McKinley Management acquires Alaska Growth Capital
Alaska-based investment firm McKinley Management will add lending and community development to its mix of services, after recently acquiring Alaska Growth Capital BIDCO.
The company will be renamed McKinley Alaska Growth Capital, the investment firm said.
Alaska Growth was founded in 1997. It’s a major lender to rural and low-income regions in Alaska that are often underserved by the traditional banking system. It’s known as a Native Community Development Financial Institution and is Alaska’s leading provider of business loans using programs under the Small Business Administration and U.S. Department of Agriculture.
McKinley Management acquired the firm from Arctic Slope Regional Corp., the Alaska Native regional corporation for the North Slope. McKinley will partner with Bristol Bay Native Corporation, a regional Native corporation of the Bristol Bay Native region in Southwest Alaska. The Native corporation will own shares in McKinley Alaska Growth and provide leadership on the board.
“Alaska Growth Capital is a natural fit with McKinley’s investment business,” said McKinley chief executive Rob Gillam in a statement. “With this acquisition, we’re excited to add a company with a talented team, a long history of supporting Alaska businesses, and a commitment to supporting community development throughout Alaska. Alaska Growth Capital adds valuable capabilities to our financial platform, which enhances our ability to positively impact Alaska’s economy.”
Current McKinley employee Logan Birch has been named president of the recently acquired company. Birch is a former president of Alaska Growth Capital.
McKinley Alaska Growth Capital will be located in McKinley’s offices at the JL Tower at 3800 Centerpoint Dr. in Anchorage.
All Alaska Growth Capital employees are being retained and McKinley is posting three new jobs there.
McKinley Alaska Growth Capital will be the fourth line of business at McKinley, along with McKinley Capital Management, McKinley Alaska Private Investment, and McKinley Research Group (formerly McDowell Group).