Beringea records profitable exit, TechTeam sells subsidiary for $59M

Two local new economy firms recorded big sales over the last week with venture capital firm Beringea notching a profitable exit and TechTeam Global selling one of its subsidiaries for eight figures.

Farmington Hills-based Beringea sold its stake in Plum Baby to Darwin Private Equity, but representatives declined to disclose the terms beyond saying the deal concluded a profitable venture. Beringea, Michigan's largest venture capital firm.

The premium organic baby food purveyor was founded in 2006 by former chef and Susie Willis, a mother of three. It pioneered the premium baby food sector in the United Kingdom and has witnessed dramatic year-on-year growth. Beringea invested in the company in 2007.

Southfield-based TechTeam Global also recorded a profitable exit of sorts, selling its government solutions subsidiary, TechTeam Government Solutions, to Jacobs Engineering Group for $59 million. With more than 3,000 employees worldwide, TechTeam Global provides IT outsourcing and business process outsourcing services.

Source: Beringea and TechTeam Global
Writer: Jon Zemke