CLAIRVEST ANNOUNCES SUEZ SA TO ACQUIRE WELLINGTON FINANCIAL PORTFOLIO COMPANY VENTUS ENERGY
Toronto, Ontario (July 25, 2007) - Wellington Financial LP, a privately held specialty finance firm currently managing a $400 million investment program, today announced that Wellington Financial Fund III portfolio company Ventus Energy Inc. (“Ventus”) has entered into an agreement to be acquired by Suez SA (SZE: NYSE) (“Suez”) of France.
In September 2006, Wellington Financial led a $29 million financing for Ventus, a leading developer of wind farm projects across Canada. Existing investors VentureLink LP and Good Energies Investment BV joined Wellington on that financing round. Ventus used this capital to fund two wind farm projects in Prince Edward Island. These projects are now fully operational and producing power for customers on Prince Edward Island and the north eastern United States.
“We are delighted to have been able to join the teams at VentureLink, Good Energies and Ventus in this fabulous success,” said Mark McQueen, President and CEO of Wellington Financial. “This is just another example of what our True Growth Capital can do for Canada’s best growth stories.”
“Having been a founding shareholder along with management since 2003, VentureLink is proud to be a part of the continued success of Ventus. Jeff Jenner, John Douglas and the rest of the team at Ventus has demonstrated creativity, passion and energy from day one,” said John Varghese, past Chairman of Ventus and Managing Partner of VentureLink. “The combined efforts of management and the board has culminated in the potential transaction with Suez.”
Suez’s Houstan-based arm, Suez Energy North America Inc. will pay approximately $124 million in cash for all the shares of privately-held Ventus. 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 $40 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)