Canadian private equity firm Roynat Equity Partners has closed its third exit inside of a month with the sale of the internet access business of NetSet Communications to Xplornet Communications Inc. The deal, the financial terms of which were not disclosed, was announced in October by Xplornet, a Canadian rural broadband service provider. It resulted in the realization of Roynat’s stake in Brandon, Manitoba-based NetSet, which has been held by the investor since 2014. Last month, Roynat announced exits from Comtrad Strategic Sourcing, acquired by Ardenton Capital Corp, and SkyTrac Systems Ltd, acquired by an affiliate of Jordan Co.
Roynat Equity Partners Announces Sale of Interest in NetSet Communications
CALGARY, Nov. 14, 2017 /CNW/ – Roynat Equity Partners, along with its partner Charlie Clark, President & CEO of NetSet Communications (“NetSet”), is pleased to announce the sale of the internet access business of NetSet to Xplornet Communications (“Xplornet”). Based in Brandon, Manitoba, NetSet provides next generation broadband services throughout the province of Manitoba.
Xplornet will maintain the NetSet Communications trade name and will retain virtually all of NetSet’s employees and business operations in both Brandon and Winnipeg.
Roynat Equity Partners has been a shareholder of NetSet since 2014, providing value-added capital to help the company rapidly grow its geographic footprint and subscriber base throughout the province.
“Charlie and his team have done a tremendous job in building a world class business that provides a critical service to thousands of Manitobans every day,” said Matt Flynn, Managing Director, Roynat Equity Partners. “We have been delighted to share in the experience of seeing this company grow the way it has over the past few years.”
“The investment from Roynat helped us grow our business faster than we could have done it ourselves. The strategic move to bring on Roynat as an equity partner in 2014 turned out to be an excellent move as it separated us from our competitors and helped us position our company for the Xplornet acquisition,” added Mr. Clark. “Roynat proved to be an excellent partner for us and they were always there for support and advice when needed.”
About Roynat Equity Partners
Roynat Equity Partners facilitates growth and creates wealth in established mid-market private companies by providing patient capital, advice and contact networks to Canadian entrepreneurs. With over $300 million in committed capital and offices across Canada, Roynat Equity Partners is dedicated to helping mid-market companies grow and achieve their business goals. Flexible investment structures are tailored to the needs of partners and include common equity, preferred equity, and convertible debt. Roynat Equity Partners is a division of Roynat Inc. which is a wholly owned subsidiary of Scotiabank. For more information, please visit www.roynat.com/equity
About NetSet Communications:
NetSet is Manitoba’s largest privately held telecommunications company providing next generation broadband services throughout the Province of Manitoba. Its network is architected to support full LTE Internet. This new wireless broadband technology is the first in the Province and one of the first of its kind in North America. For more information, please visit www.netset1.ca
For further information: For Media Inquiries, please contact: Rick Roth, email@example.com, NetSet Communications, firstname.lastname@example.org
Photo courtesy of Xplornet Communications Inc