ST. LOUIS--(BUSINESS WIRE)--Advantage Capital Partners announced today investments in three Ohio companies -- Cleveland HeartLab, Inc., DOmedia, LLC and Global Cooling, Inc. Over the past 12 months, Advantage Capital has invested a total of $10.89 million into five separate businesses with the help of the federal New Markets Tax Credit program and the Ohio New Markets Jobs Act.
“Two-thirds of new private-sector jobs are created by small businesses in our nation,” said State Senator Bill Beagle (R-Ohio). “The New Markets Tax Credit program helps to ensure that small businesses have the access to capital needed to grow and promote economic development in Ohio.”
Cleveland HeartLab, a provider of cardiovascular testing, enables doctors to identify patients at risk for heart attack or stroke who would not otherwise be identified. The company plans to use the funding to focus on growth opportunities.
Columbus-based DOmedia, a marketplace for out-of-home media, will use the capital to expand its suite of media buying tools to advertising agencies of all sizes, pursue additional inventory pricing and availability and support the ramp up of the company’s hiring initiatives within sales, marketing and information technology.
Located in Athens, Ohio, Global Cooling develops and manufactures the Stirling Ultracold brand of ultra-low temperature freezers, which cool at temperatures below -80 degrees Celsius. The company will use the New Markets funding to focus on new growth opportunities and to expand manufacturing.
“Ohio has an excellent entrepreneurial ecosystem and we are excited about our diverse portfolio in the state -- from a company that is improving doctors’ vision during surgery to one that creates ultra-low temperature freezers and to another that has developed a platform that streamlines the media buying process,” said Chris Harris, a Senior Vice President at Advantage Capital. “Our investments will serve as vital growth capital for the various stages at which each company is operating in the hopes of creating jobs and improving the local economy.”
In addition, Advantage Capital made investments in Columbus-based FloShield, a manufacturer of products that improve the clarity of visualization during laparoscopic procedures, and Athens-based Ultimate Air, an engineering and manufacturing firm specializing in high-efficiency Energy Recover Ventilation (ERV) systems and supporting accessories.
About Advantage Capital Partners
Advantage Capital Partners provides equity and debt financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $1.9 billion in companies from a diverse array of industry sectors, including manufacturing, technology and business services, and has offices in New Orleans, St. Louis, New York, Austin and other locations.
Advantage Capital Partners is an investment adviser registered under the Investment Adviser Act of 1940. Registration does not imply a certain level of skill or training. This release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type. Advantage Capital Partners is also an equal opportunity provider.