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Glencoe Capital Michigan LLC is expected to announce today that it has made an investment for a majority share of Campbell Grinder Co. of Spring Lake, a maker of precision grinding machines and filtration systems, ending a one-year deal drought that had brought criticism from Greg Main when he was president and CEO of the Michigan Economic Development Corp.
Jason Duzan, Glencoe's managing director, said he plans to use Campbell Grinder as a platform company to fold in future acquisitions.
The deal is from the $150 million Michigan Opportunities Fund that Birmingham-based Glencoe has managed since 2008 as part of the state's $335 million InvestMichigan program.
Terms were not announced, but Duzan said the deal falls into Glencoe's parameters of investing between $7 million and $20 million in companies with revenue between $15 million and $75 million. Several trade websites estimate Campbell Grinder revenue at $20 million. It employs 78.
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