IOWA NEWSPAPER ASSOCIATION
New Private Equity fund launched focusing on investing in Midwestern businesses
DES MOINES, Iowa-Midwest Growth Partners announced the launch of a $30+ million private equity fund focused on making equity investments in established companies across the Upper Midwest. The fund will seek to provide capital to facilitate owner succession transactions, competitive roll-ups, or provide capital for growth.
The Partners at the fund believe they have identified a unique investment thesis which has the ability to provide attractive returns to their investors while also strengthening smaller Midwestern communities, many of which are underserved by traditional private equity funds. Dennis Murdock, Executive Vice President and CEO of Central Iowa Power Cooperative (CIPCO), agrees, "The fund fills a capital niche which is vital for our members as they grow or transition their business for the next generation." CIPCO, along with Colorado based CoBank, is an anchor investor and key strategic partner in the fund. CIPCO has been making private equity investments since 1993.
Midwest Growth Partners will be managed by a team with deep direct investment and mergers and acquisitions experience including: Jim Fogt, Joe Greving, John Mickelson, Mike Taylor, Russ Taylor, and Dustin Thomas. The partners also have direct operational experience running portfolio companies. That operational experience will be used to help grow the Fund's portfolio of companies.
The fund will focus on companies with revenues of up to $40 million in the food and agriculture, distribution, manufacturing, and business services space, but most importantly will seek a cultural fit first. "As Midwest natives, we operate and seek to do business with those who share our Midwestern values and beliefs" said Thomas.
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Dustin Thomas (515)309-3018
Mike Taylor (515)362-7686
John Mickelson (515)362-7687