MMI Engineered Solutions, Inc., based in Saline, Mich., with additional facilities in Warren, Mich. and Monterrey, MX, has received $2.5 million of expansion capital from Grow Michigan, according to an announcement made today by Grow Michigan CEO Patrick O’Keefe.
MMI has been in business for over 44 years and is a global leader in the design and manufacturing of injection molded parts and tooling for the heavy truck, automotive, and material handling industries. Grow Michigan, LLC originally funded a $3.7 million credit facility in March 2017 to fund growth initiatives. At that time, annual production revenues were approximately $20 million. Utilizing capital provided by Grow Michigan and their senior lender, Comerica Bank, MMI and their current owner, Doug Callahan, have been able to broaden their customer base and expand into new markets and are forecasting revenues in 2022 of nearly $44 million. The new capital will be used to refinance the Company’s existing debt, provide operating working capital and expansion capital for new tooling programs that will generate substantial revenue growth well beyond 2023.
“Grow Michigan is designed to help provide capital to businesses in Michigan seeking to expand their facilities and grow Michigan jobs,” said Grow Michigan’s CEO, Pat O’Keefe. “Being able to support MMI for the second time in five years is a testament to our overall objectives within the state of Michigan.”