Grand River Aseptic Manufacturing Inc. was struggling in late 2010 when a group of West Michigan investors put up $5 million to acquire the company’s assets.
The initial investment seven years ago put GRAM onto the right trajectory. The company began attracting clients, secured additional capital, and over the years grew to more than $20 million in annual sales with a workforce of 160, nearly three times that of just a few years earlier.
Now a fast-growing contract developer and manufacturer of injectable drugs for pharmaceutical companies, GRAM is entering a new stage. Investors this month sold a majority of the company to private equity firm Arlington Capital Partners of Chevy Chase, Md.
The investment recapitalized GRAM for expansion and continued fast-paced growth.
“As many people in West Michigan know, it wasn’t an easy start for the company and it took a while to get its feet under them and gain some traction,” said John Kerschen, the managing director at Charter Capital Partners, a lead investor that retained a minority interest in GRAM.
“We’re happy to make money and have success as investors, of course, but it’s a really heartwarming story in terms of taking something from almost nothing to a nice, sustainable business,” Kerschen said. “GRAM would not be here if it weren’t for this collection of investors from around West Michigan or the state. It was a good collective effort.” Read more at MiBiz