Charter Growth Capital Fund Makes Investment in All Star Driver Education

HighGrove-led acquisition is the Fund's second portfolio company

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Dec 11, 2019, 09:00 ET

GRAND RAPIDS, Mich., Dec. 11, 2019 /PRNewswire/ -- Charter Growth Capital Fund (CGCF) today announced an investment into its second portfolio company, All Star Driver Education. CGCF provided mezzanine debt and an equity co-investment in support of the acquisition, which was led by Detroit-based HighGrove Companies. Managed by principals of Charter Capital Partners, CGCF is a targeted $100 million fund that invests up to $5 million of mezzanine debt and/or equity capital into lower middle market companies in the Great Lakes region to support growth, succession, or recapitalization.

Founded in 1997 and based in Ann Arbor, Michigan, All Star is one of the nation's largest and most comprehensive providers of driver education services, having successfully graduated more than 200,000 students. The investment recapitalized the company while enabling current All Star CEO Brent Wall to retain an ownership stake and participate in the continued growth of All Star.

"HighGrove and Charter came along at exactly the right time in our company's journey," said Wall. "We look forward to propelling our future growth through the guidance and expertise our investors will provide."

"Charter Growth Capital Fund was the ideal financial partner in this transaction. The Charter team has deep transaction experience in the lower middle market, which made for a seamless closing process, and they will be invaluable as we work to build the company," HighGrove founder Sean Roberts stated, "This acquisition represents a considerable opportunity for growth, and we're excited to partner with Charter and the All Star team to pursue those opportunities together."

Hector Bultynck, Managing Director at Charter Capital Partners who will serve on the All Star Board of Directors, said, "The Charter Growth Capital Fund team is thrilled to partner with HighGrove in this investment. Having announced the close of our first portfolio company in October, making our second investment just two months later confirms our fund thesis that successful lower middle market companies have an unmet need for a flexible debt and equity offering. We are delighted to welcome All Star to our portfolio."

Legal representation was provided to Charter Growth Capital Fund by Bodman.

About Charter Capital Partners
Celebrating 30 years in operation, Charter Capital Partners is a premier investment banking firm headquartered in Grand Rapids, Michigan. Charter offers a comprehensive range of investment banking and private capital investing advisory services, including buy-side and sell-side M&A, succession planning, business valuation and capital raise. Charter Private Capital Management is a Registered Investment Adviser (RIA), professionally managing numerous private capital funds, including Charter Growth Capital Fund, Michigan Accelerator Fund I, MAF Opportunity Fund, and multiple Special Purpose Entities. To learn more, visit chartercapitalpartners.com.

About HighGrove Companies
HighGrove Companies is a private investment firm building a targeted portfolio of lower-middle market companies, combining strategic capital and expertise to build value for investors and management partners. Founded by a team of private equity veterans, HighGrove leverages its experience and professional network to become an extension of management in order to help its portfolio companies realize their full potential. Targeted industries include consumer products, consumer services, and business services. To learn more, visit highgrovecompanies.com.

About All Star Driver Education
With 50 years of teaching experience, 200,000+ safe drivers, and certification in 16 states, All Star is the leader in driver education. The company has developed a set of proprietary, state certified curricula, training materials, and methods for teaching driver safety to teens, adults and seniors. All Star offers fun and innovative classroom and online programs with its engaging curriculum and state-of-the art training vehicles along with instructors exceeding state minimum requirements. To learn more, visit allstardrivereducation.com.

For more information, please contact:
Tyler Deur
Lambert & Co.
(616) 233-0500
[email protected]

SOURCE Charter Capital Partners