(all commands below are for a mac... pc equivalent is probably the same, except using control key)
Select text.
Copy text.
Lock text.
Paste text in back (command b)
Convert text to outlines (command shift o)
Set outline to a very large size... approximating your "grow" size (you may have to adjust the miter limit)
Merge text into one object
Select "outline stroke" from "object > path" menu
Remove any compound paths, etc.
Now you have a "grown" object
That should get you close. Sounds like a lot to do... I do most of this with key commands all the time, so I don't notice it. Maybe there's an easier way now, but that's the way I've been doing it since version 5.