Today The Right Place, Inc., in collaboration with the Michigan Economic Development Corporation (MEDC) and the City of Wyoming, announced that Grand Rapids-based Stone Fox Ventures LLC will be relocating a portion of its recent acquisition, Even Cut Abrasive Company, to a new location at 4050 Roger B. Chaffee Memorial Blvd, in Wyoming. Additionally, the company will invest $3.76 million in equipment and facility to expand product offerings, resulting in the creation of 52 new jobs.
Stone Fox Ventures is a private equity investment firm that acquires, structures, manages and grows middle-market manufacturing, distribution, and services companies with industrial and business customers. Recently, the firm closed the purchase of Even Cut Abrasive Company, currently located in Cleveland, Ohio. The manufacturer produces coated and non-woven specialty abrasive products for industrial use.
After considering keeping the full-scope of the company’s operations in Cleveland, Stone Fox Ventures ultimately decided to relocate and expand a portion the industrial manufacturer to Wyoming with the assistance of The Right Place and the MEDC. The new Wyoming facility will take over the production of two product lines, as well as the expansion of several others.
“We believe the City of Wyoming is a great place to build a company and a community. Not only is the area full of talented individuals who will make fantastic team members, but it also provides a quality of life we believe is important to our business culture,” said Robert Shindorf, Managing Member, Stone Fox Ventures LLC, “The Right Place and their partners at the MEDC have been incredibly helpful as we’ve worked through this process, and we’re grateful for their continued support as we move forward.”
The MEDC is supporting the expansion effort with the approval of a $400,000 Michigan Business Development Program performance-based grant. The Right Place also connected the company with workforce development resources at West Michigan Works! to assist with talent attraction and workforce training.
“Stone Fox Ventures’ decision to expand Even Cut Abrasive’s operations into Wyoming is a testament to the economic strength of our region,” said Eric Icard, Senior Business Development Manager and project lead, “West Michigan has always been exceptionally well-suited to support manufacturers, and the addition of Stone Fox Venture’s recent acquisition only strengthens our reputation as a place where manufacturers thrive.”
“We’re thrilled Stone Fox Ventures selected Wyoming as the location for its expansion project,” said Mayor Jack Poll, City of Wyoming, “We look forward to welcoming them to our community and being part of their continued success.”