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Michigan Deal Cover.Qxp 3/5/2013 4:24 PM Page 1 WF Page NEW-Awpagead.Qxd 2/28/2013 12:15 PM Page 1 michigan deal cover.qxp 3/5/2013 4:24 PM Page 1 WF Page_NEW-AWpageAD.qxd 2/28/2013 12:15 PM Page 1 Innovating Michigan investment opportunities. Attracting billions in investment capital. Credit Suisse Customized Fund Investment Group Since 2000, the Credit Suisse’ Customized Fund Investment Group (CFIG) has been part of Michigan’s growing private equity, venture capital and entrepreneurial ecosystem. CFIG manages over $625 million of capital dedicated to Michigan, including: • Invest Michigan Growth Capital Fund • Invest Michigan Mezzanine Fund • Venture Michigan Fund • Michigan 21st Century Investment Fund These unique and innovative programs have already helped attract over $2.5 billion of investment capital to the State and impacted over 6,000 Michigan jobs by investing directly into growing Michigan businesses. For further information contact: Michael Kell, CFA, Principal, (248) 792-5152 [email protected] or Sean O’Donnell, CFA, Principal, (248) 792-6671 sean.o’[email protected] 260 E. Brown Street Suite 317 Birmingham, Michigan 48009 credit-suisse.com ©2013 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved. 20130311-SUPP--0001-NAT-CCI-CD_-- 3/6/2013 4:54 PM Page 1 Dear readers: The reshaping of the state’s tax system has helped make Michigan more business friendly, s Michigan goes, so does the rest of the as have other policies and programs promoted country not go. by the governor, who happens to be a former For much of the past decade, that state- venture capitalist. ment rang true on many levels as the Mit- Some banks and credit unions are lending ten’s economy sputtered, unemployment money again, companies have rightsized and spiked and two of its largest companies nearly rebuilt their balance sheets, and outside in- went bankrupt. Even before the Great Reces- vestors are beginning to understand that the sion, Michigan was riding an eight-year streak entire state is not about cars and Detroit. of job losses and stagnant growth. And a greater understanding of statewide ini- So it might be a surprise that the saying tiatives brought this special publication togeth- above is actually a compliment made very re- er, as well. cently by the National Venture Capital Association’s “The New Michigan Deal” is a collaboration current president, who also used the word “mir- between Crain’s Detroit Business and Grand acle” to describe what’s going on in Michigan. Rapids-based MiBiz. Editors and writers from Venture capital activity is up — way up, actu- both publications worked on stories covering ally — in Michigan, bucking a national trend the entire state. that saw venture investing slide by nearly 10 Michigan is now a destination, not a flyover percent last year. The value of deals here nearly state, for more and more funds looking for op- tripled in 2012 over the previous year, and the portunities to invest. number of deals and VC shops based in the Just ask Harry Wilcox, COO and general state continued to grow at a healthy clip. partner at Cambridge, Mass.-based Flagship Ven- Not to mention, private equity investing in tures. His firm opened its only non-Boston-area Michigan companies is up — by more than office in Ann Arbor, he said in Gary Angle- 50 percent last year, according to research. So is brandt’s story on Page 3. merger-and-acquisition activity, spurred by a “It’s not just that things cost less, because I resurgent manufacturing sector, an aging own- don’t think that’s the difference,” he said. “It’s ership class, out-of-state PE firms with billions just that people are very entrepreneurial. ... in dry powder, and in-state strategic buyers There are not as many venture dollars around, looking to add capacity, capabilities and mar- so they view them as more precious.” ket share. The other factors that are driving deals in the To summarize: VC, PE and M&A are all up in state? You’ll find them the stories and profiles Michigan. That prompts the question: Why? in the following pages, as you read about the The following pages provide answers — and new Michigan deal. there are many of them — to what’s driving growth in Michigan’s climate for deal-making. Some of the growth can be attributed to state- funded and university-driven programs that have been decades in the making. Some comes from new wealth generated by successful exits by entrepreneurs; other growth comes from Daniel Duggan Brian Edwards “old money” being deployed in new ways by Deputy Managing Editor Editor and publisher some familiar families’ next generations. Crain’s Detroit Business MiBiz SPRING 2013 Page 1 20130311-SUPP--0002-NAT-CCI-CD_-- 3/6/2013 5:04 PM Page 1 ABOUT THE WRITERS Gary Anglebrandt is a Detroit-based writer and