The first $10 million investment to come from the $150 million Michigan Opportunities Fund will substantially boost development of a growing charter school company in Grand Rapids. The investment could help the company create schools for children with learning disabilities in the Detroit and Grand Rapids areas.
According to excerpts from the story:
In less than three years, American Education Group has taken the lead in the growing business of specialized private education. The Grand Rapids firm's collection of preschool, primary and secondary schools now number 16 in six states. While most of AEG's 300 employees work outside Michigan, the company is considered a potential star in the state's changing economy. A sign of that is Michigan Opportunities Fund's $10 million investment in the company -- the first to come out of the $150 million fund. Fed by the state's pension workers system, the money pool is part of the Invest Michigan program introduced by Gov. Jennifer Granholm 18 months ago to spur business growth. "This investment is in keeping with our Michigan Opportunities Fund's objective to invest in growing companies in Michigan," said Jason Duzan, managing director of the Chicago-based private equity firm Glencoe Capital, which manages the fund. "The concept of supporting an accomplished Michigan-based management team in this innovative educational platform is exciting to us."
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