CLAIRVEST ANNOUNCES DISCOVERY AIR INC. TO ACQUIRE TOP ACES INC.
Toronto, Ontario (June 21, 2007) - Wellington Financial LP, a leading privately held specialty finance firm currently managing a $400 million investment program, today announced that Wellington Financial Fund II portfolio company Top Aces Inc. (“Top Aces”) of Point Claire, P.Q., has entered into an agreement to be acquired by Discovery Air Inc. (DA.A:TSX), of London, Ontario.
Wellington Financial completed a $6.5 million financing in October 2005 shortly after the Department of Public Works and Government Services Canada awarded three standing offers on behalf of the Canadian Department of National Defence (“DND”) to Top Aces. Top Aces used Wellington Financial’s capital to double the size of their Alpha Jet military aircraft fleet.
“We wouldn’t be where we are today without Wellington Financial”, said Top Aces Co-CEO Capt. (ret’d) Dave Jennings. “Their capital helped us grow our revenue in excess of 500% between 2005 and 2006.”
Added Mark McQueen, President & Chief Executive Officer of Wellington Financial and a Director of Top Aces: “We are proud of our association with the entire Top Aces team. To take an idea from zero revenue to more than $30 million in less than two years is a rare feat in the Canadian entrepreneurial landscape. It is a great example of what a top notch team can do with the True Growth Capital our firm provides.”
Completion of the transaction is subject to a number of conditions and approvals.
Wellington Financial LP is currently managing a $400 million investment program via Wellington Financial Fund III. Since inception, Wellington Financial LP has led or participated in more than $200 million in transactions, making it one of the most active funds of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm providing operating lines of credit, term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently deploying a $400 million investment program via its third fund. The fund’s clients vary in size and business model, but generally have current year revenue of approximately $5 million. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to Fund III. Limited partners include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at http://www.wellingtonfund.com, or the Wellington Financial team blog at http://www.wellingtonfund.com/blog.
For more Information, please contact:
Amy Olah
Marketing Manager, Wellington Financial LP
Tel: (416) 682-6002, .(JavaScript must be enabled to view this email address)