WEDC: Seeks companies for foreign investment
Contact: Tom Thieding, 608-210-6767 email@example.com
Link to Video Story: Scott Mosely, Manager, Foreign Direct Investments with WEDC, talks about Wisconsin’s need for foreign investment and the interest of PiYi in Wisconsin companies: https://vimeo.com/45259610
MADISON, July 5, 2012 – The Wisconsin Economic Development Corporation (WEDC) is seeking Wisconsin companies interested in securing investment capital from a Chinese investment firm to fund growth and innovation.
WEDC is working with PiYi (Pee-Yee) Investment Management Co. Ltd, a private investment management fund that manages private equity and venture capital funds for high-net worth Chinese investors. PiYi has expressed interest in deploying an initial investment of $100 million in Wisconsin companies across a broad range of industries including agriculture (with emphasis on food production, food transportation or food safety); energy production, storage, controls, distribution; clean-technology or environmental remediation; infrastructure; information technology; biotechnology; manufacturing or medical devices.
WEDC is seeking applications by July 18 for companies needing capital investment in those areas. Companies can get the application at http://wedc.org/us-china-investor-week-2012.
A WEDC selection committee will screen the applications and select up to 25 companies to make a presentation to PiYi during “US-China Investor Week” in September. Representatives of PiYi and their limited partners will review equity investments in the $2 million to $15 million range. PiYi has indicated they are interested in investing in companies that are able to expand into the Chinese market. Using their connections, companies will be able to expand and grow globally, while keeping high paying research and development and high skilled manufacturing jobs in Wisconsin.
The US-China Investor Week is a 10-day event with stops in Dallas, Madison/Milwaukee, Los Angles, Portland, Florida and Washington D.C. The Wisconsin leg of the conference is Sept 26-27. The conference is organized PiYi and the Council of American States in China.
“WEDC’s mission is to help create high paying jobs in Wisconsin. In order to do that, we need high growth companies. We have the ideas, we have the people. We just don’t have the capital to fund high growth companies,” said Governor Scott Walker. “This partnership with PiYi is intended to help Wisconsin companies get the growth capital they need, and possibly expand into the Chinese market.”
Paul Jadin, CEO/Secretary of WEDC, recently signed a memorandum of understanding during a meeting with PiYi in Beijing to identify Wisconsin companies for consideration of investment by PiYi.
“Over the next year, a number of Wisconsin companies will need to raise between $300-$350 million. Because there is simply not enough capital available to fund our innovation, the WEDC is fostering these opportunities with investment groups about funding Wisconsin companies, either domestic or international,” said Jadin.
Between 2003 and mid-January 2012, foreign owned companies have announced plans to invest in 79 new projects in Wisconsin. They are projected to create $7.4 billion in new investment and create 11,000 new Wisconsin jobs.
About Wisconsin Economic Development Corporation
As the state’s lead economic development organization, the Wisconsin Economic Development Corporation nurtures business growth and job creation in Wisconsin by providing leadership, bold thinking and creative investment strategies. Learn more at www.wedc.org.