Displaying items tagged: finance

Venture capital investing declined in Michigan in the first quarter, following along with a steep drop-off in deal flow nationally. 

Traverse 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.

Fifteen 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.

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.

It’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.

GRAND 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.

MUSKEGON — A small credit union on the lakeshore has moved into commercial lending for small businesses.

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.

Lenders head toward spring expecting further hikes in interest rates and with increased prospects for a mild economic recession beginning later this year.

LANSING — 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.

GRAND 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.

GRAND 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.

A $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.

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.

Investment 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.

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.