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DVP Pushes Aside Rumors of Trouble Hermelin: ‘Early-Stage Investing Is Messy

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DVP Pushes Aside Rumors of Trouble Hermelin: ‘Early-Stage Investing Is Messy 20150504-NEWS--0001-NAT-CCI-CD_-- 5/1/2015 7:00 PM Page 1 CRAIN’SReaders first for 30 Years COMMONS] BURDETTE/WIKIMEDIA [DWIGHT DETROIT BUSINESS May 4-10,2015 Sakthi sees Brighton firm’s the pros of coating clearly hiring ex-cons has potential Why Kroger had Hiller’s Markets on its shopping list, Page 3 PAGE 3 PAGE 3 ‘Golden corridor’ – but slow as molasses DVP pushes aside rumors of trouble Hermelin: ‘Early-stage investing is messy. … We’re here for the long haul’ By Tom Henderson the long haul,” he added. [email protected] Trying to build something Rumors have been swirling in the local venture-capital [LARRY PEPLIN] community that Detroit Venture Partners is in trouble. When the trio founded DVP, there were no early stage Drivers inch their way along Hall Road.The amount of traffic is both a blessing Five years after being founded by Dan Gilbert, Josh investors in Detroit. It was a barren landscape for ven- and a curse for merchants along the corridor that some call Hell Road. Linkner and Brian Hermelin as a way to invest in early- ture capital, and Gilbert was ready to try and build stage technology companies, DVP is yet to have any big something. wins. Meanwhile leadership has been in flux, there have “We’d been losing our best and been layoffs at several portfolio companies, and some brightest for years,” Hermelin said. founders abandoning Detroit for the fertile grounds of “They’d been starting companies, but M-59 gridlock drives San Francisco. they’d been starting them in San Fran- “Confidence in DVP by the venture community has cisco.” been lacking,” said one area venture capitalist who They raised their first fund, which asked not to be named. “Rumors have been swirling.” has $55 million under management traffic talk in Macomb Hermelin, who is DVP’s managing partner, has a and of which $30 million has been message to those who doubt: Relax. DVP is doing fine. committed to portfolio companies. “Early-stage investing is messy,” he said. “It’s hard. It’s Brian Hermelin: And, critically, the only institutional Officials see no quick cure to the curse of the Hall crawl hand-to-hand combat. We’re about where we should be “Relax. DVP is money in the fund is $2.25 million four-and-a-half years in. We’ve got some really promis- doing fine.” from the Pure Michigan Venture De- By Doug Henze ing companies we like a lot. We’ve got some companies velopment Fund. That means not Special to Crain’s Detroit Business Special Report: Macomb we hope can get some wind behind them. And we have having to answer to foundations or pension funds that Slogging through stop-and-go County’s economy is revving up some that are tough. from the last recession, with tech traffic on northern Macomb “We didn’t get in this for a quick return. We’re here for See DVP, Page 21 County’s main east-west thor- jobs helping drive a resurgence in oughfare — four lanes deep in ex- manufacturing, Page 11 haust and exhaustion — it’s easy to understand why some locals mercial real estate brokerage have dubbed it “Hell Road.” Anton, Sowerby & Associates in For the business district along Mount Clemens. “Everybody Living the stretch of M-59 officially wants to be on M-59. That traffic known as Hall Road, that grid- is the lifeblood of businesses in lock has become both blessing the busy commercial district.” and curse. The area has seen a Borrowing a line made famous through major development push in re- by Yogi Berra, parts of M-59 have cent decades, but the traffic become so crowded “nobody backups can also be a deterrent goes there anymore.” to visitors. “There have been a number of giving “I refer to M-59 as Macomb restaurants that have come and County’s Golden Corridor,” said Joe Sowerby, president of com- See GRIDLOCK, Page 19 A. Alfred Taubman left a legacy in education, © Entire contents copyright 2015 by Crain Communications Inc. All rights reserved. health care, galleries and crainsdetroit.com Vol. 31 No 18 $2 a copy. $59 a year. research into diseases. His PRESS] [ASSOCIATED philanthropy is expected to live on through his children and the Taubman Foundation, Page 7 NEWSPAPER 20150504-NEWS--0002-NAT-CCI-CD_-- 5/1/2015 5:47 PM Page 1 2 CRAIN’S DETROIT BUSINESS // May 4, 2015 which is domiciled in Dublin, Ire- State University estimated the MICHIGAN land, to benefit from lower taxes but school’s annual economic impact in INSIDE retains its headquarters in Allegan. Kent, Ottawa and Muskegon coun- THIS ISSUE Ⅲ Midland-based Dow Chemical ties at $730 million during the 2013- BANKRUPTCIES . 