Detroit-Pittsburgh connections go beyond hockey. For Michael Beauregard, a partner of
Huron Capital Partners, the connections are personal and professional.
He has degrees from the universities of Michigan and Pittsburgh. And the 44-year-old's downtown Detroit-based firm also has an office in Pittsburgh.
Huron Capital Partners employs 14 people and two interns who oversee 20 businesses with combined revenues of $500 million that employ more than 2,200 people.
Huron Capital Partners has invested in 42 businesses since it opened in 1999.
Describe your business in two sentences or less?Huron Capital is a leading private equity firm investing in control equity positions in manufacturing and service businesses in the U.S. and Canada. The firm invests equity to lead management buyouts, corporate spin-offs, recapitalizations, family successions and buy-and-build strategies of well-positioned companies having revenues between $20 million and $200 million.
Why did you decide to set up shop in Detroit?Michigan, in general, has a large density of middle-market service and manufacturing businesses. At the time of our founding in 1999, there were very few equity capital resources that entrepreneurs could turn
to for investment capital to grow organically or through add-on acquisitions to their businesses. We continue to be a unique capital resource for these business owners.
What are some of the advantages to doing business here?With $600 million in equity capital under management, Huron is the largest private equity firm based in Detroit. We are able to be more responsive to the needs of local business owners seeking growth capital than other capital sources on the coasts.
What do you see in Detroit that other people who live outside the city don't?In the 10 years that we have had our headquarters in Detroit (in 3 different buildings), we have seen the city invest significantly in the Woodward and Washington street corridors in tandem with the new stadiums, theaters and corporate headquarters. The profile of the city and the amenities it offers to businesses today are significantly improved in their scope and appeal than in the prior decade. Whether you are hosting a board meeting or dinner at The Whitney or hosting a small group at the Detroit Breakfast House & Grill, there are several venues that will have your guests leaving with a freshened view of Detroit's unique style.
What advice would you give to someone who was thinking about opening a business in the Motor City?Be sure to research and focus on the demand drivers for products and services that are scalable and which can leverage the necessary investment in fixed assets to serve regions inside and outside of Michigan from a central location here in Detroit.
If you could change one thing about Detroit, what would it be?Detroit, and Southeast Michigan in general, needs to recover from the contraction in the demand for light vehicles in the U.S. and hedge the impact from any recurrence of such a profound economic issue. This balance can occur by advancing the strengths of our region's educational and health care research foundations, much like Pittsburgh did as it recovered from the contraction in the U.S. steel industry.
Source: Michael Beauregard, partner of Huron Capital Partners
Writer: Jon Zemke
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