Displaying items tagged: finance
Michigan Capital Network nets $37.5M toward new VC fund
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.
New federal exemption unlocks options for small business M&A
A change in federal law opens new options for owners considering the sale of their small business.
VC investments up 9% for Michigan companies, despite declining deal volume
Venture capital investors put more money into Michigan-based companies last year, even as deal volume declined.
LMCU branch workers near Grand Rapids vote to unionize
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
Coming 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
Investment bankers and deal advisers forecast a 2023 M&A market affected, but not necessarily stymied, by rising interest rates and other economic headwinds.
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Amerifirst Home Mortgage acquired by Ohio mortgage firm
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
Prices 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
TRAVERSE 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.
Amerifirst Home Mortgage to lay off 59 people in early 2023
PORTAGE — Amerifirst Home Mortgage plans layoffs at its Portage office early next year, citing reduced demand for home mortgages resulting from rising interest rates.
AMI Entertainment Network acquired by Los Angeles PE firm
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.
GR branch workers at largest Michigan credit union seek to unionize
GRAND RAPIDS — Staff at Lake Michigan Credit Union’s South Division branch in Grand Rapids are seeking a vote for union representation.
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Parent of Grand River Bank forms new mortgage company with national scope
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.
Specialty vehicle insurer Hagerty to trim workforce by 6% to cut costs
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
Michigan 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
Eric 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
Aforthcoming 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
Commercial 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.
Credit unions evolve to get competitive on commercial lending
When he began leading commercial lending at Lake Michigan Credit Union in 2011, Jim Maskell occasionally found surprise among prospective clients.
Community Choice CU eyes continued expansion in West Michigan market
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.
New fund launches to support BIPOC farmers, increase access to land
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
Talent 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.
Rehmann to acquire GR financial services firm
Troy-based accounting and advisory firm Rehmann plans to acquire Rivertown Finance LLC in Grand Rapids.
DeVos-backed Walstrom Marine acquires Northern Michigan boat dealer, marina
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 marks largest deal yet with movie studio partnership
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.
DeVos-backed Michigan Opportunity Fund raises $100M to invest in companies statewide
GRAND RAPIDS — The $100 million private equity fund created to invest in Michigan-based companies has completed its fundraising and now turns its attention to deploying the capital over the next few years.
CHANGE AT THE TOP: Huntington Bank now leads Grand Rapids MSA for share of deposits
For the next year, Huntington Bank can claim bragging rights in the Grand Rapids market after edging into the leading position for deposit market share that Fifth Third Bank has held for decades.
Acrisure continues buying spree with deal for U.K. insurance broker
GRAND RAPIDS — Acrisure LLC’s latest global acquisition would help solidify the company’s footprint in the United Kingdom.
WHAT’S IN A NAME? Little known outside of Grand Rapids, Acrisure builds brand awareness with sports naming rights, sponsorship deals
When an unknown fintech firm from Grand Rapids supplanted a hometown company in purchasing the naming rights for the home stadium of the NFL’s Pittsburgh Steelers, it kicked off a wave of miffed reactions from fans and commentators alike.
M&A outlook shows cautious optimism as economic conditions create ‘haves and have-nots’ among dealmakers
Business executives and M&A professionals in a recent survey offered cautious optimism for the market next year, despite rising interest rates and elevated expectations for a U.S. recession.