Plymouth Ventures Fund II Seeks Michigan-Based Investment For CEO Succession
PLYMOUTH -- Plymouth Ventures Fund II, in conjunction with its Executive in Residence, Kevin Terrasi, is seeking an investment opportunity in a Michigan based business.
This transaction would afford the business owner an opportunity to successfully transition their ownership structure with a strong succession plan.
Terrasi joined Plymouth after being chosen by the Michigan Venture Capital Association to be a recipient of an EIR award. The EIR program affords venture firms the ability to retain executive talent in Michigan and place them, in a C level position, in one of their portfolio companies. said Merrill Guerra, the executive director of the MVCA.
"We're very pleased that the Michigan Economic Development Corporation has continued to fund this program," Guerra said. "We have seen great success in both retaining executive talent and identifying strong investment opportunities here in Michigan who benefited from that talent. We're excited to see what investment Kevin and Plymouth Ventures will be able to identify."
Plymouth II closed on $41 million in funding in September 2011. Plymouth II is a growth stage fund that is actively investing $2 to $5 million in companies throughout the Great Lakes Region. The fund invests in revenue producing companies with the potential for significant growth through a defined, catalytic event or milestone.
Fund I became fully invested in 2009 after investing in 29 companies including Pump Engineering Inc., a specialty pump and energy-recovery company based in Monroe, where Terrasi had been a senior executive. He and the Plymouth team developed a mutual respect, while successfully building PEI to a strong exit event for its shareholders. Together PMC and Terrasi will identify a Michigan based company, which will become part of the PVPII portfolio and led by Kevin as the CEO/COO.
Prior to joining PMC, Terrasi spent more than 15 years in progressively responsible management positions in both technical and business development areas. As Vice President of the Turbo Machine Division at Energy Recovery Inc., he was also a member of the NASDAQ-traded company's executive team.
Prior to ERI he spent his entire career at Pump Engineering growing the business from $1 million to over 17 million in annual sales. As vice president of engineering-PEI and a member of the board of directors, he developed and executed business plans that resulted in the growth of the company. He was an active member of the divestiture team that sold PEI to ERI in December of 2009. He received a degree from Michigan State University in civil and environmental engineering.
An ideal investment would be in the fields of advanced manufacturing, technology, alternative energy, pumps, energy recovery and conservation, water treatment, motors and generators, systems integration, or industrial processes. For more details on the investment opportunity or the fields of interest please contact www.plymouthvc.com.
Fund II is a follow-on fund to Plymouth Venture Partners Fund I. Plymouth Venture Partners I became fully invested in 2009 after completing investments in 29 companies. Plymouth Ventures II is actively looking to invest in strong early expansion-stage companies in the Great Lakes region. Plymouth has four partners: Mark Horne, Ian Bund, Bob Savage, and Jeff Barry, with offices in Ann Arbor and Toledo, Ohio.
More at www.plymouthvc.com.
