fold of more than 10 private-labelpizza brands —and this one has afood personality behind it.
Hungry Girl Originals — the cre-ation of Lisa Lillien, a blogger, TV per-sonality, author and face behind theLos Angeles-based Hungry Girlbrand — is being distributed in 132Meijer Inc. stores throughout Michi-gan. The pizzas are designed to below in calories and high in fiber andprotein. The pizzas can be found inthe deli section and retail at $6.99 fortwo pizzas.
Hungry Girl pizza has been in pro-duction at Champion Foods for thepast two years. Peter Smith, nationalmarketing manager for ChampionFoods, said his team and Lillien metthrough a mutual contact in the in-dustry.
Champion Foods specializes intake-and-bake pizzas, breadsticksand cookies. It is represented by De-
troit-based Ilitch Holdings Inc.— Natalie Broda
Perrigo board rejects $28.9B bid from Mylan
Directors at Perrigo Co. plc rejecteda buyout offer from London-basedMylan N.V., citing the company’s owngrowth potential through productdevelopment and from business re-lated to past and future acquisitions,MiBiz reported. Perrigo Chairmanand CEO Joe Papa announced theaction during a conference call to dis-cuss Perrigo’s quarterly results.
Mylan’s offer was $28.9 billion or$82 a share.
“The board concluded that theproposal substantially undervaluesthe company and its future growthprospects and it is not in the best in-terest of Perrigo’s shareholders,”Papa said. “Simply put, the board be-lieves that a continued execution bythe management team against ourexisting global growth strategy willdeliver superior shareholder value.”
Perrigo has grown rapidly in re-cent years through a series of acqui-
sitions. The Mylan offer came aftertwo major deals. On March 30, Perri-go closed on a $4.5 billion cash, debtand stock deal for Belgium-basedOmega Pharma NV, Europe’s fifth-largest producer in the continent’s$30 billion over-the-counter market.
In December 2013, Perrigo ac-quired Dublin, Ireland-based ElanCorp. for $8.6 billion. The acquisitionallowed Perrigo, formerly based inAllegan north of Kalamazoo, to claimIreland as its headquarters alongwith a lower corporate tax rate.
MICH-CELLANEOUS� Kevin Elsenheimer was ap-
pointed executive director of theMichigan State Housing DevelopmentAuthority, according to a release. Hereplaces Wayne Workman, who hadbeen both deputy state treasurer forlocal government services andMSHDA’s acting executive director.
� A proposed $558,000 fineagainst Grand Rapids Plastics inWyoming for safety violations wouldbe the largest issued by the MichiganOccupational Safety and Health Ad-ministration in more than a decade,MLive.com reported. Russell Schar-enbroch Jr. was crushed in an injec-tion molding press.
� A company named AP CH-MI, LLCfiled a lawsuit alleging that a plant itbought last year, the former Owens-Brockway Glass Container Inc. operationin Charlotte southwest of Lansing,contains 5 million pounds of arsenicand cadmium contamination, theLansing State Journal reported.
� The Blue Water Convention Cen-ter opened this month in PortHuron south of the Blue WaterBridge. The $9 million project is ex-pected to create nearly 250 jobs, ac-cording to a release.
� A subsidiary of Uptown Reinvest-ment Corp. signed a deal to buy theCapitol Theatre in downtown Flintand plans to spend an estimated $21million to redevelop and reopen thebuilding, MLive.com reported.
� The Federal Reserve Board ap-proved Chemical Financial Corp.’s pro-posed $184.1 million acquisition ofLake Michigan Financial Corp., MiBizreported. Midland-based ChemicalFinancial is now the seventh-largestbank in Michigan based on depositmarket share.
� The board of Battle Creek Un-limited named Marie Briganti itsnew president and CEO, the eco-nomic development organizationsaid in a release. She replaces KarlDehn, who resigned last September.
� Aquinas College in GrandRapids received a $2.2 million gift
from the estate of Helen Palmatier,The Grand Rapids Press reported.The gift will fund an endowed pro-fessorship at the Catholic liberalarts college and a number of inter-disciplinary degree options.
� Traverse City ranked No. 4 onSmithsonian magazine’s list of top20 small towns in the U.S. to visit in2015. Estes Park, Colo., was No. 1.
