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Varnum Supports Whitecaps in $35M Capital Raise

April 10, 2024

The West Michigan Whitecaps, a successful Minor League Baseball franchise and High-A affiliate of the Detroit Tigers, recently announced significant progress in a $35 million equity offering to fund expansion and renovation of the team’s home at LMCU Ballpark, which is just minutes from downtown Grand Rapids, Michigan. Following the course set when the franchise was established more than 30 years ago, the club is targeting private investment rather than public funds for the renovation project. Varnum is assisting the organization in the equity offering.

Varnum has worked with the Whitecaps in varying capacities over the years. For the equity offering, partners Pete Roth and Chris George have represented the Whitecaps in negotiations with Major League Baseball (MLB) and private investors, as well as facilitated the preparation and filing of essential corporate governance and securities law documents.

Spearheaded by CEO and Managing Partner Joe Chamberlin, the Whitecaps have embarked on a journey to rejuvenate LMCU Ballpark. The first phase of the extensive modernization project – including a new playing surface, updated bullpens and a new home clubhouse with state-of-the-art batting cage – began after the 2023 season. Phase II of the five-year project is slated to begin in 2025.

“The Varnum team has been a tremendous asset to this project,” Chamberlin said. “They are pros who intimately understand the West Michigan market while also having the resources and bench strength to navigate critical deal points with an organization like Major League Baseball. We are glad to have them on the team and a part of the Whitecaps story as we prepare for the next 30 years of baseball in West Michigan.”

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