Clairvest Announces Wellington Financial provides $5 million financing for SimEx!Iwerks
Toronto, Ontario (February 14, 2007) - Wellington Financial LP, a privately held specialty finance firm, today announced the sixth investment of its recently closed $400 million investment program. Headquartered in Toronto and Burbank, California, SimEx!Iwerks is a leading creator and developer of new media, digital and film-based Special Venue Attractions. The $5 million debenture financing will provide the True Growth Capital SimEx!Iwerks requires to pursue additional attraction co-ventures and to refinance certain existing financial obligations.
“We are very pleased to be a part of SimEx’s bright future,” said Mark Usher, Partner of Wellington Financial. “They have positioned themselves as a global leader in immersive theatre entertainment and have a fantastic, growing world-class list of customers.”
SimEx!Iwerks is a developer of 3D, 4D-seat, Special FX Simulation, Large Format and Custom Special Venue Attractions. The company originally began in 1984 with its initial installation of a motion simulator at the CN Tower called “Tour of the Universe”. SimEx!Iwerks has approximately 250 attractions installed in 30 countries. Their attractions combine state-of-the-art digital and film technologies with unique programming to create high-impact and educational entertainment. Venues profiting from SimEx!Iwerks attractions include theme and amusement parks, museums, science centers, zoos, aquariums, shopping centers, casinos and resorts. In 2006, for example, Shedd Aquarium in Chicago, Illinois chose SimEx!Iwerks to launch Shedd’s acclaimed 4D Special FX Theatre located in Phelps Auditorium. A combination of high definition digital 3D projection, high tech audio and Special FX seats thrill the visitor with bubbles, wind, scents, leg ticklers, seat buzzers and surround sound for the ultimate family 4D experience.
In addition to creating and integrating the necessary proprietary hardware, SimEx!Iwerks possesses a film library of over 150 titles, including such names as: SpongeBob SquarePants; Dino Island; Deep Sea, the Ride; Cosmic Coaster; and recently released Big Bang, many of which are available in 3D and can be licensed for use by clients. Much of the library is also available in multiple languages for use at installations around the world.
“We are delighted with the support that Wellington Financial is providing” said Michael Needham, Chairman and CEO of SimEx!Iwerks, “ - it is the key to our accelerating the sound growth we have recently achieved.”
Aird & Berlis LLP and Torys LLP provided legal advice for this transaction.
Wellington Financial LP is currently managing a new $400 million investment program via Wellington Financial Fund III. Since inception, Wellington Financial LP has led approximately $180 million of 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 from $1 million to $5 million; term and amortizing loans up to $30 million; and venture debt loans up to $10 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 in excess of $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 Funds III. Limited partners include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About Simex!Iwerks
SimEx!Iwerks is a leader in new media, digital and film based Special Venue Attractions. SimEx!Iwerks attractions combine state-of-the-art hardware systems with entertainment and educational content to create high impact e-ticket entertainment that immerse audiences within extraordinary experiences. SimEx!Iwerks designs attractions in 8/70 large format theatres; motion simulation rides; 3D/4D-seat theatres; mobile and custom attractions. SimEx!Iwerks is also the largest distributor of Special Venue Attraction programs in digital and film formats with a proprietary catalogue of over 150 titles. For more information, please visit http://www.simex-iwerks.com.
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)
Michael J.Needham
Chairman and CEO, SimEx!Iwerks
Tel: (416) 597-1585, .(JavaScript must be enabled to view this email address)