PORTFOLIO: MICHIGAN OPPORTUNITIES FUND
Established in June of 2008, the Michigan Opportunities Fund has made the following investments:
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Type of Business: Specialized Education
Investment Type: Growth Equity |
Date of Investment: June 2009
Glencoe Contact: Jason Duzan |
Headquartered in Grand Rapids, Michigan, American Education Group (AEG) operates a network of Pre-K through grade 12 schools for children with learning differences. AEG's strategy is to acquire, replicate, and grow specialized private schools in the early education through high school space that: 1) have compelling and defensible niches (e.g. early education or learning differences, such as ADHD and dyslexia); 2) offer superior, custom student preparation; and 3) deliver exceptional student outcomes. Founded in 2007, AEG has grown to 19 schools nationwide. |
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Type of Business: Business Services
Investment Type: Buyout |
Date of Investment: November 2011
Glencoe Contact: Douglas Kearney |
Budco is a business process outsourcing company that offers a diverse range of services — including electronic and physical transaction processing and fulfillment; e-store design, creation, and hosting; digital and physical marketing communication services; contact center services; database management services; and hosted IT services. Its clients include Fortune 500 companies across a broad array of industries, including pharmaceutical, automotive, financial services and consumer packaged goods. Budco was founded in Detroit in 1982. The company evolved from a small distribution company with 15 employees and $800,000 of annual revenue at the time of its founding into a technology-driven business process outsourcing provider with 490 employees and a physical footprint that approaches a million square feet between operations in the Midwest and East Coast. Budco is based in Highland Park, Michigan.
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Type of Business: Industrial Engineering & Manufacturing
Investment Type: Buyout |
Date of Investment: December 2010
Glencoe Contact: Douglas Kearney |
Founded in 1965, Campbell Grinder is a leading process design, layout and engineering services firm focused on the design and assembly of premium quality grinding machines. The company also serves as an outsourced engineering team for its customers, designing and assembling value-added, turnkey solutions for complex manufacturing processes. Campbell Grinder's significant amount of intellectual capital related to its customers' processes allows management to leverage its relationships and develop new business opportunities. The company provides all of its services from its 30,000-sq.-ft. facility in Spring Lake, Michigan.
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Type of Business: Food Manufacturer and Marketer
Investment Type: Buyout |
Date of Investment: January 2010
Glencoe Contact: Jason Duzan |
Founded in 1995, Flatout, Inc. produces and sells flatbread and other related products to retail groceries, mass market and club stores, and other markets. The company sells its products under the Flatout name, which enjoys brand recognition among weight-conscious and health-minded consumers. Its products, which come in a variety of regular and light flavors, provide a healthy alternative to traditional breads and are applicable to a variety of culinary uses such as sandwich wraps, hamburger rolls, pinwheel appetizers, flatbread pizza and quesadillas. Flatout manufactures its products in a company-owned facility in Saline, Michigan. |
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Type of Business: Specialty Retail
Investment Type: Growth Equity |
Date of Investment: November 2009
Glencoe Contact: Jason Duzan |
Headquartered in Madison Heights, Michigan, Moosejaw is a leading multi-channel retailer of premium quality outdoor apparel and equipment. Moosejaw currently serves its customers through a significant online business at www.moosejaw.com, through seven retail stores in Michigan and Illinois, and through its seasonal catalogs. Moosejaw offers products from leading outdoor manufacturers including The North Face, Arcteryx, Patagonia, Mountain Hardwear and Black Diamond, as well as under its own Moosejaw brand. The company serves a diverse customer base including serious outdoor enthusiasts, active individuals pursuing an outdoor lifestyle, and consumers who are passionate about the Moosejaw brand.
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Type of Business: Business Services
Investment Type: Buyout |
Date of Investment: September 2009
Glencoe Contact: Douglas Kearney |
Headquartered in Fort Worth, Texas, NOVO 1 is a leading provider of inbound customer interaction solutions to clients in a range of industries. With call centers located in Texas, Montana, and Wisconsin, NOVO 1 offers clients a full complement of customer service solutions, including product support, customer retention, program enrollment, appointment setting, and sales. With funding from the Michigan Opportunities Fund, NOVO 1 will expand a significant portion of its business into Michigan in 2010. The Michigan call center will be a key driver of the company's growth throughout the investment horizon.
