Private equity fund invests in medical company

The capital management arm of a local investment banking firm has made its first portfolio company investment from a mezzanine fund it set up earlier this year.

Grand Rapids-based Charter Capital Partners said today it has invested in Kalamazoo-based Keystone Solutions Group from its targeted $100 million Charter Growth Capital Fund.

The fund was launched earlier this year and closed its first $21 million in commitments in August.

Charter’s investment into Keystone meets the fund’s stated 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.

The undisclosed funding amount from Charter “recapitalized” Keystone and provided support for “key marketing initiatives and operational improvements.”

Keystone’s current management team will continue to operate the business.

The Charter team will “spearhead enhancements in processes and governance.” Read more at Grand Rapids Business Journal

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