A tribally owned holding company and economic development organization acquired a family-owned manufacturer in Muskegon.
Grand Rapids-based Waséyabek Development Company said Monday that it acquired Muskegon-based Re-source Industries, which makes a wide variety of parts for ATVs, autos, snowmobiles, archery bows and other products.
The purchase was completed Aug. 20. Terms of the deal were not disclosed.
“This acquisition is a terrific addition to the tribe’s nongaming portfolio,” said Deidra Mitchell, president and CEO of WDC. “The company has a history of innovation and profitability, strong leadership and a geographic profile that matches our ideal portfolio candidate.”
WDC is the economic development arm of the Nottawaseppi Huron Band of the Potawatomi Indians (NHBP). With this acquisition, the tribe now owns and operates nine companies or properties in Michigan, providing 101 jobs in the state.
Under WDC’s ownership, Re-Source Industries will change its name to RSI of West Michigan. While the name is changing, the leadership of the company, including the previous owners, Paul Kuyt and Randi Kuyt, will remain in place.
“After meeting the Waséyabek team and assessing the situation, we are confident this is in the best interests of the company and the employees,” Paul Kuyt said. “When you operate a business, your employees are part of your extended family. So, we wanted to make sure the new owners had our same core values. Waséyabek clearly does.”
RSI of West Michigan will be a sister company to Baker Engineering, another WDC-owned manufacturing firm, located in nearby Nunica. Paul Kuyt will continue to provide day-to-day leadership of the 44 RSI employees. Jack Jerovsek and James TenBrink, of Baker Engineering, will provide executive oversight to both Baker and RSI.
“The high-quality work performed at RSI will be a great complement to our manufacturing operation at Baker Engineering,” said TenBrink, vice president of Baker and an NHBP tribal member. “We have been looking to grow and expand our capabilities and our customer base, and that’s why we approached Paul about working together to grow our two organizations.”
The acquisition is expected to be seamless for customers and employees. No production line or operational changes are planned as a result of the acquisition.
“This is an example of our vision becoming reality,” said Jeri Pamp, chair of the WDC board of directors and an NHBP tribal member. “Waséyabek‘s mission to is buy, hold and grow nongaming businesses that will strengthen the tribe and the greater community for seven generations. This acquisition will allow us to further that mission for the betterment of all.”
WDC partnered with Calder Capital in Grand Rapids to source the acquisition.