INSIDETHIS ISSUE
BANKRUPTCIES . . . . . . . . . . . . . . . . . 18BUSINESS DIARY . . . . . . . . . . . . . . . . 25CALENDAR . . . . . . . . . . . . . . . . . . . . . . 25CLASSIFIED ADS . . . . . . . . . . . . . . . . 25KEITH CRAIN . . . . . . . . . . . . . . . . . . . . . 8OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . 8OTHER VOICES . . . . . . . . . . . . . . . . . . . 9PEOPLE . . . . . . . . . . . . . . . . . . . . . . . . . 24RUMBLINGS . . . . . . . . . . . . . . . . . . . . . 31WEEK ON THE WEB . . . . . . . . . . . . . . 31
COMPANY INDEX:SEE PAGE 29
2 CRAIN’S DETROIT BUSINESS // April 27, 2015
Corrections
� A story on Page 4 of the April 20 issue should have said the DetroitZoo plans to invest $100,000 from its capital budget in the biodigesterproject. The article incorrectly implied that the Michigan Economic Devel-opment Corp. was contributing that money.
� Because of incorrect information supplied to Crain’s, an item in theApril 20 Deals & Details column incorrectly listed Axion RMS Ltd. as aname change for the Livonia office of Mid American Group Inc. Axion isactually a new company started by former employees of Mid AmericanGroup.
20150427-NEWS--0002-NAT-CCI-CD_-- 4/24/2015 3:59 PM Page 1
EDITORIAL: Crain’s take on Prop 1Perfect, it ain’t. But Proposal 1 may be the best illustration yet that perfectcan be the enemy of “pretty good” — especially when it’s the anti-tax Michi-gan Legislature setting the parameters of perfection. That’s what’s behindCrain’s stance on the ballot proposal to fix the state’s abysmal roads.Page 8
MUST READS of the week...
BY THE NUMBERS: THE MICHIGAN ECONOMY
3CRAIN’S DETROIT BUSINESS // April 27, 2015
Detroit Surf’sup as apparelsales take offFounder rides T-shirt wave, curls into boards
[GLENN TRIEST]
How’s this for a business plan, courtesy of Detroit Surf Co. founder Dave Tuzinowski:“I basically made a T-shirt for myself to wear.” His 10-year-old company has sinceadded surfboards and other equipment to its apparel line.
By Bill [email protected]
Detroit native Dave Tuzinowskispends a chunk of each year in Maui,where he has a place and surfs thepicturesque Hawaiian waves.
It’s also where the Detroit Surf Co.was born 10 years ago.
To stand out from the beachcrowd in their brand-name surf ap-parel — Quiksilver, Billabong, Hurleyand O’Neill are the giants — Tuzi-nowski decided to make himself aunique shirt.
He opted to mix his hobby andhis hometown and came up withthe Detroit Surf Co. name.
“I basically made a T-shirt formyself to wear,” Tuzinowski said.“There was no business plan orbusiness model. It was just some-thing for me to wear. My nicknameout there is ‘Detroit.’ As soon as I getoff the airplane, five or 10 minuteslater, I’ll hear, ‘Hey Detroit!’ ”
Before long, he was getting askedabout the shirt — so often, in fact,that it irritated his wife. Peoplewanted the shirts. Surfers wanted toknow about the Detroit Surf Co.
“That’s when the lightbulb went
off in my head. Why am I not sellingthese things?” he said. So, when hereturned home, he trademarked thename.
‘Did for fun’
The Detroit Surf Co. became areal company in 2005, with Tuzi-nowski selling on the streets andbeaches of Maui.
At first, it was simply niche ap-parel, but Tuzinowski later addedactual Detroit Surf Co.-brandedsurfboards and other equipment.
“It was something we did for fun.It was a part-time thing,” he said.
Tuzinowski’s day job back homewas running Net Express, the tele-com consulting company helaunched in 1994.
The clothing soon overtook histime.
“We would carry around a back-
See SURF, Page 26
Board silly. The Detroit Surf Co.gets its boards from a place notexactly known for hanging 10. MeetBlkbox Surf LLC in Oxford Township,Page 26
She puts the $ to the X’s and O’sAlison Maki was looking for a change from the world ofaccounting a decade ago, and she found it crunchingnumbers for the Detroit Lions. Today, she’s one of eightwomen who are CFOs in the NFL.Page 30
[LISA SAWYER/CRAIN’S DETROIT BUSINESS]
20150427-NEWS--0003-NAT-CCI-CD_-- 4/24/2015 6:17 PM Page 1
3/3 6/6 12/12
One major-level event sponsorship. Choose one of the following:
• Newsmaker of the Year• Crain’s 20 in their 20s• Crain’s 40 under 40
Contact: (313) 446-6032
