Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Equicapita Income Trust Acquires Levy’s Machine WorksEquicapita Income Trust (“Equicapita”, the “Fund”) is pleased to announce the acquisition of 100% of the shares of Levy’s Machine Works (“Levy’s”) by an affiliate of the Fund.
By: Equicapita "As soon as we walked through the doors of Levy’s we knew this was a company that would be a great fit for us - it is an extremely well run business and a top quartile performer amongst similar businesses in North America” noted Michael Cook, one of the co-founders of Equicapita. “The management team are first class individuals who have built a great business. Levy’s founders have shown their support and belief in the Equicapita model by taking a portion of their consideration as Preferred Trust Units in the fund and we are delighted to have them as partners. In addition, we are pleased that key senior management will remain in place after the sale – particularly Darcy Downs with whom we look forward to a long working relationship and to the continuation of his successful stewardship of this unique and profitable business.” The Levy’s transaction closed on May 7th, 2014 - Equicapita retained Ernst & Young and Burstall Winger Zammit as advisors. Ernst & Young provided accounting and financial due diligence support and Burstall provided legal due diligence and structuring support. Equicapita is a private equity buyout fund based in Calgary, Alberta. The fund is focused on acquiring private, western Canadian businesseswith enterprise values ranging from $5 million to $20 million. The fund is an RRSP eligible investment vehicle that streams the cash flow from private operating companies to its investors on a priority basis. This news release may contain certain information that is forward looking and, by its nature, such forward-looking information is subject to important risks and uncertainties. The words "anticipate," End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|