[Federal Register Volume 59, Number 232 (Monday, December 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29774]


[[Page Unknown]]

[Federal Register: December 5, 1994]


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SMALL BUSINESS ADMINISTRATION

[License No. 05/05-0202]

 

M&I Ventures Corporation

    Notice is hereby given of the filing of a request by M&I Ventures 
Corporation (M&I), a Small Business Investment company, located at 770 
North Water Street, Milwaukee, WI 53202 for an exemption to CFR 13, 
Section 107.901(b)(1) of the Small Business Investment Company 
Regulations which prohibit a licensee from directly or indirectly 
financing an associate.
    M&I has requested the exemption from Section 107.903 so that: (i) 
Thomas B. Hansen, an associate of M&I, may become a director, officer 
and 10% stockholder of Predelivery Service Corporation (PSC), a small 
concern recently financed by M&I, and (ii) M&I may provide additional 
financing to PSC in the future without prior SBA approval. M&I is an 
unleveraged Licensee and expects to remain so.
    In October of 1994, M&I and William Blair Leveraged Capital Fund, 
L.P. (Blair), an unaffiliated third party investor, each provided 
$2,520,120 on the same terms for a 30% share each of PSC equity to 
partially finance a management buy-out of PSC from Ford Motor Company 
(Ford). Additional debt financing for the buy-out which totaled 
$23,320,120 was provided by the Bank of America and Ford. Pursuant to 
the transaction, all future decisions by the investors concerning PSC 
will require the unanimous consent of M&I and Blair. The interests of 
both the Licensee and PSC were protected due to the participation of 
unaffiliated third parties material to the transaction.
    Notice is hereby given that any person may, not later than 30 days 
from the date of publication of this Notice, submit written comments on 
the proposed transaction to the Associate Administrator for Investment, 
Small Business Administration, 409 3rd Street, S.W., Washington, D.C. 
20416.
    A copy of this Notice will be published in a newspaper of general 
circulation in Milwaukee, Wisconsin.

(Catalog of Federal Domestic Assistance Programs No. 59.011, Small 
Business Investment Companies.)

    Dated: November 18, 1994.
Robert D. Stillman,
Associate Administrator for Investment.
[FR Doc. 94-29774 Filed 12-2-94; 8:45 am]
BILLING CODE 8025-01-M