Grand Rapids Business Journal
A locally based private equity fund invested in its fifth portfolio company.
Charter Growth Capital Fund (CGCF), a fund managed by the principals of Grand Rapids-based Charter Capital Partners, said last week that it invested in Premier Engineered Products (PEP).
CGCF provided mezzanine debt in support of the recapitalization. Birmingham-based Colfax Creek is the lead investor in the transaction. Colfax Creek with Mike Ryan PEP president and CEO formed PEP in January 2019 to recapitalize Appalachian Cast Products (ACP) and integrate Premier Die Casting’s production into its facility in Abingdon, Virginia.
CGCF invests up to $5 million of mezzanine debt and/or equity capital into lower middle-market companies. The fund supports companies that are seeking funding for growth, succession or recapitalization. While the fund typically focuses on Great Lakes-based companies, the team’s existing relationship with Colfax Creek led to its investment in