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“This is a perfect example of the types of situations and the types of companies that we want to invest in,” Meilner said.

Although the immediate goal is to build the business with a lot of investment in the infrastructure of Jacob Ash to allow the company to grow rapidly over the next few years, Bridge Street does not plan to be married to Jacob Ash long-term. Meilner said the company would undoubtedly be sold at some point, but he is not sure what the exit strategy will be.

“It could be a sale to a strategic buyer,” he said. “It would not surprise us at all though that if we can grow this company the way we believe we can grow it, it could be a very attractive candidate for a larger buyout firm.”

The Jacob Ash acquisition is a case of one down, many to go. “We are ultimately doing two things. We are certainly very active in looking at other investment options. We have several that we are looking at very closely and are in discussions with, as well as trying to raise a little more money for our fund.”

Meilner and his partners closed the first round of funding for Bridge Street in April with just over $30 million in commitments. They have always said their goal was to reach at least $50 million. “In all honesty, we have been more focused on investment opportunities. We still have to go back and do some fundraising. That will come.”

COPYRIGHT 2004. MIBIZ NETWORK. ALL RIGHTS RESERVED.

This article appeared in the September 7, 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.