Charter Growth Capital has made an investment in Michigan-based Traverse City Products, a supplier of custom roll-formed and stamped metal products. No financial terms were disclosed.
Grand Rapids, Mich., March 18, 2020 — Charter Growth Capital Fund (CGCF) today announced its investment in Traverse City Products (TCP). CGCF provided mezzanine debt and an equity co-investment in support of the acquisition. Birmingham, Michigan-based Colfax Creek Capital was the lead investor in the transaction, which closed on March 10th.
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 in the Great Lakes region that are seeking funding for growth, succession or recapitalization. CGCF has seen early success in building a strong portfolio, investing in four companies while still in its fundraising period.
Based in Traverse City, Michigan, TCP is a premier supplier of custom roll-formed and stamped metal products, with particular expertise in manufacturing glass hardware components, including window sashes, lift plates, sunroof reinforcements and decorative trim. Founded in 1982, TCP has developed its reputation as the go-to resource for complex glass hardware and sunroof solutions with critical product content on nearly 30 platforms across six OEMs. The investment by Colfax Creek and CGCF enabled the current owners to completely exit the business. The current management team will continue to lead the business with the oversight of an operationally focused board of advisors.
“TCP is recognized as an industry leader in its field and has developed solid, long-lasting relationships with its customers,” said Jason Duzan, Partner at Colfax Creek. “The company’s robust material processing capabilities present substantial opportunities for diversification and growth. We’re excited to partner with the TCP management team, in conjunction with CGCF, to accelerate the company’s momentum.”
“The Charter Growth Capital Fund team is delighted to partner with Colfax Creek on this investment to help propel the company forward,” added John Kerschen, President and Managing Partner at Charter Capital Partners. “With a long-standing history as a trusted supplier, TCP has significant growth potential and is a welcome addition to our portfolio.”
About Charter Capital Partners
Founded in 1989, Charter Capital Partners is a premier investment banking firm headquartered in Grand Rapids, Michigan. Charter offers a comprehensive range of investment banking and private capital investing 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, visit chartercapitalpartners.com.
About Colfax Creek Capital
Colfax Creek is a Birmingham, Michigan-based 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’s investment focus is control investments to support the existing management team to build long-term business value. To learn more, visit colfaxcreek.com.
About Traverse City Products
Traverse City Products is a customer service-oriented company that strives to meet or exceed customer quality expectations. ISO 9001 accredited, TCP has an extensive background in the metal forming industry. Manufacturing capabilities include roll forming, stamping, welding and various assembly processes. With so many capabilities under one roof, TCP is a one-stop-shop for customers’ structural and decorative metal needs. To learn more, visit tcproducts.net.