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Charter Growth Capital Fund Invests in Keystone Solutions Group

October 10, 2019, 08:35 AM
Filed Under: Manufacturing

Charter Growth Capital Fund (CGCF) announced its investment into its first portfolio company, Keystone Solutions Group. The targeted $100 million fund was launched earlier this year by Charter Capital Partners, a Grand Rapids, Michigan-based investment bank and capital management firm. The investment into Keystone promotes the fund's objective of investing $1 million to $5 million of mezzanine debt and/or equity capital into lower middle market companies in the Great Lakes region to support growth, succession, or recapitalization.

Based in Kalamazoo, Michigan, Keystone offers end-to-end solutions for highly engineered medical devices, from product development to contract manufacturing. CGCF's investment recapitalized the company and provided growth capital for key marketing initiatives and operational improvements. Current management will continue to operate the business, while the Charter team will spearhead enhancements in processes and governance, including representation on the company's board of directors by John Kerschen, Charter President and Managing Partner.

"This capital investment enables us to continue our commitment to innovation and grow our presence in new markets and geographies that are hotbeds of growth in the medical device field," stated Jim Medsker, President of Keystone. "Charter has a long record of investing in growing businesses in both Michigan and medical technology. We look forward to working with the Charter team to continue the success of Keystone."

"As fund managers and investment bankers, we have known Jim professionally for almost 10 years and have watched him grow the business with impressive results," said Kerschen. "We are thrilled to provide Keystone with the additional capital, tools and support to accelerate its growth."

"Keystone is one of the few holistic providers of both product development and contract manufacturing services for medical devices, providing value across multiple points on the product supply chain," added Hector Bultynck, Charter Managing Director. "We are excited about their growth opportunities and look forward to translating that growth into meaningful returns for our investors."

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