Private equity firm moves into metro Detroit
A local private equity firm has opened an office on the state’s east side to tap into new talent and investment opportunities.
Grand Rapids-based Blackford Capital said this week it opened an office in Royal Oak, at 150 W. 2nd St.
The office is Blackford’s third location, including its headquarters in downtown Grand Rapids at 190 Monroe Ave. NW, and an office in the San Diego area.
Carmen Evola, a managing director at Blackford Capital, will oversee the Royal Oak location, which has two employees and is looking to hire more.
Evola is also fund manager for the firm’s Michigan Prosperity Fund, which was launched in 2012 to fund businesses that are either headquartered in Michigan or have significant operations in the state. He will scout investment opportunities for the fund as part of his new role.
The company has several Michigan Prosperity Fund portfolio companies based on the state’s east side, including Oak Park-based Mopec, Fenton-based Burgaflex and Chesterfield Township-based Davalor Mold.
“Having a physical presence in Detroit is a great opportunity for Blackford Capital,” Evola said. “Not only do we think it’s an excellent place to attract talent, but an excellent place for potential investment opportunities into the Michigan Prosperity Fund.
“This location will also allow for us to further support our portfolio companies throughout the state of Michigan.”
Blackford said it is leasing the Royal Oak office — a shared space — from an undisclosed landlord.
Founded in 2000, Blackford Capital is a private equity firm that makes majority-control investments in founder- and family-owned middle-market manufacturing, distribution and services companies.