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No-Fault Bill: $1B from Health Care?

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No-Fault Bill: $1B from Health Care? 20150427-NEWS--0001-NAT-CCI-CD_-- 4/24/2015 6:20 PM Page 1 CRAIN’SReaders first for 30 Years DETROIT BUSINESS April 27-May 3,2015 Surfing garb in LOOKING BACK: the Motor City? The withdrawal of How gnarly bank HQs in Mich. PAGE 3 PAGE 6 No-fault bill: $1B from health care? sets it collects directly from vehicle Unlimited medical untouched, but payment rates for care are cut owners. The current MCCA would become By Chad Halcom voted 9-6 along party lines Thursday rollback in premium charges. the Michigan Legacy Claims Associa- [email protected] to report two no-fault reform bills, The legislation also establishes a tion and continue reimbursing insur- A proposed overhaul to SB 248 and SB 249, to the House new Michigan Catastrophic Claims As- ers for over-the-cap expenses on Michigan’s no-fault automotive floor, where party leaders are expect- sociation to begin covering all med- policies issued before the new fund insurance law could pull more ed to discuss them further this week. ical costs over a benefits cap on in- takes over claim coverage. The result, than $1 billion of revenue A slightly different version passed surers, which starts at $545,000. This over time, could be one fund that has away from the state’s health the Senate 21-17 earlier this month. fund replaces the current nonprofit billions more in assets than it actually care industry, but it is unclear The bills would cap the amount claim association, which was estab- needs and another that could dra- whether it would save drivers health care providers could bill for lished in 1978 and has more than $18 matically increase premiums if it more money over the long run. services covered under no-fault and billion in accumulated assets to cover The House Insurance Committee provide for a two-year $100 annual claims, and would have only the as- See NO-FAULT, Page 29 The “living office” Beringea backs at Herman Miller headquarters in Holland. The idea: U.K.med device biz Office design should help meet business goals. looking to be local MarxModa LLC wants to sell the By Tom Henderson living office from a [email protected] downtown Detroit According to the Centers for Disease Con- headquarters trol and Prevention, hospital-acquired infec- [HERMAN MILLER INC.] tions are the fourth-leading cause of death in the U.S. A small company in the U.K., with help from a local venture capital firm, wants to help stop hospital germs in their tracks. Ex-biz consultant becomes chair man Backed by $4.5 million in funding by Farm- ington Hills-based Beringea LLC, All In One Medical, which is based in Wolverhampton, With local acquisitions, startup seeks headquarters WorkSquared’s prior owners were Laurie Van- England, has been scouting locations in in Detroit to sell Herman Miller’s ‘living office’ Langevelde and Daniel Rosema; Chris Sowers and Southeastern Michigan for a manufacturing David Daugherty previously owned Facility Matrix facility it wants to have running within a year. By Sherri Welch Group. The plant will employ 35-40 to make its [email protected] Marx has since merged the two companies to patented disposable antimicrobial curtains, For years, Joe Marx sold business management consultant serv- form the state’s sole Herman Miller dealership: room dividers and window blinds for hospi- ices to Fortune 500 companies. MarxModa LLC, retaining a combined 100 employ- tals and medical clinics. Now he’s selling them strategic office designs and Herman Miller ees. The now-Pontiac-based company operates Using the same chemicals that coat the office furniture. Joe Marx: Acquired from sites in Grand Rapids, Kalamazoo, Lansing, curtains and blinds, the company is launch- Through two separate first-quarter deals, Marx and his Grand WorkSquared, Traverse City, Livonia and downtown Detroit, an ing a line of antibacterial powders, soaps and Rapids-based Marx Consulting Group LLC acquired WorkSquared Facility Matrix Group appointment-only showroom in Bedrock Real Es- lotions under the brand name of Fantex. It has Inc. in Novi and Pontiac-based Facility Matrix Group for undis- closed amounts. See MARXMODA, Page 27 See BERINGEA, Page 28 © Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. crainsdetroit.com Vol. 31 No 17 $2 a copy. $59 a year. Merging of the Minds We make M&A manageable NEWSPAPER 20150427-NEWS--0002-NAT-CCI-CD_-- 4/24/2015 3:59 PM Page 1 2 CRAIN’S DETROIT BUSINESS // April 27, 2015 sitions. The Mylan offer came after Ⅲ The Blue Water Convention Cen- MICHIGAN two major deals. On March 30, Perri- ter opened this month in Port INSIDE go closed on a $4.5 billion cash, debt Huron south of the Blue Water THIS ISSUE and stock deal for Belgium-based Bridge. The $9 million project is ex- BANKRUPTCIES . 