“Working with Calder Capital was a positive experience from start to finish. The Calder team quickly exceeded my expectations with the quantity and quality of qualified prospects they generated. I truly valued their support and counsel throughout the entire process, right through closing. Dan was a strong advisor and invaluable as an intermediary and facilitator among the various parties, helping keep the process moving forward smoothly. I would highly recommend Calder Capital to anyone considering an acquisition or sale. Their expertise, professionalism, and commitment to their clients made a meaningful difference throughout the process.”
– Chris Blanker, Owner, Michigan Instruments, Grand Rapids, MI (Buyer)“Most of my interactions with Calder were through my M&A Advisor, but on the interactions I had with Calder Capital, it seemed like a good working experience.”
– Aaron James, Former Owner, KEM Enterprises, Ada, MI (Seller)
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Transaction Summary
Calder Capital, a nationwide mergers and acquisitions advisory firm, is thrilled to announce the successful acquisition of KEM Enterprises of Ada, MI, by Michigan Instruments of Grand Rapids, MI.
The Acquisition Story
Michigan Instruments is a Grand Rapids-based manufacturer of automated CPR devices and lung simulation equipment used by clinicians, educators, engineers, researchers, and emergency responders worldwide. Chris Blanker, owner of Michigan Instruments, engaged Calder’s Buy-Side team to acquire a complementary medical device business that could extend his portfolio’s focus on meaningful patient outcomes, while keeping the business rooted in West Michigan.
Michigan Instruments’ engagement led to Calder Capital sourcing and facilitating the acquisition of KEM Enterprises
Founded in 1996, KEM Enterprises manufactures and markets the Osto-EZ-Vent®, a trademarked medical device that allows ostomy patients to release built-up air pressure from their ostomy pouches. The product is registered with the U.S. Food and Drug Administration, attaches to ostomy pouches from any manufacturer, and is sold in the United States and international markets through established medical supply relationships.
Blanker expressed his excitement for the acquisition, commenting “The product has such a loyal following and strong position in the market. That and the fact that there are several avenues for growth to pursue immediately are what sold us on the opportunity.”
Aaron James shared that he is looking forward to “exploring new endeavors while also going back to my professional roots.”
Calder Capital’s Transaction Team and Sale Process
Dan Duba of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Michigan Instruments. Serving as Lead Director was Parker Schaap and the Lead Associate was Tyler Tingley of Calder Capital.
Calder’s Buy-Side team generated 31 off-market seller introductions, leading to 12 client pursuits, four offers on unique businesses, and resulted in the successful acquisition of KEM Enterprises. Calder Capital was engaged in September, introduced the two parties in November, the Indication of Interest was sent in January, the Letter of Intent was executed in March, and Calder successfully closed the transaction in July. The process moved from engagement to close in approximately nine months.
Blanker spoke about his experience saying, “Working with Calder Capital was a positive experience from start to finish. The Calder team quickly exceeded my expectations with the quantity and quality of qualified prospects they generated. I truly valued their support and counsel throughout the entire process, right through closing. Dan was a strong advisor and invaluable as an intermediary and facilitator among the various parties, helping keep the process moving forward smoothly. I would highly recommend Calder Capital to anyone considering an acquisition or sale. Their expertise, professionalism, and commitment to their clients made a meaningful difference throughout the process.
Aaron James stated “most of my interactions with Calder were through my M&A Advisor, but on the interactions I had with Calder Capital, it seemed like a good working experience.”
Duba shared, “Michigan Instruments came to us with a clear acquisition thesis: find a complementary medical device company that could expand its portfolio, positively impact patients, and ideally remain rooted in West Michigan. KEM Enterprises checked those boxes in a very compelling way. I’m proud that we were able to bring these two West Michigan-based medical device companies together.”
Sam Scharich, Calder’s Buy-Side Managing Director, remarked, “Medical device acquisitions require buyers to assess a unique set of critical factors, including product fit, regulatory requirements, distribution channels, long-term strategic alignment, and financial performance. Our Buy-Side team executed a focused, proprietary M&A search for our client; we’re proud to help strategic buyers, such as Michigan Instruments, identify and acquire medical device businesses that align with their growth objectives.”
Calder Capital served as the Exclusive Buy-Side Mergers and Acquisitions Advisor to Michigan Instruments. Serving as legal counsel to Michigan Instruments was Jeffrey York and Jill Miller of Dickinson Wright. Representing the seller was Travis Ernst of Nuvescor. Legal counsel to KEM Enterprises was provided by Tony Pearson of Rhoades McKee.
About Michigan Instruments:
Founded in 1964 and based in Grand Rapids, Michigan, Michigan Instruments designs and manufactures automated CPR devices and lung simulation equipment for clinical care, education, biomedical engineering, testing, and research. Its equipment is used by healthcare professionals, educators, engineers, researchers, and emergency responders worldwide. To learn more, please visit www.MichiganInstruments.com.
About KEM Enterprises:
Based in Ada, Michigan, KEM Enterprises, Inc. manufactures and markets the Osto-EZ-Vent®, a trademarked medical device that provides ostomy patients with a simple way to release built-up air pressure from their ostomy pouches. The vent attaches to ostomy pouches from any manufacturer and is registered with the U.S. Food and Drug Administration. To learn more, please visit www.KEMOnline.com.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
Notice: Calder Capital, LLC is not affiliated with any similarly named organizations or entities. To verify communications from our firm, visit our website or contact [email protected].
