A local spin-off has paid back support from a local investment fund, the Dayton Development Coalition said Tuesday.
The Dayton Region Signature Fund, managed by the coalition’s entrepreneurial development group, Accelerant, has achieved a profitable exit from one of its portfolio companies, Spintech, LLC, a spin-off from Beavercreek Twp. defense and government contractor Cornerstone Research Group.
“This exit signifies that the company has paid back the original DRSF investment along with a significant return to the fund’s investors,” the coalition said in an announcement. “Using patented shape memory polymer technology, methods for using shape memory mandrels, and methods for making shape memory patches, Spintech has successfully commercialized product lines from their two divisions, Smart Tooling and Gemini Materials.”
Joel Ivers, Accelerant vice president of entrepreneurial development, called the company’s success “the most profitable exit from the fund so far.”
Ivers said the payment back to the fund included an annual return in excess of 30 percent over three years. This return goes to the fund’s limited partners, who are mostly located in the Dayton area, the coalition said.
”The Dayton Region Signature Fund was our first investor, allowing us to stand-up the company and attract additional investment,” Craig Jennings, Spintech president, said in the statement. “We are grateful for the strong support we received from the DRSF team even prior to their actual investment and continuing right up to our exit.”
Ivers is opening a new fund, Accelerant Fund I, in a bid to create about 30 new start-up companies in the Dayton region over the next few years.
Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to exclusive deals and newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.