Charter Growth Capital has invested in Premier Engineered Products. No financial terms were disclosed. Colfax Creek is the lead investor in the deal. Based in Abingdon, Virginia, PEP is a producer of superior die cast parts and tooling, along with metal finishing and CNC machining.
Grand Rapids, Mich., January 20, 2021 — Charter Growth Capital Fund (CGCF) today announced its investment in Premier Engineered Products (PEP). CGCF provided mezzanine debt in support of the recapitalization. Birmingham, Michigan-based Colfax Creek is the lead investor in the transaction. Colfax Creek with Mike Ryan formed Premier Engineered Products in January 2019 to recapitalize Appalachian Cast Products (ACP) and integrate Premier Die Casting’s production into its facility in Abingdon, Virginia.
Managed by principals of Charter Capital Partners, CGCF invests up to $5 million of mezzanine debt and/or equity capital into lower middle-market companies. The fund supports companies that are seeking funding for growth, succession or recapitalization. While the Fund typically focuses on Great Lakes-based companies, the strength of the team’s existing relationship with lead investor Colfax Creek led to its investment in the Virginia-based company.
“We’re delighted to partner with Colfax Creek for a second time as we continue to grow our portfolio,” stated Hector Bultynck, Managing Director, CGCF. “Premier Engineered Products has a reputation for producing superior products with exceptional quality backed by excellent customer service. The company is poised for significant growth and is an excellent addition to our portfolio.”
“Premier has weathered the current economic situation and has significant growth opportunities due to continued industry consolidation,” said Mike Ryan, PEP President and CEO. “We have launched more value-added services and are focused on further expanding the production capabilities that have propelled us into new consumer and industrial markets.”
“The Charter team is a pleasure to work with and digs into a business to understand the value creation opportunity,” said Jason Duzan, Colfax Creek Founder and Partner. “CGCF’s investment will be instrumental in providing the working capital and capital expenditures to execute on PEP’s growth opportunities.”
About Charter Capital Partners
The Charter Growth Capital Fund is managed by principals of Charter Capital Partners, a premier investment banking firm headquartered in Grand Rapids, Michigan. Charter offers a comprehensive range of financial advisory services, including buy-side and sell-side M&A, succession planning, business valuation and capital raise. Charter Private Capital Management is a Registered Investment Adviser (RIA), professionally managing numerous private capital funds, including Charter Growth Capital Fund, Michigan Accelerator Fund I, MAF Opportunity Fund, and multiple Special Purpose Entities. To learn more about the Charter Growth Capital Fund, visit chartergrowthcapital.com.
About Colfax Creek Capital
Colfax Creek is a private investment firm that takes a long-term approach to investing in smaller middle market companies. The firm invests in consumer product, service, and industrial companies in the Great Lake States. Colfax Creek prefers to support existing management in control investments, but will support limited management transitions. Colfax Creek is based in Birmingham, MI. To learn more, visit colfaxcreek.com.
About Premier Engineered Products
Premier Engineered Products through its operating subsidiary, Appalachian Cast Products, produces superior die cast parts and tooling, along with metal finishing and CNC machining through state of the art machinery and processes. Specializing in aluminum and zinc alloys, engineers and production staff develop a high pressure die casting process that produces economical parts with reliable quality. The business operates in Abingdon, VA. To learn more, visit appalachiancast.com.