Michigan venture capital investment activity falls 25% in first quarter
Venture 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
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.
Michigan organizations receive $34.3M in federal funds to lend in low- and moderate-income communities
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.
Access to credit may tighten, but Michigan banks maintain ‘strong’ health
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’
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.
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.
Acrisure acquires Polish insurance distributor to enter Central, Eastern European market
GRAND RAPIDS — Acrisure LLC has acquired a major insurance distribution platform in Central and Eastern Europe.
Grand River Bank taps Drew Ysseldyke as next president
GRANDVILLE — Drew Ysseldyke seized an opportunity to return to his community banking roots in joining Grand River Bank.
Muskegon credit union breaks into commercial lending
MUSKEGON — A small credit union on the lakeshore has moved into commercial lending for small businesses.
Michigan banks ‘very well positioned’ to weather economic turbulence
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
Lenders head toward spring expecting further hikes in interest rates and with increased prospects for a mild economic recession beginning later this year.
Michigan poised to exempt sales tax on delivery, installation services
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.
Investment banking firm Cascade Partners expands in GR with deal for BlueWater Partners
GRAND RAPIDS — Acquiring fellow middle-market investment banking firm BlueWater Partners LLC gives Cascade Partners LLC a significant market presence in West Michigan.
$500K grant to relaunch statewide venture capital fellowship program
A $500,000 state grant will help relaunch a statewide fellowship program to develop new talent for Michigan’s venture capital industry.
Acrisure’s $725M raise facilitates continued M&A, strategic investments
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.
LMCU unionization effort spreads to Florida branch
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.
Charter Capital adds equity partners as part of long-term succession plan
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
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
PE firm Blackford Capital raising $75M to grow portfolio companies
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
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.
Acrisure, High Street among top insurance brokerage buyers in North America
Two of the biggest buyers of insurance brokerages in North America — Acrisure LLC and High Street Insurance Partners Inc. — both hail from Michigan.
Mercantile, ChoiceOne expand statewide reach with new loan offices
Both Mercantile Bank and ChoiceOne Bank are expanding their geographic reach by opening loan offices in new markets.
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
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.
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.