Arctaris Provides $3.5M in Growth Capital to AFCO Manufacturing, LLC Investment positions Michigan-based manufacturer for future growth, job creation.
Holly, Michigan 2016 – Arctaris Michigan Partners, LLC (“AMP”) and its affiliates funded a $3.5 million growth capital loan for AFCO Manufacturing, LLC, a manufacturer of adjustable steel columns. This transaction represents one of seven current investments for AMP’s fund, which was created through a partnership between Arctaris Michigan Partners, LLC, the State of Michigan and U.S. Treasury Department, to provide growth capital to underserved and underbanked Michigan businesses.
With 49 years of operations, AFCO fabricates ICC-certified adjustable steel columns, lintel angles and temporary telescoping support columns for the home construction industry. AFCO’s base of more than 100 customers consists of distributors of residential building products and large homebuilders, spanning from the East Coast to the Rocky Mountains. Based in Holly, MI, the Company has 17 employees and expects significant job growth to meet growing customer demands.
Michael Benoit, President of AFCO, said, “We are excited to work with Arctaris Michigan Partners and grow our platform through expanded marketing and business development into a multi-shift operation that helps to drive economic development in Southeast Michigan.”
Jonathan Tower, Managing Partner of AMP and Arctaris Royalty Partners, LLC, stated, “Arctaris’ investment into AFCO demonstrates our confidence in the company’s leadership and our firm’s commitment to providing non-dilutive royalty financing solutions to companies operating in Michigan. “We seek to invest in additional opportunities like AFCO in Michigan with an eye toward growth, impact investment, and job creation.”
Arctaris Michigan Partners launched the Michigan Income and Principal-Protected Growth Fund, LP (the “Fund”) to provide growth capital to underserved Michigan businesses. With capital from the U.S. Treasury Department, the State of Michigan, U.S. commercial banks, foundations and other private investors, the Fund provides loans to small- and mid-sized businesses seeking to expand their Michigan operations or move to the State. Arctaris Michigan Partners, based in Detroit, is an affiliate of Boston-based Arctaris Royalty Partners, LLC, a leader in Economic Development and Impact Investment for inner cities and underbanked communities throughout the U.S.
Please visit www.arctarismichigan.com for more information on Arctaris Michigan Partners, LLC. Contact us at email@example.com or by phone at (313) 821-7706