A locally based private equity fund invested in its fifth portfolio company.

Charter Growth Capital Fund (CGCF), a fund managed by the principals of Grand Rapids-based Charter Capital Partners, said last week that it invested in Premier Engineered Products (PEP).

CGCF provided mezzanine debt in support of the recapitalization. Birmingham-based Colfax Creek is the lead investor in the transaction. Colfax Creek with Mike Ryan — PEP president and CEO — formed PEP in January 2019 to recapitalize Appalachian Cast Products (ACP) and integrate Premier Die Casting’s production into its facility in Abingdon, Virginia.

“We’re delighted to partner with Colfax Creek for a second time as we continue to grow our portfolio,” said Hector Bultynck, managing director of 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.”

Jason Duzan, Colfax Creek founder and partner, said the CGCF team was “a pleasure to work with” and “digs into a business to understand the value creation opportunity.”

“CGCF’s investment will be instrumental in providing the working capital and capital expenditures to execute on PEP’s growth opportunities,” Duzan said. Read more at Grand Rapids Business Journal