Displaying items tagged: finance

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.

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.

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 has named new leaders for angel investing groups in Grand Rapids and Detroit.

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. 

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 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. 

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.

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.

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.

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.

GRAND RAPIDS — Acrisure LLC’s latest global acquisition would help solidify the company’s footprint in the United Kingdom.

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.

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.