editor with more than 10 years of combined experi- ABOUT THIS ISSUE: Michigan’s funding isn’t a one-size-fits-all story. From startups to mature companies, there’s a ence in journalism, universe of early-stage, midstage and late-stage deals across the state. corporate communi- cations and English education. A native of Venture capital Private equity Michigan, he lived in State’s VC sector grows against the trend Michigan ranked 12th nationally South Korea for five of a national slowdown | Page 3 for private equity deal volume | Page 5 years, editing Eng- lish-language news VIDEO: Snyder talks about for Korean media Up close with VC governor venture capital and the state’s outlets and covering Q&A: Rick Snyder recalls his days as one creation of a culture for investors: the Korean automo- of the state’s early venture capitalists | Page 7 crainsdetroit.com/snydervc tive industry for Auto- motive News. Since returning to Michigan in 2009, he has worked as an editor and freelancer for Crain’s Detroit Busi- Good time Round Two Seller’s market ness and as a public to be a startup Early-stage companies that After 2012 selling frenzy, 2013 likely relations consultant. survived startup look to larger to keep up the momentum | Page 30 Mike Brennan is Programs, funding and a little investors | Page 17 founder of the Michi- cachet add to a startup culture Aspen Surgical gan News Network in Michigan | Page 9 Tangent Medical and serves as editor Surgical supply company sold for and publisher of Michigan Accelerator Fund: Filling the $4.5 million in funding shows just $400 million 13 years after it was early-stage funding gap | Page 9 MITechNews.com. how close-knit the VC community founded | Page 31 Brennan has worked Angel investors is | Page 18 since 1980 as a tech- Perrigo nology and business take flight Plex Two M&A deals open a new market writer at newspapers Ten major angel funds in Michigan top Systems for drug company | Page 32 in New York City, Seattle, Memphis, the lone fund in existence a decade Manufacturing, fi- ago | Page 10 Poof-Slinky Detroit and San José, nance and Calif. In Seattle, he technology: A good recipe for Selling a mature toy company not all Amplifinity fun and games | Page 33 co-founded and funding | Page 19 served as managing Marketing and branding firm has been Dealmakers editor of Pacific Rim a target of local investors | Page 11 Relume Technologies News Service, which Inc. Back from L.A., Martin Stein looks to developed a network Mophie grow companies | Page 34 of more than 100 Tech company with Outdoor LED maker draws invest- freelance journalists ments as it grows | Page 20 Leader of Honigman’s Kalamazoo $115 million office brings buyers and sellers in 17 Asia-Pacific in revenue operates together Page 35 countries. He now from a small XG Sciences Inc. lives in the Grand winery | Page 12 Lansing firm gets funding from Rapids area. South Korea | Page 20 Mark Sanchez is Dealmaker Deals from a senior writer at Start Garden’s micro-VC program Dealmaker around the state MiBiz, covering the gives $5,000 to For companies business of health Major venture capital, private equity care, life sciences, business needing $25 million and M&A deals from across Michigan ideas | Page 13 to $50 million, Ar- finance and small covered by Crain’s Detroit Business business. He has 25 boretum is on a very and MiBiz. | Page 36 short list. | Page 21 years of experience in Business plan West Michigan and The list does an every-other- competitions week business seg- Venture capital and private equity ment on public radio Firms active in Michigan | Page 24 Pitch your business, win a prize — station WGVU in from $5,000 to $500,000 — at one Grand Rapids. The of the many business plan Royal Oak native and competitions | Page 40 Grand Haven resi- dent also has worked for the Grand Rapids List research Design Copy editing Production Business Journal and Michelle Muñoz Jeff Johnston Bob Allen, Joe Boomgaard, Wendy Kobylarz The Holland Sentinel. Jeff Johnston and Gary Piatek Page 2 FALL 2006 20130311-SUPP--0003-NAT-CCI-CD_-- 3/6/2013 3:09 PM Page 1 Venture Capital: A ‘Michigan Miracle’ By Gary Anglebrandt up shop, with eight now using a Michigan office. here are plenty of words that “Firms in Boston and Chicago rou- one might expect the head of a tinely are making sure they have their national investment group to ear to the ground and know what’s go- use when describing Michigan, ing on in Michigan,” said Harry Wilcox, but “miracle” isn’t one of them. COO and general partner at Cambridge, Yet while meeting with local venture Mass.-based Flagship Ventures, which capital investors, Mark Heesen, presi- opened an office in Ann Arbor, the base dent of the Arlington, Va.-based Nation- of the state’s venture capital industry.
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