Flegel, Millstone, Saitz launch investment fund

Three St. Louis businessmen are putting together a $30 million private equity investment fund and have raised $12.9 million so far.

The group is comprised of Bob Millstone, founder of real estate and private equity investment company, The Millstone Co.;Fred Flegel, founder of accounting firm Lopata, Flegel & Co., and Jim Saitz, the former chairman and chief executive of Trustcorp Financial, parent company of Missouri State Bank, which was acquired in 2006 by banking giant Marshall & Ilsley Corp. for $181 million.