New Orleans-based venture capital firm Advantage Capital Partners has been focusing more and more on the St. Louis area, as several of its New Orleans principals have left the firm and deals in Louisiana have dried up.
Last week, ACP announced another deal in St. Louis. Through its small business lending division, BizCapital, ACP provided $3.2 million in Missouri New Markets Development program financing to Thiel Tool & Engineering , a woman-owned metal stamping manufacturer in north St. Louis. Thiel Tool & Engineering, Inc. was established in 1945 and the company has since upgraded their facilities with state-of-the-art metal stamping presses and completed a 30,000 square foot addition to their existing 70,000 square foot facility. The funding will allow the company to retain 50 full-time employees and enable additional growth over the next 12 months.
“Our business suffered from the economic downturn over the last several years just like many others,” said Michele Thiel, President of Thiel Tool. “When we were unable to secure funding from conventional lenders we turned to BizCapital. Their flexibility and willingness to work with us on financing options means we can retain our employees and continue to operate our business here in St. Louis.”