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Charter Growth Capital Fund Invests in Premier Engineered Products

January 25, 2021, 06:00 AM
Filed Under: Manufacturing

Charter Growth Capital Fund (CGCF) 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.”

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