6 BUSINESS DIARY . 16 Co. will sell its Agrofresh food-pack- 14 fiscal year. Grand Valley deter- CALENDAR . 15 Boulevard Acquisi- aging business to mines the amount using the CLASSIFIED ADS . 17 tion Corp. for $810 million, number of its employees (more than KEITH CRAIN . 8 Bloomberg News reported. Agro- 3,200) along with spending and MARY KRAMER . 8 BRIEFS fresh will become a stand-alone taxes paid by its 25,000 students. OPINION . 8 company that trades on the Nasdaq Ⅲ Byron Center-based Spartan- OTHER VOICES . 9 Walbridge to manage Bell’s declared an end to Flint’s financial system. Dow still will own about 40 Nash Co. plans to buy the six-store PEOPLE . 15 Brewery bottling expansion emergency after the state approved percent of Agrofresh. Dan’s Supermarket chain in Bismar- RUMBLINGS . 22 a $7 million loan to eliminate a Ⅲ The quarterly office furniture ck-Mandan, N.D., The Associated WEEK ON THE WEB . 22 Bell’s Brewery Inc. selected De- budget deficit. Flint has been run by index compiled by Michael A. Dunlap Press reported. Terms of the deal troit-based construction firm Wal- emergency managers since 2011. & Associates was the third-best haven’t been disclosed. Dan’s sold COMPANY INDEX: bridge Aldinger Co. to expand its The city is returning to local con- recorded since July 2007, MiBiz re- its two Dickinson, N.D., stores to SEE PAGE 21 Comstock bottling operation. trol, although a five-member transi- ported. “We reaffirm our prediction SpartanNash in December 2013. As part of a multiyear $35 million tion board will review major con- that the industry remains on course Ⅲ Joel Wilson, 32, was sentenced expansion, Walbridge will be con- tracts and budgets. A budget that to achieve its best year in more than to up to 10 years in prison and must scribed as a Ponzi scheme, the Bay struction manager for the build-out starts July 1 will have no deficit for a decade,” said Michael Dunlap, pay $6.5 million in restitution for City Times reported. Wilson former- of a new bottling hall, keg storage the first time in a decade, The Flint who heads the Holland consultancy. defrauding investors of millions of ly owned The Diversified Group Advi- building and warehouse. The ex- Journal reported. The state says Ⅲ The commercial fishing indus- dollars in what prosecutors de- sory Fund LLC. Ⅲ pansion will increase Bell’s annual long-term liabilities have been re- try’s total catch last year in Michigan Corrections production capacity to 1 million duced to $240 million from $850 was slightly lower than 2013’s at barrels of craft beer. million. about 3.4 million pounds, The Asso- Ⅲ An editorial on Page 8 of the April 27 issue should not have includ- Bell’s, based in Galesburg east of In other good news for Flint, Ket- ciated Press reported. But the Michi- ed Oakland County Executive L. Brooks Patterson as a supporter of the Kalamazoo, plans to produce 410,000 tering University is getting $4 million gan Department of Natural Resources Proposal 1 road funding initiative. Patterson does not support the bal- barrels of beer in 2015, founder Larry from General Motors to build an au- said the estimated wholesale dock- lot proposal. Bell told Crain’s this year. tomotive proving ground and pow- side value was more than $5.8 mil- Ⅲ In the General and In-House Counsel Awards section in the April The bottling hall and warehouse ertrain test lab, The Journal report- lion before processing, marketing 27 issue, a profile of Michelle Busuito, assistant general counsel for the are expected to be completed in ed. GM owned the Flint school, and retail sales, up $300,000. Suburban Mobility Authority for Regional Transportation, should have November and December, respec- previously known as the General Ⅲ Marysville-based SMR Auto- said it costs $490, not $49, to test each of the DNA rape kits that were tively. The entire project is expected Motors Institute, until the 1980s. motive Systems plans to add 200 found in 2009 in an abandoned Detroit police storage unit. to be completed by February 2016. jobs as part of an $18.6 million ex- Ⅲ Because of incorrect information supplied to Crain’s, an item in the — Dustin Walsh MICH-CELLANEOUS pansion, The Times Herald in Port April 27 People on the Move incorrectly listed Nicole Sokloski’s job title Ⅲ Refusing to take “no” for an an- Huron reported. The Michigan Eco- as event manager at the Display Group, Detroit. She is actually an ac- Flint ends 4 years under swer, Mylan N.V. raised its offer to ac- nomic Development Corp. approved count executive. emergency management quire Perrigo Co. plc to nearly $32.7 a $2 million grant to St. Clair County Ⅲ An item in the Michigan Briefs on Page 2 of the April 27 edition billion, MiBiz reported.
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