 |
|
 |
|
|
|
Growing Up and Giving Back - Grand Angels Announces First Exit (back)
1/10/2007
HOLLAND, MICHIGAN – Grand Angels is proud to announce that one of their portfolio businesses has reached the pinnacle of success with an exit for their investors within 18 months of receiving their capital infusion and providing an extremely favorable rate of return as well. Earlier this month RF Identics announced their acquisition by label giant Avery Dennison.
One of West Michigan’s newest investment groups, Grand Angels, is committed to strengthening the West Michigan business climate through investments in local entrepreneurs. One such investment was made in a fledgling company, RF Identics, in April 2005. They were a young start-up in need of early stage expansion funds. At the time Grand Angels was barely a year old. RF Identics was their fourth investment.
RF Identics and Grand Angels have grown up together. RF Identics exploded from using the Grand Angels investment to purchase its first machinery in the spring of 2005 to becoming a key player in the radio frequency identification market by the summer of 2006. Grand Angels has expanded from eight founders to a roster of forty-four committed members who have invested in seven carefully chosen entrepreneurs since its inception in 2004.
“The participating Angels are VERY pleased with their return on investment,” says Scott Spoelhoff, RF Identics board member and Grand Angels investor. Grand Angels Board Chairman, John Jackoboice also added, “We usually tell entrepreneurs about our ‘patient exit strategy’ but welcome a quick exit when it comes. RF Identics is a great example of the type of business that, properly managed, can benefit enormously from an Angel investment.
Radio frequency identification – the cornerstone of RF Identics products is a technology that is growing dramatically throughout the world. Markets that will utilize consumable RFID tags include manufacturing, pharmaceutical, supply chain, airport baggage, parcel, and postal. The tags can be used to scan an item within a set distance of a tag reading mechanism, making them suitable for checking in or checking out inventory, theft prevention and tracking.”
Grand Angels is one of many so-called “Angel bands” around the country. The group is committed to utilizing its financial, intellectual and networking capital to foster the success of growing companies and thus to enhance the economic development of Western Michigan. Grand Angels provides access to risk capital, to seasoned business veterans who have “been there and done that,” and to the extensive networks which they have built over their careers.
“We understand that the region’s economic future hinges on leadership, intellectual capital and a willingness to collaborate. That is why we, as angels, want to mentor the entrepreneur businesses in which we invest,” says Jackoboice.
For more information, please contact: or visit our website, .
|
|
|
