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As Venture Capital and Private Equity Activity Has Grown in Michigan, So Has the Number of Firms Active in the State

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As Venture Capital and Private Equity Activity Has Grown in Michigan, So Has the Number of Firms Active in the State 20130311-SUPP--0024-NAT-CCI-CD_-- 3/4/2013 4:00 PM Page 1 VENTURE CAPITAL AND PRIVATE EQUITY IN THE STATE As venture capital and private equity activity has grown in Michigan, so has the number of firms active in the state. Here’s an alphabetical list of venture capital and private equity firms that are either based or active in Michigan. The information is based on interviews with principals at the firms, as well as databases and industry organizations. Fund, location Investment focus Top executive(s) Representative investments Fund size The Anderson Consumer products, industrial, Cory Gaffney, Tom Gaffney Hastings Manufacturing N/A Group, media, property, retail and Barry Shapiro, partners LLC, Michigan Wheel Bloomfield Hills Marine, TecArt Inc. Apjohn Biotechnology, health care, Mina Patel Sooch and Donald ProNAi Therapeutics, $15 million Ventures,* medical devices, Parfet, co-founders and general RenaMed Biologics Kalamazoo pharmaceuticals partners Arboretum Health care, life sciences, Jan Garfinkle, Tim Petersen Arbor Metrix, Fidelis $235 million and Ventures,* medical devices, medical and Paul McCreadie, managing Senior Care, Tangent an estimated Ann Arbor instruments, medical directors Medical $118 million left ** technologies Aria Ventures, Diversified Jeff Sloan, founder HorseShow.com, BizHub, N/A Birmingham Hoscomm Systems Arsenal Venture IT, communications, energy, Jason Rottenberg, Christopher Bioformix Inc., Arctic N/A Partners,* Winter power, industrial and Fountas and John Trbovich, Sand Technologies Inc. Park, Fla. (locally environmental general partners in Birmingham) Augment Clean technology, IT, renewable Sonali Vijayavargiya, founder Llamasoft Inc. Target size of Ventures,* energy and managing director; Amit $20 million, fund Ann Arbor Roy, managing director still open Belle Capital, Clean technology, consumer Carolyn Cassin and Lauren Current Motor, Michelle’s $25 million, with Grosse Pointe services, Internet, IT, life Flanagan, managing partners Miracle $20 million left to Farms sciences, manufacturing, medical spend.** devices, technology Beringea Private Biotechnology, clean tech, digital Charles Rothstein, co-founder Mophie Two funds, totaling Equity,* media, health care, intellectual and senior managing director $365 million Farmington Hills property, IT, leisure, manufacturing, media, medical devices, medical technologies, property, transportation BioStar Biomedical, health care, medical Louis Cannon, M.D., founder ASI Ablative Solutions $70 million, an Ventures,* devices, medical technologies, and senior managing director Inc., Embrella, Hotspur estimated $8 mil- Petoskey pharmaceuticals lion remaining** BlackEagle Aerospace, business services, Michael Madden, managing Rockford Products LLC, $200 million with Partners, construction, consumer products, partner Instart Services Group $42 million Bloomfield Hills consumer services, defense, LP, US LBM Holdings remaining ** distribution, health care, industrial, LLC, Waste Associates manufacturing, natural resources, transportation Blackford Middle-market manufacturing, Martin Stein, managing director Source International, Target size of $20 mil- Capital, distribution and service companies Dynamic Fabricators, lion; estimated Grand Rapids Unisen $7 million raised** Bridge Street Business services, consumer Bill Kaczynski, managing director; Superior Fibers LLC, $40.7 million Capital Partners, products, distribution, health care, John Meilner, managing partner V.I.O. Inc., Callpod, with $1 million Grand Rapids logistics, manufacturing Zorch remaining ** Camelot Venture Financial services, Internet, David Katzman, managing partner Quicken Loans, N/A Group, leisure, retail, technology Fathead.com, Cleveland Farmington Hills Cavaliers, ePrize CIG Capital Health care Osman Minkara, managing principal; Elixir International LLC, $25 million fund Partners, Paul Schapira, vice president GenerationOne Inc. limit Southfield of alternative investment *Identified as venture capital firm by the Michigan Venture Capital Association **Estimates based on information from various databases CONTINUED ON PAGE 25 Page 24 SPRING 2013 20130311-SUPP--0025-NAT-CCI-CD_-- 3/5/2013 2:52 PM Page 1 CONTINUED FROM PAGE 24 Fund, location Investment focus Top executive(s) Representative investments Fund size CITG Capital Manufacturing, software, Naimish Patel, managing LenderLive, Netlink, N/A Partners, Troy technology, telecoms director Precision Optical Manufacturing Chrysalis Ventures,* Early- and expansion-stage health David Jones Jr., chairman; BioSeek and $400 million Louisville, Ky. care and technology companies Koleman