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Blackford Capital's Michigan Prosperity Fund Summary

 

About the Michigan Prosperity Fund

The primary objective of the fund is to generate best in class equity returns using a leveraged buyout investment model (a very favorable asset class over the past two decades), and the secondary goal of the fund is to support the local economy by protecting and creating jobs within the state and reducing the export of capital out of Michigan to out-of-state private equity funds acquiring Michigan businesses.

Michigan often ranks in the top ten states in the nation for private equity investment. Despite Michigan’s high ranking, there are relatively few private equity firms focused on majority-controlled buyouts. Blackford decided to be a firm focusing time and energy on investing Michigan capital into support of Michigan’s economy. Blackford estimates there are more than 1,600 Michigan-based companies roughly matching its investment criteria. When Michigan companies decide to sell, it is important to them to sell to a Michigan-based firm.

Investment Approach / Investment Criteria

Blackford Capital's Michigan Prosperity Fund invests in middle-market manufacturing, distribution, and service companies in both mature and growing industries. The firm is particularly interested in investment opportunities where the management team will remain with the company, but Blackford Capital also appreciates investment opportunities where existing management teams are retiring or where key executives need to be added. We generally look for opportunities that can satisfy a majority of the following criteria:

Sales:

$15 million – $100 million

EBITDA:

$1 million – $10 million

Industries:

Low-tech manufacturing/distribution and service companies with industrial/business customer base in mature and growing industries

Management:

Prefer management teams that are looking to grow the business, but will consider opportunities where owner/operator is seeking to retire or exit

Profitability:

Proven profitability for last three years with future expectations of positive, stable cash flows is preferred, but not required

Geography:

Headquartered or significant operations in the state of Michigan

 

Current Portfolio Companies

The Michigan Prosperity Fund is actively investing in lower-middle market companies in Michigan. The Fund made its first platform investment, Grand Rapids-based Custom Profile, in 2012 and completed its second investment, Mopec, in June 2013.

Custom Profile Custom Profile
Chairman: Martin Stein
HQ:
Grand Rapids, MI
President and CEO: Sam Nicolas
Year of Investment: 2012
Business: Specialize in extruded plastic products for the Appliance, Furniture, Office and Marine industries
Website: www.custom-profile.com
   
Grand Transformers, Inc. Grand Transformers, Inc.
Chairman: Jeff Helminski
HQ:
Grand Haven, MI
CEO: Ed Smith
Year of Investment: 2014
Business: Designer and Manufacturer of transformers and other custom inductive components
Website: www.gtipower.com
   
Mopec Mopec
Chairman: Jeff Helminski
HQ:
Oak Park, MI
President and CEO: Terry O'Rourke
Year of Investment: 2013
Business: Medical Equipment Manufacturer manufacturer of pathology and mortuary equipment
Website: www.mopec.com

 

 

Latest News

Custom Profile: an IQMS Customer Success Story
June 10, 2013
Back home and looking for deals
MiBiz, Mark Sanchez - March 15, 2013
Money at home: Private equity deals on rise in state – and future looks bright
Crain's Detroit Business, Gary Anglebrandt and Joe Boomgaard - March 10, 2013
Custom Profile donates cutter/puller to Ferris State University's Plastics Program
March 4, 2013
Investors flock to PE fund targeting Michigan companies
MiBiz, Mark Sanchez - December 9, 2012
Custom Profile sponsors Walker Memorial Patio
September 10, 2012
D.A. Blodgett recognizes CPI for school supply efforts
October 21, 2011
Custom Profile mentioned in Plastics News
July 21, 2010

 

 
 
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