Michael Daevenport '93 newly invested to operate Grandville stamping firm as minority enterprise
GRANDVILLE, MI – Jireh Metal Products has been acquired by a group of local investors who plan to operate the metal stamping company as a Minority Business Enterprise.
The new owners include by Michael Davenport, Andy Otteman and Gregory VandenBosch, the company said in a news release on Tuesday, May 19. Jireh produces metal stampings and assemblies for the office furniture, hardware and automotive industry.
Davenport, a basketball star at Ottawa Hills High School in the 1980s who went on to star at Xavier University, will lead Jireh as president and CEO.
Seller Ron Wierenga, who has led the company since 2000, will retain an ownership share and have an active role in the development of customer relationships, the company said. Terms of the deal were not disclosed.
As part of the new ownership structure, Jireh plans to pursue Minority Business Enterprise certification, the company said.
The certification "will allow Jireh to provide support to many companies, including current customers, that have supplier diversity programs in place and those that recognize that a diverse supply base offers a competitive advantage in today's multicultural business economy," the company said..
With more than 30 years in business, Jireh employs nearly 100 people and operates two manufacturing plants with 120,000 square feet. The company is headquartered at 3635 Nardin Street SW in Grandville and has a production facility at 864 Productions Place in Holland Township.
Davenport most recently served as the director of community development for First Financial Bank in Cincinnati, where he led the bank's community development strategy. Previously, he served as a regulatory attorney for First Financial, Fifth Third Bank and U.S. Bank, where he managed the implementation and review of consumer lending legislation.
"Jireh's current products and customer base provided our team with a solid platform and the potential to grow with existing customers. We have a great opportunity to extend our relationships with these partners," said Davenport in a news release.
"While we retained all of Jireh's employees in the transition, we are also looking forward to adding additional staff to expand our areas of expertise and industry knowledge."
"Our team has done extensive due diligence on Jireh and knows the business inside and out. With Ron's involvement and guidance, Jireh will be able to continue in the direction that has allowed Jireh to grow with its partners," said Davenport. "We're confident that we'll be able to reach the company's growth targets."
Otteman, a former employee of Herman Miller Inc. and tech start-up, Parnunu, will serve as director of new business development.
The deal was financed by Mercantile Bank. Grand Rapids-based StreamSong Advisors played a key role in the deal structure.
"Providing acquisition and growth capital for proven leaders like the new Jireh Metal Products team is a perfect fit for the Mercantile business model and our local focus, said Kevin Paul, senior vice president of commercial lending at Mercantile Bank.