Recap: How private equity is reshaping Michigan

Private equity firms have become increasingly powerful players in Michigan’s economy, with PE-owned companies employing 10% of the state’s private sector workforce. These investment firms are buying up companies and real estate across sectors including healthcare, housing, manufacturing, and retail, often pursuing rapid profits that can lead to layoffs, rising costs, and instability for workers and communities.

Last week, the Private Equity Stakeholder Project led a discussion exploring the ways private equity business practices influence housing affordability, job quality, public services, and access to essential resources. The webinar featured perspectives from Theo Gantos, a manufactured housing resident and advocate whose community, North Morris Estates, was owned by Alden Global Capital-affiliated Homes of America and former Congressman Andy Levin, a longtime champion of workers’ rights and economic justice. Panelists also discussed impacts on workers and communities across industries, including cases involving layoffs, bankruptcies, and labor disputes tied to private equity-backed companies operating in Michigan.