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Michigan Opportunities Fund marks sixth major business transaction

It was announced yesterday that local firm Budco Holdings Inc. is being acquired by Glencoe Capital. Terms of the acquisition were not announced Monday, when news of the deal was made public.

Budco, which offers e-commerce services to other businesses, is one of the biggest employers in Highland Park. It was founded in Detroit in 1982 and has about $100 million in annual revenue. Glencoe Capital is based in Birmingham.

Any time a business changes hands, there is concern about what it will mean for local jobs. The president of Budco said the investment in her company is going to help Budco grow. She did not make any mention of jobs moving elsewhere.

Glencoe is making the investment through the Michigan Opportunities Fund, which is meant to promote business in our state. It is the sixth such transaction facilitated by the fund.

Thus far, it appears it will be smooth sailing for this deal. However, many mergers and acquisitions hit a snag or two along the way. That is why many business owners choose to work very closely and carefully with attorneys who are familiar with business and corporate law. These attorneys can make sure that the merger or acquisition goes smoothly. They can also inform business owners of any trouble spots they see coming down the pike and can help businesses prepare for any speed bumps. Since mergers and acquisitions are are such delicate maneuvers, many business owners find this sort of guidance to be invaluable.

Source: The Detroit Free Press, "Glencoe Capital buys Budco Holdings," John Gallagher, Nov. 28, 2011.

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