TRAVERSE CITY ? Altus Brands leveraged a $170,000 investment in June made by Northern Michigan Angels and BlueWater Angels to purchase Extreme Dimension Wildlife Calls, an innovator in the electronic game call industry.
This investment provided the equity capital that Altus Brands needed to secure a loan from the Traverse City State Bank which, together, provided the necessary capital to acquire Extreme Dimension. It marked the first investment made by the Northern Michigan Angels investment group, formed in the summer of 2011.
Altus Brands Vice President of Sales and Marketing, Charles Ricci and Chief Financial Officer Brian Breneman, sum it up by saying they could not have made the acquisition of Extreme Dimension Wildlife Calls without the support of the Northern Michigan Angels and the BlueWater Angels. Altus Brands welcomes them onboard the growing team and sees this as an opportunity for the company to enhance their breadth of offering to the hunting consumer and provide expanded market opportunities for both the Altus Brands and Extreme Dimension Wildlife calls, which will be relocated to Traverse City.
?We are partnering with other angel groups in Michigan to develop what we are calling ?The Michigan Alternative,? said Ron Hurd, Founding Member of Northern Michigan Angels and investment deal lead. ?This is a unique structure for investing in emerging companies that provides capital during the growth years plus incorporates a built-in exit opportunity for the angel investors down the road. This is the deal structure that was used for the investment in Altus Brands and we hope to use this term sheet model for future deals.?
Formed in 2008, Altus Brands identifies companies in the hunting, fishing and outdoor recreation marketplace, which manufacture and sell retail products through similar channels of distribution. Altus has the flexibility and creativity to work with exiting owners to develop a plan for partnering or acquisition which will unlock the value of the company. Typically, these plans include additional capitalization, integration and leveraging of established distribution channels, production and administration.
Since their inception, the company has acquired 10 brands and entered into 14 distribution and fulfillment deals in the hunting, fishing, shooting and outdoor recreation space including Cass Creek Outdoors game calls, Pro Ears hearing protection, Benchmaster Shooting Products, Bughat, Woodland Whisper, Harmon Scents, Heart Stopper Lure and Pro Hood.
?We are fortunate to have connected with Brian Breneman, Charles Ricci and Gary Lemanski of Altus Brands to put this deal together,? said Ron Hurd, Founding Member of Northern Michigan Angels and investment deal lead.
?These innovative founders are taking a new approach to the market and one we expect will be very successful. Their knowledge and approach helps other entrepreneurs and supports the outdoor enthusiast?s lifestyle which is integrated into the lives of many here in northern Michigan.?
The Northern Michigan Angels was formed with the assistance of an advisory board of local successful business leaders, the Traverse City Chamber of Commerce, the Michigan Small Business & Technology Development Center, and MidMichigan Innovation Center.
Northern Michigan Angels is actively recruiting new members and sponsors. The next Pitch Night for investment opportunities with the Northern Michigan Angels will be July 17, and interested entrepreneurs or potential investors can visit the Northern Michigan Angels? web site at NorthernMichiganAngels.Com
