Clairvest Announces Wellington Financial Provides $8 million financing for Tercon Investments
Toronto, Ontario (November 7, 2007) - Wellington Financial LP, a privately held specialty finance firm, today announced a $8 million debt financing commitment for Tercon Investments Ltd. (“Tercon”). Tercon is a leading contractor in rock and earth excavation headquartered in Kamloops, British Columbia. The funding coincides with the acquisition of Tercon by Daniel Dumas, Chief Executive Officer of Dumas Contracting Limited of Timmins, Ontario.
“We are pleased to support a company with a well established name and reputation in the mining services sector,” said Mark Wilk, Vice President at Wellington Financial LP. “Wellington Financial’s True Growth Capital will support Tercon’s current and future contracts with some of the largest mining undertakings in Canada, which include the Galore Creek and Peace River Coal projects.”
With over 25 years of experience and approximately 320 employees, Tercon’s management team has developed a solid reputation in providing remote access road construction, open pit mining, mine development and dam and dyke construction. Tercon employs a sizeable fleet of modern equipment complimented by a complete line of auxiliary and support equipment. Their fleet size and diversity of equipment allows Tercon to complete a vast range of projects, utilizing a full construction implementation package.
“The addition of Wellington Financial as a financial partner will allow Tercon to increase its breadth of services for contracting and construction projects in the mining and oil and gas sectors, which will no doubt contribute to further success,” said Milan Soucek, President and General Manager of Tercon.
“With Wellington Financial’s growth capital now in place, Tercon will be able to expand their services across Canada,” said Daniel Dumas, CEO of Dumas Contracting. “We are delighted with Wellington Financial’s strong support of this transaction and regard them as a key partner in this next stage of our expansion.”
Minden Gross LLP and Mack Law Corporation provided legal advice for this transaction. Buzzelli & Associates Consulting Inc. acted as advisor to Dumas and Sinova Capital Corp. acted as advisor to Tercon for the transaction.
Wellington Financial LP is currently managing a $400 million investment program via Wellington Financial Fund III. Since Fund III began operation in September 2006, Wellington Financial LP has led more than $100 million of transactions, making it the most active fund 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)