Canadian lender Private Debt Partners has provided C$13 million in financing to Canadoil Forge, a Bécancour, Quebec-based manufacturer of customized steel piping and fittings. The deal’s proceeds enabled a real estate acquisition and the refinancing of nearly all existing debt.
MONTREAL, Jan. 12, 2022 /CNW/ – Private Debt Partners (“PDP”) is pleased to announce it has funded $13.0 million to Canadoil Forge Ltd. (“Canadoil”). The proceeds enabled a real estate acquisition and the refinancing of nearly all existing debt. The deal funded on December 13th, 2021 from PDP’s Senior Opportunities Fund.
Canadoil’s President Giacomo Sozzi commented, “We are very pleased with the financing structure put forward by PDP. The flexibility provided will allow Canadoil to attain its long-term growth objectives. This could only be achieved through fully understanding the particulars of our business by the individuals involved and by Prifiant Capital who initially validated our needs in order to introduce the right financial partner in PDP.”
PDP Managing Partner Jean-Christophe Greck commented, “We are excited to partner with Canadoil, a company with more than 40 years of experience and a well-established track record in manufacturing a complete range of welded steel pipes and fittings. The outlook is very promising for their business and we are excited to support this experienced management team. PDP looks forward to this long-term partnership with Canadoil.”
This transaction demonstrates the continuing deployment of PDP’s Senior Opportunities Fund (“SOF”).
The transaction marks PDP’s fourth portfolio loan since July 2021 as our investment team is actively working to deploy senior term financing solutions to growing companies in the Canadian mid-market.
ABOUT CANADOIL FORGE LTD.
Canadoil, based in Bécancour, Quebec, is an integrated manufacturer of customized steel piping and fittings. The Company’s customers include major pipeline players in the energy sector. Canadoil has over 40 years of experience in expertly managing production of specialized and high-quality piping products. Canadoil has partnered with PDP to consolidate their debt and to position the Company favourably for future growth.