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Private equity firm invests in automation supplier
A local private equity firm has signed a partnership with a designer and maker of automation systems in the region.
Grand Rapids-based Concurrence Capital Holdings, which launched on May 1, said today it is investing capital and strategic resources into Holland-based Mission Design & Automation.
Mission Design & Automation specializes in the design and manufacturing of custom automation systems for the automotive, office furniture, medical and consumer goods industries, serving customers in North America.
Terms of the transaction were not disclosed.
The Grand Rapids-based M&A firm NuVescor advised Mission Design & Automation on the deal.
Jason Byrd and Michael Brom, co-managing partners at Concurrence Capital, have several decades of combined investment experience at various capital firms and chose Mission as their firm’s first investment in part because it is a “lower middle-market business” that is growing quickly and needs additional resources.
“Some of those resources are capital and the other are related to Mike Brom’s and my capabilities,” Byrd said.
Byrd said the expertise the partners lend may include strategizing ways to help Mission with “managing the sales funnel.”
“What we tend to bring in these situations is our experience in implementing systems that allow for future growth, whether ERP (enterprise resource planning) systems, accounting systems, etc.,” he said, noting the official terms will remain private.
Founded in 2004, Mission Design & Automation has seen “significant growth” for more than a decade via expansion into new industries and geographies.
As part of the partnership, Mission Design & Automation Founder and President Loren Brouwer and Co-owner Jonathan Maust will continue to lead the business in their current roles.
“I have known and respected Michael Brom for more than 20 years,” Brouwer said. “When I learned that he and a partner had started Concurrence Capital Holdings, I thought they would be an ideal partner to support Mission in our next stage of growth.
“Jon and I look forward to collaborating with the Concurrence team to grow and develop our already exceptional team and provide even more capabilities to meet the growing and changing needs of our customers.”
Brom said Mission Design & Automation is “to be commended” for its achievements, and he looks forward to partnering with the company.
“They are well-positioned for even greater growth as the automation industry continues to flourish,” Brom said. “Jason Byrd and I are thrilled to partner with them and leverage our experience to help support their continued growth.”
Concurrence Capital Holdings
Concurrence Capital Holdings offers strategic capital, expertise and partners for investment opportunities.
Its target companies have sales greater than $5 million with earnings before interest, tax, depreciation and amortization, or EBITDA, of $1 million to $8 million, in industries including niche manufacturing, food and beverage, automotive, medical device, value-added distribution and B2B service businesses.
Mission Design & Automation
Mission Design & Automation was founded in 2004 by Brouwer in a pole barn behind his home. In 2010, Brouwer brought on Maust as a partner.
The company operates out of a 21,000-square-foot facility in Holland, at 9652 Black River Ct.