Vermont Capital Partners to invest $5 million in Brook II for Vermont companies
MONTPELIER, VT – Brook Venture Partners (“Brook”) and the Vermont Economic Development Authority (“VEDA”) announce today the formation of Vermont Capital Partners, L.P. (“VCP”) that will invest up to $5 Million into Brook Venture Fund II , a licensed SBIC debenture fund that is active in Vermont. VEDA has been an active provider of debt financing to Vermont businesses for over thirty years and selected Brook as its partner to lead investment activity in Vermont. Brook will maintain an office with VEDA in Montpelier, VT from which it will manage its Vermont marketing and investment activities. The initiative will focus on expansion stage companies seeking from $500,000 to $3 million.
“We are delighted about the investment from VEDA and the opportunity to bring fresh capital to businesses in Vermont,” says Andrew Clapp, partner with Brook Venture Partners, who has a long association with business and financial activity in Vermont. Clapp adds, “Investing in Vermont fulfills one of Brook’s primary goals of investing in underserved markets.”
“We selected Brook Venture Partners after a rigorous review process,” says Jo Bradley, chief executive officer of VEDA. “We attracted excellent applicants from within and outside of Vermont, however Brook was the most qualified. Brook brings the right combination of imagination, experience, and connections with Vermont.”
Vermont Capital Partners, L.P. will invest in Brook Fund II, L.P. and its subsidiary Brook Venture Fund IIA which is a Small Business Investment Company (“SBIC”) licensed by the Small Business Administration (“SBA”). In 2005, Brook was only one of eleven applicants granted a leveraged license by the SBA. Brook’s license allows it to operate as an SBIC and provides access to capital from the SBA to invest in growing companies.
Clapp will lead Brook’s investing activity in Vermont. In addition, Fred Morris, Ned Williams, and Walter Beinecke, partners of Brook Venture Fund II, will actively meet with Vermont businesses and review the fund’s prospective investments.
About Vermont Capital Partners
Vermont Capital Partners, L.P. (“VCP”) is an investor in Brook Venture Fund II which will be providing expansion stage capital to Vermont companies seeking funding to accelerate their growth. Brook will maintain an office at 59 State Street, Montpelier, VT 05602. For information call 802-229-2922, or visit www.vermontcapitalpartners.com (site under construction).
About Vermont Economic Development Authority
Vermont Economic Development Authority (“VEDA”) was established in 1974 to provide loans and other financial support to eligible and qualified Vermont businesses. Since its founding, VEDA has helped hundreds of Vermont businesses start and expand, adding thousands of jobs to Vermont’s economy, and making financing commitments totaling over $1 billion to commercial, industrial, agricultural and travel and tourism enterprises. For more information, call 802-828-5627 or visit www.veda.org.
About Brook Venture Partners
Brook Venture Partners provides expansion stage capital through Brook Venture Fund I & II to information technology and medical technology companies based in the Northeastern United States. Brook focuses on investments of up to $5 million and seeks out companies located within underserved markets. Brook is headquartered outside Boston in Wakefield, Massachusetts. For more information, call 781-295-4000 or visit www.brookventure.com.