Beringea, Michigan's largest venture capital firm, has hired two people over the last year, including making one big hire this summer.
The Farmington Hills-based firm recently brought on Mark Donnelly as a principal who will identify and analyze potential investments. The University of Michigan graduate left a job at the Riverside Company, a middle market private equity firm, to come to Beringea. Donnelly has also worked as a member of the investment team of DW Healthcare Partners and began his career as a strategy consultant at Bain & Co.
"He was born and raised in Michigan and was looking for an opportunity to come back," says Charlie Rothstein, founder & managing director of Beringea
Beringea specializes in making investments in late-stage start-ups and has a portfolio of about 60 companies. It has a satellite office in London and employs 26 people, including 10 at its Farmington Hills headquarters.
The venture capital firm has experienced a sizable amount of activity in its Michigan portfolio. Earlier this summer, Beringea invested in the recapitalization of White Pigeon-based Fiber By-Products Corp
, a processor, recycler, and manufacturer of wood products. Beringea also recently recorded an exit when RTI Biologics
acquired Pioneer® Surgical Technology
, a Beringea portfolio company. The Marquette-based company manufactures and distributes metal and synthetic products in the orthopedics, biologics, spine, trauma and cardiothoracic markets.
"It was a terrific business, employing many people in the Marquette area," Rothstein says. He adds that "we expect great things from the rest of the companies in our portfolio."
Source: Charlie Rothstein, founder & managing director of Beringea
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.