Finance
Michigan venture capital investment activity falls 25% in first quarter
By Mark Sanchez and Nick ManesVenture capital investing declined in Michigan in the first quarter, following along with a steep drop-off in deal flow nationally.
Hagerty specialty auto insurer trims 83 more jobs to cut costs
By Rachel Watson, Crain’s Detroit BusinessTraverse City-based specialty auto insurer Hagerty Inc. is cutting an additional 4 percent of its workforce just months after a 6 percent cut as it seeks cost savings.
Michigan organizations receive $34.3M in federal funds to lend in low- and moderate-income communities
Written by Mark SanchezFifteen Michigan organizations are receiving $34.3 million in federal funding to support lending in low- and moderate-income markets that are still recovering from the pandemic.
Michigan’s banking sector remains in good shape, despite the high-profile collapse last month of Silicon Valley Bank in California and New York’s Signature Bank that gave rise to concern about the state of the industry.
Venture capital-backed startups face tighter credit, but not ‘the end of the world’
Written by Mark Sanchez
Silicon Valley Bank’s epic collapse further tightens the environment for venture capital-backed companies planning to raise additional and larger capital rounds in the near future, local investors say.
This banking crisis is nothing like 2009. Small businesses are contingency planning anyway.
By Cara Eisenpress, Katherine Davis, Nick Manes, Ally Marotti, Jeremy Nobile, John Pletz and Mark SanchezIt’s a painful memory: In 2009 the banking crisis and housing recession led to a credit crunch, and business owners suddenly couldn’t access the capital they needed to operate and grow.
Acrisure acquires Polish insurance distributor to enter Central, Eastern European market
By Rachel Watson, Crain’s Detroit BusinessGRAND RAPIDS — Acrisure LLC has acquired a major insurance distribution platform in Central and Eastern Europe.
GRANDVILLE — Drew Ysseldyke seized an opportunity to return to his community banking roots in joining Grand River Bank.
Michigan bankers, investors plot path forward following demise of Silicon Valley Bank
By Nick Manes, Crain’s Detroit BusinessEven as financial stocks tumbled, Michigan bankers and venture capitalists said they’re operating “business as usual” on Monday, the first business day since the collapse of Silicon Valley Bank.
Banks in Michigan entered 2023 in good shape financially and positioned well even if the economy enters into a recession as predicted later this year.
West Michigan lenders lean into due diligence processes ahead of possible downturn
Written by Mark Sanchez
Lenders head toward spring expecting further hikes in interest rates and with increased prospects for a mild economic recession beginning later this year.
MUSKEGON — A small credit union on the lakeshore has moved into commercial lending for small businesses.
Michigan poised to exempt sales tax on delivery, installation services
By David Eggert, Crain’s Detroit BusinessLANSING — Michigan is poised to stop taxing delivery and installation services if they are separately stated on the invoice following a legislative deal to authorize $1.3 billion in new spending.
Investment banking firm Cascade Partners expands in GR with deal for BlueWater Partners
Written by Mark SanchezGRAND RAPIDS — Acquiring fellow middle-market investment banking firm BlueWater Partners LLC gives Cascade Partners LLC a significant market presence in West Michigan.
A $500,000 state grant will help relaunch a statewide fellowship program to develop new talent for Michigan’s venture capital industry.
Already a top 10 global insurance brokerage and the largest acquirer of agencies in North America, Acrisure LLC raised $725 million in capital during 2022 to fuel growth and additional deals.
The union that successfully organized staff at a Lake Michigan Credit Union branch near Grand Rapids has filed for another election to represent staff at an office in Florida.
GRAND RAPIDS — Bringing on two more equity partners gives Charter Capital Partners a deeper leadership bench to share management responsibilities as part of a long-term succession plan.
Execs partner with Charter Capital to form M&A advisory firm for lower middle market
Written by Mark SanchezGRAND RAPIDS — Partners in a new investment bank and M&A advisory firm in Grand Rapids are targeting opportunities in what they see as an underserved segment in the lower end of the
middle market.
Grand Rapids private equity firm Blackford Capital seeks to raise $75 million to support growth at existing portfolio companies.
$90K Wege Foundation grant to help Northern Initiatives CDFI build out client support systems
Written by Mark SanchezA $90,000 grant from the Wege Foundation will back the work of Northern Initiatives, a federally designated community development financial institution (CDFI) that lends to small businesses that may otherwise lack access to credit and capital.
Two of the biggest buyers of insurance brokerages in North America — Acrisure LLC and High Street Insurance Partners Inc. — both hail from Michigan.
Both Mercantile Bank and ChoiceOne Bank are expanding their geographic reach by opening loan offices in new markets.