18 BUSINESS DIARY . 25 Omega Pharma NV, Europe’s fifth- pected to create nearly 250 jobs, ac- CALENDAR . 25 largest producer in the continent’s cording to a release. Ⅲ CLASSIFIED ADS . 25 $30 billion over-the-counter market. A subsidiary of Uptown Reinvest- KEITH CRAIN . 8 In December 2013, Perrigo ac- ment Corp. signed a deal to buy the OPINION . 8 BRIEFS quired Dublin, Ireland-based Elan Capitol Theatre in downtown Flint OTHER VOICES . 9 Corp. for $8.6 billion. The acquisition and plans to spend an estimated $21 PEOPLE . 24 allowed Perrigo, formerly based in million to redevelop and reopen the RUMBLINGS . 31 Take-and-bake brand adds troit-based Ilitch Holdings Inc. Allegan north of Kalamazoo, to claim building, MLive.com reported. WEEK ON THE WEB . 31 another pizza to portfolio — Natalie Broda Ireland as its headquarters along Ⅲ The Federal Reserve Board ap- with a lower corporate tax rate. proved Chemical Financial Corp.’s pro- Take-and-bake food maker Perrigo board rejects posed $184.1 million acquisition of COMPANY INDEX: Champion Foods LLC in Huron $28.9B bid from Mylan MICH-CELLANEOUS Lake Michigan Financial Corp., MiBiz SEE PAGE 29 Township has added a new brand to Ⅲ Kevin Elsenheimer was ap- reported. Midland-based Chemical its fold of more than 10 private-label Directors at Perrigo Co. plc rejected pointed executive director of the Financial is now the seventh-largest pizza brands —and this one has a a buyout offer from London-based Michigan State Housing Development bank in Michigan based on deposit from the estate of Helen Palmatier, food personality behind it. Mylan N.V., citing the company’s own Authority, according to a release. He market share. The Grand Rapids Press reported. Hungry Girl Originals — the cre- growth potential through product replaces Wayne Workman, who had Ⅲ The board of Battle Creek Un- The gift will fund an endowed pro- ation of Lisa Lillien, a blogger, TV per- development and from business re- been both deputy state treasurer for limited named Marie Briganti its fessorship at the Catholic liberal sonality, author and face behind the lated to past and future acquisitions, local government services and new president and CEO, the eco- arts college and a number of inter- Los Angeles-based Hungry Girl MiBiz reported. Perrigo Chairman MSHDA’s acting executive director. nomic development organization disciplinary degree options. brand — is being distributed in 132 and CEO Joe Papa announced the Ⅲ A proposed $558,000 fine said in a release. She replaces Karl Ⅲ Traverse City ranked No. 4 on Meijer Inc. stores throughout Michi- action during a conference call to dis- against Grand Rapids Plastics in Dehn, who resigned last September. Smithsonian magazine’s list of top gan. The pizzas are designed to be cuss Perrigo’s quarterly results. Wyoming for safety violations would Ⅲ Aquinas College in Grand 20 small towns in the U.S. to visit in low in calories and high in fiber and Mylan’s offer was $28.9 billion or be the largest issued by the Michigan Rapids received a $2.2 million gift 2015. Estes Park, Colo., was No. 1. protein. The pizzas can be found in $82 a share. Occupational Safety and Health Ad- the deli section and retail at $6.99 for “The board concluded that the ministration in more than a decade, Corrections two pizzas. proposal substantially undervalues MLive.com reported. Russell Schar- Hungry Girl pizza has been in pro- the company and its future growth enbroch Jr. was crushed in an injec- Ⅲ A story on Page 4 of the April 20 issue should have said the Detroit duction at Champion Foods for the prospects and it is not in the best in- tion molding press. Zoo plans to invest $100,000 from its capital budget in the biodigester past two years. Peter Smith, national terest of Perrigo’s shareholders,” Ⅲ A company named AP CH-MI, LLC project. The article incorrectly implied that the Michigan Economic Devel- marketing manager for Champion Papa said. “Simply put, the board be- filed a lawsuit alleging that a plant it opment Corp. was contributing that money. Foods, said his team and Lillien met lieves that a continued execution by bought last year, the former Owens- Ⅲ Because of incorrect information supplied to Crain’s, an item in the through a mutual contact in the in- the management team against our Brockway Glass Container Inc. operation April 20 Deals & Details column incorrectly listed Axion RMS Ltd. as a dustry. existing global growth strategy will in Charlotte southwest of Lansing, name change for the Livonia office of Mid American Group Inc. Axion is Champion Foods specializes in deliver superior shareholder value.” contains 5 million pounds of arsenic actually a new company started by former employees of Mid American take-and-bake pizzas, breadsticks Perrigo has grown rapidly in re- and cadmium contamination, the Group.
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