Acasta Enterprises Inc (TSX: AEF) has changed its leadership to reposition itself as a public company from a special purpose acquisition corporation. Acasta’s board now consists of Geoff Beattie as independent chairman, Anthony Melman as CEO, and three new independent directors, Robert Schwartz, Jay Swartz and Michael Young. Belinda Stronach has resigned as a director but remains a founder. Acasta founders Hunter Harrison and Gordon Nixon also agreed to sell their equity interests to directors, senior management and certain other founders. Earlier in 2017, Acasta closed its qualifying acquisition, buying three businesses for $1.1 billion.
Acasta Announces Leadership Transitions
TORONTO, July 24, 2017 /CNW/ – Acasta Enterprises Inc. (TSX: AEF and AEF.WT) (“Acasta”) is pleased to announce several developments as it repositions itself as a public company from a Founder-led special purpose acquisition corporation following its three qualifying acquisitions earlier this year.
Acasta’s Board of Directors is now comprised of Geoff Beattie as its independent Chairman, Tony Melman as CEO, and three new independent directors – Robert Schwartz, Jay Swartz and Michael Young – added at Acasta’s recent annual shareholders meeting. All of Acasta’s directors have extensive business and governance expertise. Belinda Stronach has resigned as a director but remains committed as a founder.
As previously announced, Acasta’s management has been enhanced by the addition of highly experienced senior executives Ian Kidson as Chief Financial Officer and Chief Operating Officer, and Erik Levy as Managing Partner. Ian was previously Executive Vice President and Chief Financial Officer of Progressive Waste Solutions Ltd. and Erik was previously Senior Principal and founding member of the Direct Private Equity business at Canada Pension Plan Investment Board.
In support of and to further enhance the alignment of Acasta’s board and management team with its shareholders, Hunter Harrison and Gordon Nixon (Founders of Acasta) have agreed to sell their respective equity interests to Acasta’s directors and senior management, as well as certain of its existing Founders. Included in these equity interests are approximately 1.2 million promote shares, which are subject to forfeiture provisions described in Acasta’s public disclosure.
“I am pleased that we have the leadership in place at the board and management levels to drive the achievement of Acasta’s strategic plans,” said Mr. Melman. “I would like to welcome each new member of the board and management and personally thank Belinda for her contribution as a Founder-director of Acasta.”
About Acasta Enterprises Inc.
Acasta Enterprises Inc. is a leading Canadian public company that acquires businesses with exceptional potential for value creation through strategic and transformational initiatives. As a proactive private equity manager, Acasta partners with the senior management teams of its acquired businesses, empowering them to pursue value creating trajectories.
For further information: Acasta Enterprises Inc., Ian Kidson, 647-725-6707, Chief Financial Officer and Chief Operating Officer
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