Monthly Archives: May 2010

2010 MVCA Annual Report

FOR IMMEDIATE RELEASE May 14, 2010

CONTACTS: LeAnn Auer, Executive Director MVCA
734‐223‐3750

Michigan Venture Capital Association releases annual Michigan Venture Capital Report

ANN ARBOR, Mich.‐‐The Michigan Venture Capital Association (MVCA) released its annual Michigan Venture Capital Report at the conclusion of the Michigan Growth Capital Symposium. The report, which tracks 2009 data and trends, highlights steady continued growth in the state’s venture industry but notes that the area is still capital‐challenged due to burgeoning entrepreneurial activity. Other points of interest include:

  • Despite the bad economy, Michigan’s 2009 performance in total venture capital investment and number of companies funded bested the decade averages;
    There were 22 venture firms operating in Michigan in 2009;
  • 19 Michigan‐based companies received $131 million in venture capital investment in 2009; six of those were venture‐funded for the first time;
  • Four Michigan venture funds closed in 2009, raising $136 million in total;
  • 62 companies in Michigan are venture‐backed, creating nearly 900 direct jobs in the state;
  • Four notable venture‐funded exits were realized in 2009—HandyLab, Assay Designs, Applimation, and Pump Engineering; and,
  • The creation of at least 16 new life science companies and 15 contract research organizations was spurred by both the 2004 sale of venture‐backed Esperion Therapeutics and the Ann Arbor and Kalamazoo closures of Pfizer facilities.

To access the report in its entirety, please visit the MVCA website at www.michiganvca.org.

About the MVCA

The MVCA is a trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan. Membership includes private venture capital funds, corporate venture capital funds, angel investors, and entrepreneurial infrastructure participants. The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.

PVP II Conducts First Advisory Comittee Meeting

PLYMOUTH MANAGEMENT COMPANY
FOR IMMEDIATE RELEASE – May 10, 2010
CONTACT: Mark Horne, CEO
Ann Arbor, Michigan 48104
(734) 747‐9401 phone/ (734) 929‐1811 fax

Plymouth Venture Partners II, L.P. Advisory Committee Begins Work on New Fund

Mark Horne, Managing Partner of Plymouth Venture Partners II, L.P. announced today that PVPII’s Advisory Committee has been formed and managed its first meeting. The Committee, made up of Jim Barrett, Ron Thompson, Harry Cendrowski and Paul Zlotoff met last Monday and reviewed PVP II strategy, and discussed operating procedures for the committee going forward.

The committee is chaired by Jim Barrett. Jim was President and Chief Executive Officer of the Michigan Chamber of Commerce since 1976 until his retirement in 2008. He was also President of Michigan Chamber Services, Inc., which provides educational seminars, publications and insurance services for the business community; and President of the Michigan Chamber Foundation, which is involved in leadership training, an annual Public Policy Forum and research on public policy issues. Mr. Barrett is founder and President of Management and Marketing Advisory Services, LLC established in July 2008. He currently serves clients in business, education, politics, foundation administration, and land use. Mr. Barrett serves on a number of public and private Boards, including current service as Chairman, Board of Trustees, for Ingham Regional Medical Center and Director and Secretary, McLaren Health Care Corporation. Jim has received numerous recognitions, including Initial Inductee into the Michigan Society of Association Executives Hall of Fame (2002); and selection by the Michigan Political History Society as the top Association Leader in Michigan over the last 50 years (2003). Mr. Barrett has an Associates Degree in Business, a Bachelors Degree in Financial Administration, and a Masters Degree in Management.

Jim is joined by Ron Thompson, Paul Zlotoff, and Harry Cendrowski on the Committee. Ronald L. Thompson currently serves as the non executive Chairman of the Board of Trustees of Teachers Insurance and Annuity Association (TIAA) and as a Director of the new Chrysler Group LLC. Mr. Thompson is the retired Chairman and CEO of Midwest Stamping and Manufacturing Company. Under his ownership, the company experienced rapid growth as a first tier supplier of automotive and light truck structural components. The company’s primary customers were Japanese OEMs. He successfully sold the company in late 2005. Prior to acquiring Midwest Stamping, Mr. Thompson served as Chairman and Chief Executive Officer of a specialty manufacturer of defense and railroad equipment, The GR Group, which he acquired in 1980. He is an experienced leader in corporate governance. He is a former member of the Board of Directors of McDonnell Douglas Corporation, Ralston Purina, RyersonTull, Commerce Bank of St. Louis, Illinova, Interstate Bakeries, and the National Association of Manufacturers. Throughout his career Mr. Thompson has received numerous awards and recognitions, including recognition by President George H. Bush as the National Minority Entrepreneur of the Year in 1989. He grew up and was educated in Michigan. He has a Doctor of Philosophy and a Master of Science in Agricultural Economics from Michigan State University and a Bachelor of Business Administration from the University of Michigan.

Harry Cendrowski, CPA ABV CFF CFE CVA CFD CFFA, is a founding member of Cendrowski Selecky PC, Cendrowski Corporate Advisors and The Prosperitas Group. Over his 30 year career, Harry has worked hand‐in‐hand with private equity funds, attorneys, businesses, and nonprofit organizations to address their needs. He is a veteran of the private equity and venture capital industries, where he has implemented back and middle office operations for private equity funds and performed due diligence and operational assessments of potential portfolio companies. He is the co‐author of three textbooks, including “Private Equity: History, Governance, and Operations,” published by John Wiley & Sons. Paul Zlotoff is Chairman of Uniprop, a real estate equity investment firm involved in commercial and residential properties. Paul is responsible for the firm’s strategic direction and handles all institutional relationships.

Based in Birmingham, Michigan, Uniprop is one of the largest owners of manufactured home communities in the nation with 34 communities in 11 states. Paul is also Chairman of Wingspan Capital, a buy‐out firm investing in manufacturing companies throughout the Midwest, most recently leading the investor group in the acquisition of the Calvin Klein furniture licenses for North America. Chairman Jim Barrett commented that he “looked forward to working with this fine team to guide PVPII down its path to success.” About Plymouth Venture Partners II, L.P. Fund II is a follow‐on fund to Plymouth Venture Partners Fund I. PVP I became fully invested in 2009 after completing its new investment cycle in 29 companies. Fund II invests in growth stage companies in the Great Lakes region, ready to take their next growth step.