GRAND RAPIDS — Michigan Capital Network netted $37.5 million to date in its drive to raise $50 million for a fourth venture capital fund, a goal that has doubled since fundraising began in early 2022.
A change in federal law opens new options for owners considering the sale of their small business.
Venture capital investors put more money into Michigan-based companies last year, even as deal volume declined.
WYOMING — Workers at Lake Michigan Credit Union’s South Division Avenue branch near Grand Rapids have voted to unionize.
Michigan Capital Network exec cites signs of resilience in state’s VC, angel investor community
Written by Mark SanchezComing off what Diane Durance calls a “robust” year in 2022, Grand Rapids-based Michigan Capital Network looks to close fundraising in 2023 on a fourth venture capital fund and grow its network of angel investors.
M&A ‘mixed bag’ expected in 2023 as interest rates, economic headwinds linger
By Andy Balaskovitz and Mark SanchezInvestment bankers and deal advisers forecast a 2023 M&A market affected, but not necessarily stymied, by rising interest rates and other economic headwinds.
Union Home Mortgage — a retail, wholesale and consumer-direct mortgage company based in Strongsville, Ohio — has acquired Portage-based Amerifirst Home Mortgage.
Cannabis banking exec expects Michigan prices to continue falling, more M&A in 2023
Written by Mark SanchezPrices in Michigan’s cannabis industry plummeted in 2022, leading to some closures and layoffs, and could fall even further in 2023 as more players enter the business.
PE-backed High Street Insurance Partners notches 2 more acquisitions in busy 2022
Written by Mark SanchezTRAVERSE CITY — High Street Insurance Partners Inc. moved into the Nevada and California markets with its latest acquisition that also marks a strong dealmaking year for the firm.
PORTAGE — Amerifirst Home Mortgage plans layoffs at its Portage office early next year, citing reduced demand for home mortgages resulting from rising interest rates.
WYOMING — AMI Entertainment Network LLC, a provider of digital jukeboxes and other products for the restaurant and bar industry, has been acquired by a Los Angeles private equity firm.
GRAND RAPIDS — Staff at Lake Michigan Credit Union’s South Division branch in Grand Rapids are seeking a vote for union representation.
GRANDVILLE — In a move to diversify revenues to support further growth, the parent corporation for Grand River Bank has formed a mortgage company to write home loans across much of the nation.
TRAVERSE CITY — Specialty and classic vehicle insurer Hagerty Inc. plans to reduce its workforce by 6 percent to cut costs and improve earnings.
Michigan Capital Network names directors for GR, Detroit angel investing groups
Written by Mark SanchezMichigan Capital Network has named new leaders for angel investing groups in Grand Rapids and Detroit.
Rende Progress Capital addresses wealth gap, access to capital for minority borrowers
Written by Mark SanchezEric Foster credits a 2015 report from Forbes.com that ranked Grand Rapids as 51st out of 52 markets in the U.S. economically for African Americans for helping to cement his idea to create Rende Progress Capital.
Michigan CDFIs to form coalition, collaborate on lending solutions, programming
Written by Elyse WildAforthcoming statewide coalition aims to leverage the effectiveness of Michigan’s community development financial institutions through a collaborative approach to lending and technical assistance.
Commercial lenders begin to see signs of softness in demand for credit as economy weakens
Written by Mark SanchezCommercial lenders head toward the end of 2022 in an uncertain economic environment with rising interest rates and predictions for a mild U.S. recession in the second half of next year.
When he began leading commercial lending at Lake Michigan Credit Union in 2011, Jim Maskell occasionally found surprise among prospective clients.
MUSKEGON — A new branch office under construction in Muskegon will become the fifth location in the lakeshore market for Community Choice Credit Union, which plans to broaden its West Michigan presence in the years ahead.
Agroup of West Michigan growers is proposing a solution to solve two problems around equity and unentitled land assets that currently affect the state’s agricultural industry.
West Michigan executive survey: Talent, inflation pose critical hurdles to growth
Written by Andy BalaskovitzTalent and labor availability, inflation, and supply chain disruptions are the biggest hurdles to growth for West Michigan executives, while many plan to turn to automation and price increases to mitigate those risks.
Troy-based accounting and advisory firm Rehmann plans to acquire Rivertown Finance LLC in Grand Rapids.
TRAVERSE CITY — Walstrom Marine Inc., a Harbor Springs-based yacht sales and service company and marina operator acquired last year by Continuum Ventures LLC in Grand Rapids, acquired Grand Bay Marine in Traverse City.
TiiCKER Inc., a Michigan-based financial technology firm that manages direct-to-shareholder marketing platforms and perks programs for publicly traded companies, has launched a new partnership with a global movie studio.