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PORTFOLIO: GLENCOE CAPITAL PARTNERS III
Glencoe Capital has made lead-sponsored investments in each of its four targeted industry sectors: business services, food and consumer
products, financial services, and industrials. Current portfolio companies include:
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Type of Business: Pre-school & Early Care
Investment Type: Buyout |
Date of Investment: May 2006
Glencoe Contact: G. Douglas Patterson |
Headquartered in Columbus, Ga., Child Development Schools (CDS) is the sixth largest for-profit preschool education and early care provider in North America, focusing on three primary educational segments including preschool readiness, childcare, and after-school programs. Operating under the "Childcare Network" name, CDS schools serve approximately 16,000 children at ages ranging from six weeks to twelve years. Founded in 1989, the company has grown from five schools in 1992 to over 160 schools located in mid-sized cities in eight Southeastern states. |
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Type of Business: Specialty Chemicals
Investment Type: Recapitalization |
Date of Investment: July 2006
Glencoe Contact: G. Douglas Patterson |
Founded in 1946, Dixie Chemical is a recognized leader in manufacturing high-purity chemicals, complex compounds, and chemical intermediates for paper manufacturing, building and construction, packaging, consumer electronics, industrial coatings, and pharmaceutical manufacturing. Dixie has manufacturing operations in the Bayport Industrial Area, outside of Houston, TX. The company exports its products to more than 40 countries. |
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Type of Business: Packaging Manufacturer
Investment Type: Recapitalization |
Date of Investment: March 2004
Glencoe Contact: G. Douglas Patterson |
Headquartered in Toronto, Polyair is a North American manufacturer and marketer of protective packaging products, including air bubble packaging, mailers, foam laminates, insulation and integrated packaging systems. |
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Type of Business: Specialty Manufacturer
Investment Type: Buyout |
Date of Investment: December 1999
Glencoe Contact: G. Douglas Patterson |
Rimrock is the leading North American developer of productivity solutions for the aluminum die-casting industry, offering specialized industrial products including reciprocating spraying systems, automated metal ladlers, integrated robotic cells, part extractors, and spraying accessories. Headquartered in Columbus, OH, Rimrock also designs, manufacturers and installs material handling and part finishing systems. |
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Type of Business: Technology Integrator
Investment Type: Recapitalization |
Date of Investment: February 2008
Glencoe Contact: G. Douglas Patterson |
SDI is a premier advisory services firm that assists leading organizations in implementing solutions that enhance operational performance and allow companies to better manage strategic assets—from 911 centers to airports to commercial real estate—through technology. The company is headquartered in Chicago. |
Former Portfolio Companies
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Type of Business: Specialty Bakery
Investment Type: Buyout |
Date of Investment: February 2008
Glencoe Contact: Jason L. Duzan |
Based in Toronto, and widely recognized as a premium brand in its local markets, ACE Bakery is a specialty bread-maker that develops and markets a range of premium artisan breads under its own brand, relying on strict, traditional recipes and fresh, all-natural ingredients of the highest quality. |
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Type of Business: Business Services/Technology
Investment Type: Buyout |
Date of Investment: September 2001
Glencoe Contact: G. Douglas Patterson
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Formed in 1907, Bell & Howell became a leader in imaging technology, initially in cameras and later in optical character recognition technology. The company's film equipment became the industry standard in Hollywood, and it received Academy Awards for its film equipment in 1954, 1962, 1975, and 1981. In 2001, Glencoe Capital Partners Fund II, L.P. and Glencoe Capital Partners Fund III, L.P. acquired Bell & Howell's Mail and Messaging Technologies, a recognized market leader in the manufacturing, marketing, and service of high-volume, high-speed mail processing systems, along with its scanners and financial services businesses. In 2003, the firm effected the successful sale of Bell & Howell to Augsburg, Germany-based mail services company Bowe Systec, forming the new entity Bowe Bell + Howell. |
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Type of Business: Specialty Lines Insurer
Investment Type: Growth Capital |
Date of Investment: June 2004
Glencoe Contact: G. Douglas Patterson
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With headquarters in Southfield, MI, First Mercury Financial Corporation (NYSE:FMR) underwrites liability insurance through its wholly owned managing general agent, CoverX Corporation. First Mercury primarily insures companies in the security guard, alarm, and fire safety industries; the company also has a growing business in the specialty general liability sector. |
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