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Charter Capital mezz fund invests in Ann Arbor firm COURTESY PHOTO

Charter Capital mezz fund invests in Ann Arbor firm

BY MIBIZ STAFF Friday, December 13, 2019 10:56am

GRAND RAPIDS — Charter Growth Capital Fund has invested in All Star Driver Education LLC, an Ann Arbor provider in driver education.

The Grand Rapids-based Charter Growth Capital Fund provided mezzanine debt and an co-equity investment led by Detroit-based HighGrove Companies to recapitalize All Star Driver Education, which has graduated more than 200,000 students since 1997, according to a statement. 

CEO Brent Wall retained an ownership stake and continues with All Star.

The investment was the second for Charter Growth Capital Fund, formed earlier this year by Charter Capital Partners to provide mezzanine debt and invest up to $5 million in lower middle market companies in the Great Lakes region that need capital to grow and for succession. Charter Capital Partners seeks to raise $100 million for the fund.

“Having announced the close of our first portfolio company in October, making our second investment just two months later confirms our fund thesis that successful lower middle market companies have an unmet need for a flexible debt and equity offering,” said Hector Bultynck, a managing director at Charter Capital Partners who will serve on the All Star Board of Directors.

Bodman PLC represented Charter Growth Capital Fund in the deal.

Charter Growth Capital previously invested in Kalamazoo-based Keystone Solutions Group, which provides product design for the medical device, aerospace and automotive industries, plus contract manufacturing for medical devices.

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