Arctaris ProvidesGrowthDebt toConcorde Marine, Inc.(2017-doc)
Michigan2016 – Arctaris Michigan Partners, LLC (“Arctaris”), an economic developmentloan fund, announced the execution of a GrowthDebtcredit facility totaling $5.0M for Concorde Marine, Inc. (“Concorde”). This transaction represents the fifth investment for Arctaris’ Michigan fund, which was formed to provide growth capital loans to Michigan businesses.
Concorde is a contract manufacturer of commercial fishing vessels and high-performance motor yachts for other brands, including Northern Marine and Outer Reef. Concorde’s boats range from 40 feet to over 100 feet in length and can sell for up to $8M each.
Gilbert Villarreal, CEO of Concordesaid, “Concorde Marine has excellent growth prospects and we are excited to work with Arctaris, a financing partner that can help achieve that growth.”
Jonathan Tower, Managing Partner of Arctaris, stated, “This transaction is another example that demonstrates our thesis that strong economic development occurs, when a superior business model and talented management marries with patient growth capital.”
Arctaris Michigan Partners: Arctaris launched the Michigan Income and Principal-Protected Growth Fund, LP (the “Michigan Fund”) in partnership with the Michigan Economic Development Corporation to provide growth debt to Michigan businesses otherwise underserved by the credit markets. The State of Michigan, through the Michigan Strategic Fund, is one of the Michigan Fund’s key investors and has partnered with Arctaris to increase capital availability and create jobs in the state. Michigan’s investment was sourced from its $79M allocation from the $1.5B State Small Business Credit Initiative, which is managed by the U.S. Department of the Treasury to support lending to small businesses.
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