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Thursday, June 26, 2008
Governor Granholm and MEDC President and CEO James C. Epolito today announced MSF board approval of a co-investment of up to $2.5 million
Governor Jennifer M. Granholm and Michigan Economic Development Corporation President and CEO James C. Epolito today announced Michigan Strategic Fund board approval of a co-investment of up to $2.5 million through the Michigan 21st Century Investment Fund to Auburn Hills-based Microposite Inc.
“The 21st Century Investment Fund is an important component of our aggressive plan to diversify Michigan’s economy,” Granholm said. “This investment will help grow a high-tech Michigan company and create new jobs.”
Founded in 2006, Microposite is an early-stage company thatdesigns, develops and manufacturesadvanced composite materials for applications in the construction industry. In April 2007, the Governor announced Microposite would relocate its headquarters from Novi and expand into an existing facility in Auburn Hills. A state tax credit helped convince Microposite to expand in Michigan instead of competing sites in Kentucky and Mississippi. The project is expected to create over 100 new Michigan jobs, including 62 directly by the company.
The 21st Century Investment Fund is investing in Microposite along side venture capital firmNth Power, a firm that invests in cleantech/alternative energy companies. Nth Power has received an investment from the 21st CenturyInvestment Fund and has opened an office in Detroit.
“We are committed to building and sustaining the strong capital markets needed for businesses to grow and prosper at all stages of development – from high-tech start ups to large corporations,” said Epolito, the chair of the MSF board. "These diverse investments will help finance the next generation of companies that will create good-paying jobs in Michigan.”
The 21st Century Investment Fund is a major component of Governor Granholm’s21st Century Jobs Fund, a $2-billion, 10-year initiative to diversify the state’s economy and grow high-tech companies and jobs. Commitments through the fund can only be invested in companies that have a strong Michigan presence. The program is focused on generating strong returns while creating and retaining Michigan jobs. Including this investment, the MSF has authorized up to $78.75 million of investments in venture capital, mezzanine, and private equity funds, as well as co-investments in individual companies alongside these funds through the 21st Century Investment Fund.
“The commitment to Microposite is a prime example of the Michigan21st Century Investment Fund’s desire to explore a number of different ways to support investment activity in the state,” said Kelly Williams, a managing director and co-head of Credit Suisse’s Customized Fund Investment Group, the Michigan 21st Century Investment Fund manager. “We are thrilled with the opportunity to support a company with a cutting-edge technology and a strong local presence in the cleantech/alternative energy space.”
The $109 million 21st Century Investment Fund seeks to strengthenand diversify Michigan’s economic base by fostering the creation and growth of new jobs, new businesses, and new industries within the state through investments in private equity, venture capital mezzanine funds and co-investments in individual companies alongside these funds. The Michigan Strategic Fund contracts with Credit Suisse to develop and administer investment programs under the Michigan 21st Century Investment Fund. More information is available at www.michigan21stcenturyinvestmentfund.com.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
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