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The Buffalo venture capital firm said Wednesday it expects to reap a more than $4 million profit from its investment seven years ago in an Ithaca sensor manufacturer that has agreed to be acquired by a Japanese company.
That profit, on top of the $3.8 million in new capital it raised through a secondary stock offering this summer and a nearly $2 million expansion of the funding available through its Small Business Investment Corp. subsidiary, gives Rand plenty of cash for new investments at a time when many companies are having a hard time arranging financing.
"I think this will be a good time to have some money," said Allen F. Grum, Rand's president. "There's not a lot of capital out there."
The value of Rand's investments held steady during the third quarter at $29.1 million, or $3.42 per share.
Aside from the $4.1 million gain on the Kionix investment, Rand also made significant changes in the valuations of several other investments. That includes a $2.7 million reduction in the value of its investment in Innov-X Systems, a suburban Boston company that makes hand-held equipment that can analyze the composition of materials. Rand still has a paper profit of more than $5 million on its Innov-X investment.
The company made a $300,000 cut in the valuation of Golden Goal, which runs a youth sports tournament park for youth soccer and lacrosse in Fort Ann, north of Glens Falls. Rand also wrote off the remaining $150,000 in its original $631,000 investment in APF Group, a Yonkers company that makes high-quality picture frames and framed mirrors that are used in museums and art galleries.
Rand also made an additional $300,000 investment, through a loan, in Niagara Dispensing Technologies, an Amherst company that makes a high-speed beverage pouring system.
The company also invested $500,000 in Microcision LLC, a Philadelphia company that makes custom medical and dental implants. Rand also made an additional $300,000 investment in Grid App Systems, a New York City company that provides automation solutions.
drobinson@buffnews.com
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