McKinley Management Acquires ASRC Subsidiary
JL Tower in midtown Anchorage, home to McKinley Management.
Arctic Slope Regional Corporation (ASRC) is giving up its Alaska Growth Capital BIDCO subsidiary, which is becoming a fourth line of business for McKinley Management.
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“Alaska Growth Capital is a natural fit with McKinley’s investment business,” says McKinley CEO and Chief Investment Officer Rob Gillam. “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.”
The company is being renamed McKinley Alaska Growth Capital (AGC).
Alaska Growth Capital BIDCO was founded in 1997 as Alaska’s first Business and Industrial Development Corporation (BIDCO), created to promote economic development and job creation by providing loans, investments, and management assistance to businesses. Today, AGC is the state’s leading provider of business loans utilizing programs offered by the US Small Business Administration (SBA) and the US Department of Agriculture (USDA).
Bristol Bay Native Corporation (BBNC) is partnering with McKinley as a shareholder of AGC, providing leadership on the board of directors and guidance on economic and shareholder initiatives throughout the Bristol Bay region. AGC will continue to be a leading Native Community Development Financial Institution (CDFI), focusing on underserved communities.
Former AGC president Logan Birch, currently a McKinley employee, has been put in charge of AGC again. Birch previously served as president of AGC from 2017 to 2019 and on AGC’s board of directors from 2012 to 2020.
“I am so excited for the AGC team to join McKinley as we seek to build on this amazing platform and grow our statewide impact by supporting businesses that are facing difficulties obtaining credit from traditional sources,” Birch says. “We’re excited to grow AGC’s existing SBA, USDA, and CDFI products and to develop new sources of debt capital that will help our state grow.”
ASRC President and CEO Rex A. Rock, Sr., says, “We at ASRC are pleased that the work Alaska Growth Capital does to support underserved communities will continue under McKinley and BBNC’s new ownership. Our shared commitment to strengthening underserved communities was a cornerstone of the acquisition process.”
McKinley Alaska Growth Capital will be co-located in McKinley’s offices at the JL Tower in midtown Anchorage. All AGC employees are being retained. 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).