Canadian alternative equity firm Alaris Royalty Corp has committed an additional US$10 million to C&C Communications LLC (ccComm), a Federal Way, Washington-based Sprint preferred wireless retailer. Alaris, which has backed ccComm since 2016, said the deal’s proceeds will fund the company’s acquisition of an additional 33 Sprint locations in Washington, Oregon, Idaho and California, bringing total U.S. locations managed to 96. Alaris has deployed more than $200 million over the past 12 months, including $50 million in follow-on investments in existing portfolio companies.
Alaris Royalty Corp. Contributes US$10 Million to ccComm
CALGARY, Alberta, June 04, 2018 (GLOBE NEWSWIRE) — Alaris Royalty Corp. (“Alaris” or the “Corporation”) (TSX:AD) is pleased to announce a follow-on contribution to C&C Communications LLC (“ccComm”) of US$10.0 million (the “ccComm Contribution”) in exchange for an annualized distribution of US$1.4 million. This is Alaris’ third tranche of financing into ccComm for a total of US$16.2 million with total annualized distributions of US$2.3 million. Proceeds of the ccComm Contribution were used to fund an acquisition of an additional 33 Sprint locations in Washington State, Oregon, Idaho and California bringing total locations managed by ccComm to 96 in 7 states. Alaris has deployed in excess of CAD$200 million over the last twelve months of which approximately CAD$50 million has been follow-on capital provided to existing Partners.
ABOUT THE CORPORATION:
Alaris provides alternative financing to the Partners in exchange for distributions with the principal objective of generating stable and predictable cash flows for dividend payments to its shareholders. Distributions from the Partners are adjusted each year based on the percentage change of a “top line” financial performance measure such as gross margin and same-store sales and rank in priority to the owners’ common equity position.
For further information please contact:
Vice President, Investments and Investor Relations
Alaris Royalty Corp.
P: (403) 221-7305