| GRAND RAPIDS, MI (May 12, 2004) Bridge Street
Capital Partners, LLC (“Bridge Street Capital”),
a Grand Rapids-based private investment firm, today announced
that it has organized and held its initial close of Bridge Street
Capital Fund I, L.P. with committed capital to date in excess
of $30 million. The capital was committed by a broad representation
of business and community leadership as well as by the principals
of Bridge Street Capital. Bridge Street Capital intends to seek
additional commitments of capital from investors over the next
several months with the targeted goal of reaching total commitments
of $50 million.
The investment focus of Bridge Street Capital will be to
achieve long-term capital appreciation by making controlling
investments in growth-oriented, profitable private companies
primarily located in the Great Lakes region of the U.S. generating
annual revenues from $5-100 million. Bridge Street Capital
plans to invest capital to support organic growth, management-led
buyouts, expansion initiatives, recapitalizations, or acquisition
growth strategies. In addition to its primary office in Grand
Rapids, Michigan, the firm will have a second office in Chicago,
Illinois.
The principals of Bridge Street Capital include its Managing
Directors, William F. Kaczynski, Jr. and John J. Meilner.
Mr. Kaczynski and Mr. Meilner will be responsible for the
day-to-day management of Bridge Street Capital. In addition,
Mr. Kaczynski and Mr. Meilner will enjoy access to an Executive
Committee comprised of three additional principals, including
Michael J. Jandernoa, John C. Kennedy, and George A. Jackoboice
Jr. The Executive Committee’s charter will be to provide
valuable operational assistance and consultation to Mr. Kaczynski
and Mr. Meilner on prospective investment opportunities as
well as to portfolio companies.
Bridge Street Capital was formed by the principals to address
the lack of presence of private capital to fund the region’s
growing businesses, as well as those businesses seeking capital
to provide for an ownership transition. The principals believe
that Bridge Street Capital is the first firm in West Michigan
to establish its presence, raise committed capital and begin
to review investment opportunities for growth-oriented businesses.
”We’re proud to be in a position to announce
the formation of Bridge Street Capital and formally establish
a presence of private equity capital in West Michigan. As
part of our regional community’s efforts to develop
new jobs, fund the growth of the regions’ existing businesses
and provide another option to entrepreneurs who are looking
for a solution to their ownership transition needs, Bridge
Street Capital is an important first step” commented
John Meilner.
For additional information, please contact John Meilner (616-732-1051)
or Bill Kaczynski (616-732-1052). |