Karleski, Intervention Insights (locally in Ann Arbor) in the Midwest and South managing partner Detroit Investment Construction, consumer products, David Blaszkiewicz, president Global Titanium Inc., Roughly $45 million Fund, Detroit consumer services, distribution, of Invest Detroit and Detroit International Specialty manufacturing, property, retail Investment Fund Tube, Madison Building, Broderick Tower Detroit Venture Digital media, IT security, Josh Linkner, CEO and UpTo, Are You a Human? N/A Partners,* Detroit software, technology managing partner Donnelly Penman Financial services John Donnelly, managing Aquesta Bank, Level One $28 million with Capital, member Bancorp Inc., MidSouth $4 million remaining** Grosse Pointe Bank Dow Ventures,* Companies in areas of strategic Monty Bayer, corporate vice Alta Devices, Imprint $30 million spent Midland interest to Dow, focusing on president for new business Energy, Xtreme Power annually technology development and ventures DTE Energy Clean technology, energy, Knut Simonsen, president A123 Systems, Echelon, More than $100 million Ventures, Ann Arbor renewable energy PlugPower invested to date EDF Ventures,* Health care, IT Mary Lincoln Campbell and Lycera $160 million under Ann Arbor Mike DeVries, managing management directors Early Stage Early-stage investment in Andrew McColm, managing HistoSonics More than $100 million Partners,* information, health care, director Cleveland, Ohio advanced manufacturing and (locally in Ann Arbor) industrial technology Endurance IT, software, wireless Ron Reed, managing Fullscope Inc., EcoDuro N/A Ventures, Ann Arbor member Inc. Flagship Ventures,* Therapeutics, health technologies, Noubar Afeyan, Ph.D., Accuri Cytometers, Manages more than Cambridge, Mass. sustainability and clean technology managing partner and CEO Tangent Medical $900 million in capital (office opening in Ann Arbor) Fletcher Spaght Health care devices, diagnostics John Fletcher and Pearson HistoSonics $100 million Ventures,* and services Spaght, founding partners Boston, Mass. (locally in Ann Arbor) Fontinalis Partners,* Mobility solutions companies Ralph Booth, Bill Ford and ParkMe, Life360, N/A Detroit Mark Schulz, founding Streetline partners; Chris Cheever and Chris Thomas, founding principals General Motors Clean technology, materials, Jon Lauckner, president The NanoSteel Co. $100 million, with an Ventures,* Detroit technology, transportation estimated $64 million remaining** Glencoe Capital, Diversified David Evans, chairman and American Education $1.5 billion in Birmingham chief investment officer Group, Encore completed transactions Rehabilitation, Child Development Schools, Budco Holdings Inc. Hopen Life Health care, medical devices, Mark Olesnavage; Michael Fidelis Senior Care Two funds, $65 million. Sciences,* medical technologies Fulton, M.D.; Jerry Callahan; Estimated $21 million Grand Rapids managing directors remaining** Huron Capital Business services, consumer Brian Demkowicz, managing Artissimo Holdings Inc., $1 billion with Partners,* Detroit products, consumer services, partner Bloomer Plastics Inc., $602 million distribution, manufacturing Cardinal Agri-Logistics remaining ** Inc. Huron River Clean tech, energy, engineering, Ryan Waddington and Tim SideCar Technologies $11 million expected Ventures,* materials, power, renewable Streit, managing directors Ann Arbor energy, software, technology *Identified as venture capital firm by the Michigan Venture Capital Association. CONTINUED ON PAGE 27 **Estimates based on information from various databases. SPRING 2013 Page 25 FALL 2006 20130311-SUPP--0027-NAT-CCI-CD_-- 3/5/2013 2:53 PM Page 1 CONTINUED FROM PAGE 25 Fund, location Investment focus Top executive(s) Representative investments Fund size Longpoint Capital, Manufacturing, distribution and Gerry Boylan, Ira Starr and Arrow Tru-Line, Cumming $315 million of capital Royal Oak service Eric Von Stroh, managing Group, The Saxton Group, under management directors UMA Entreprises LV2 Equity Distribution, manufacturing Michael Flint, senior Auto-Lab, Nex N/A Partners, Midland managing director Solutions, MPR McKinley Chemicals, materials, software, Mark McKinley, managing MPG Tech LLC Not currently raising Technology Equity technology partner funds Fund, Bay City Michigan Clean technology, defense, Dale Grogan, managing Ablative Solutions $16 million with Accelerator Fund energy, manufacturing, materials, director $13 million Management,* technology, transportation remaining ** Grand Rapids MK Capital,* Software and digital media Bret Maxwell and Mark Llamasoft, Outdoor More than $250 million Northbrook, Ill. Koulogeorge, managing Hub in total capital under (locally in general partners management across the Ann Arbor) firm’s two funds North Coast Communications, distribution, Lindsay Aspegren and Hugo Stik.com $130 million in capital Technology manufacturing, materials, Braun, co-founders
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