TROY – InvestMichigan! Mezzanine Fund Thursday announced its first investment ? an undisclosed sum in Huron, a manufacturer of value-added precision machine products for the auto industry.
The InvestMichigan! Fund also announced a second investment in a Michigan-based grocery distributor. Terms of that deal were not disclosed either.
The Fund is co managed by Credit Suisse?s Customized Fund Investment Group and Beringea.
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.
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