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Meilner said that Bridge Street would probably lead the majority of the investments in its portfolio, but there could be some partnerships with other investors in some cases.

Although he said that Bridge Street would consider "any state that touches a Great Lake to be fair game," Meilner also stated that the fund would have a West Michigan flavor.

While the fund will be looking at businesses across the spectrum, Meilner also said that he sees "enormous opportunity in manufacturing."

No matter what sector the business comes from, Meilner said Bridge Street has established strict criteria. The business must have capable management in place. It must also have a well-defined and working business model with a history of stable, positive cash flow. Meilner said the business must also have the capability to grow organically. At the same time, it should have the potential to grow through mergers and acquisitions.

He also wants the management team in the business to invest in the operation. "Not so much that they can’t sleep at night, but enough so that they are anxious to get into the office in the morning."

Meilner would like to grow Bridge Street from its $30 million level to a $50 million fund. "This is a marvelous time to be looking for opportunities. We are seeing a lot of deal flow," he said.

Thirty-two investors make up the $30 million raised so far. Although Meilner declined to name them all, he did say that they are all from West Michigan. And he said, "They are all of the people that you would hope would want to be part of this. It is really stunning to see how this community has stepped up."

He was willing to drop some names though. He said that George Jackoboice of Monarch Hydraulics, Mike Jandernoa, formerly the CEO of Perrigo and John Kennedy of Autocam led the development of the fund. Those three along with Meilner and Kaczynski have invested a total of $6.75 million in the Bridge Street fund.

COPYRIGHT 2004. MIBIZ NETWORK. ALL RIGHTS RESERVED.

This article appeared in the June 14, 2004 issue of MiBiz, read by upper management executives in West and Southwest Michigan. Print subscriptions are free to qualified individuals who are employed in West and Southwest Michigan. For further information about MiBiz Network, visit www.mibiz.com.