IAM Private Debt Group has provided a $19 million loan to Wolverine Group Inc, an Edmonton-based supplier of equipment rentals, well site services, construction, seismic, trucking, logistics and other services to the oil and gas industry. The loan financed Wolverine’s recent acquisition of HD Energy Rentals Ltd and Bearing Oilfield Services Ltd. IAM Private Debt Group, a corporate division of Toronto-based Integrated Asset Management Corp (TSX: IAM), raised $672 million in the final close of its fifth fund last November.
Integrated Asset Management Corp. and IAM Private Debt Group Announce $19 Million Financing for Wolverine Group Inc.
TORONTO, ONTARIO–(Marketwired – Sept. 15, 2016) –
Integrated Asset Management Corp. (“IAM”) (TSX:IAM) and its private corporate debt division, IAM Private Debt Group, today announced a financing of $19 million for Wolverine Group Inc. (“Wolverine”).
The loan from the IAM Private Debt Group financed the acquisition by Wolverine of HD Energy Rentals and Bearing Oilfield Services.
Wolverine provides a diverse mix of services for oil and gas companies, and ensures optimal operations for upstream, midstream and downstream customers. Core services include equipment rentals, well site services, construction, seismic, trucking and logistics. They are strategically located across Alberta and northern British Columbia to support clients from Western Canada.
Philip Robson, President of the IAM Private Debt Group, said “We are delighted to have provided the term financing for this accretive transaction which enhances Wolverine’s service offering.”
The IAM Private Debt Group manages and provides funding from the $2.6 billion Integrated Private Debt Fund LPs on behalf of Canadian pension funds, endowments, foundations and other institutional investors.
The Group offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
IAM is one of Canada’s leading alternative asset management companies with approximately $2.7 billion in assets and committed capital under management in real estate, private debt and managed futures.
IAM Private Debt Group
IAM Private Debt Group
Photo courtesy of Wolverine Group Inc