InvestMichigan! Mezzanine Fund Makes First Investments in Michigan Companies
TROY, Mich. — Credit Suisse’s Customized Fund Investment Group (CFIG) and Beringea, co-managers of the InvestMichigan! Mezzanine Fund, today announced the Fund’s first investment — Lexington, Mich.-based Huron, Inc. Terms of the deal were not disclosed.
Huron is a leading manufacturer of value-added precision machine products for the automotive industry.
The InvestMichigan! Mezzanine Fund, formed in partnership with the U.S. Small Business Administration’s Start-Up America Impact Investment SBIC Initiative, will make investment commitments totaling $130 million to lower-middle-market Michigan companies over the next five years. Michigan was the first state to benefit from the program, which aims to commit $1 billion nationwide.
“It’s exciting for Michigan to see the InvestMichigan! Mezzanine Fund complete its first investments,” said Sean O’Donnell with the Credit Suisse CFIG Michigan investment office. “We have been very pleased with the strong interest we’ve received from Michigan’s business community since the launch of the fund. We expect this fund will be a great resource for Michigan businesses and have a favorable impact on the future of the Michigan economy.”
The InvestMichigan! Program focuses exclusively on providing capital to businesses that are headquartered, have a significant presence, and/or plan to expand or relocate in Michigan.
Closely following the Huron investment, a second investment was made to a Mich.-based grocery distributor. Terms of the deal were not disclosed.
Founded in 1943, Huron, Inc. is a leading manufacturer of value-added precision components, primarily bar-turned products and tubular assemblies that are used in automotive engine, transmission, fuel and climate control systems. The company is one of the largest independent producers of precision bar-turned products in the United States and has successfully leveraged its position to expand into the specialized tubular fabrication market.
The company has 271 full-time employees in Michigan and is one of the largest employers in Sanilac County. Huron manufactures more than 380 different highly engineered components and is the sole-source supplier for each of its products. They are found on a diverse mix of more than 75 cars, trucks, and crossovers, including 10 of the top 20 best-selling vehicles in North America. For more information, visit www.huroninc.com.
Credit Suisse’s Customized Fund Investment Group (CFIG) is one of the largest and deepest investment teams dedicated to private equity investing. The group is headed by Managing Director and Global Head Kelly Williams, who founded CFIG in 1999. As of Dec. 31, 2010, CFIG managed more than $27 billion in commitments to private equity funds of funds and co-investments, both in the United States and internationally. CFIG’s more than 125 professionals are based at the group’s offices in New York, London, Hong Kong, Austin, Columbus, Detroit, Indianapolis, Los Angeles, Portland and Raleigh. In addition to the Invest Michigan Mezzanine Fund, CFIG manages the $95 million Venture Michigan Fund I, the $120 million Venture Michigan Fund II and the $109 million Michigan 21st Century Investment Fund programs and co-manages with Beringea the $185 million Invest Michigan Growth Capital Partners Fund. In total Credit Suisse manages over $500 million of Michigan-target investment initiatives, making Credit Suisse on of the largest pools of private equity capital in the State and establishing Michigan as a leader in supporting capital investment in the industries of tomorrow. For more information, visit www.credit-suisse.com.
Beringea offers advice, guidance and capital to support growing businesses. The firm is headed by Senior Managing Director Charles Rothstein, who founded Beringea in 1988. Headquartered in Farmington Hills, the firm is Michigan’s largest and most active venture and expansion-stage capital investor and has more than 70 portfolio companies in the United States and United Kingdom. The professionals at Beringea have extensive experience investing in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products.
Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, solve problems and build value. For more information, visit www.beringea.com.
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