Fengate Asset Management has launched a new partnership, Newgate Industrial Services LP, which is focused on investing in North American industrial services companies. The partnership includes a C$100 million commitment, based on Newlook Capital’s sale of fund assets and new capital invested by LiUNA Pension Fund of Central and Eastern Canada. Newgate holds four existing portfolio companies plus a new acquisition: Mack Fire Protection, a Middletown, Connecticut-based provider of fire sprinkler systems.
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) — Fengate Asset Management (“Fengate”), working on behalf of the LiUNA Pension Fund of Central and Eastern Canada (“LPFCEC”), and Newlook Capital Inc. (“Newlook”) are pleased to announce a strategic private equity partnership, Newgate Industrial Services LP (“Newgate”), focused on investing in North American industrial services companies.
Newgate features a CAD$100 million equity commitment between the two parties, whereby Newlook Capital vends in initial assets from its existing Newlook Capital Industrial Services Fund II, while LPFCEC contributes new capital with each party receiving a 50% interest in the partnership vehicle. The initial portfolio comprises:
All Protect Systems (Waterloo, Ontario), a total solutions provider throughout the Waterloo area for fire alarms and life safety systems.
Insite Engineering (Hoover, Alabama), specializing in planning, design and permitting on water and wastewater, municipal and transportation, and civil engineering projects.
Integrated Fire and Security Solutions (Fort Myers, Florida), a leading provider and operator of access control systems, duress systems, fire and security systems, sound and surveillance systems, and wireless networks throughout Florida.
ProFire Safety Services (Brampton, Ontario), specializing in complete fire and life safety services/protection throughout the Greater Toronto Area.
Concurrent with the formation of Newgate, the acquisition of a majority ownership position in Mack Fire Protection was completed, expanding the Newgate industrial services portfolio to five portfolio companies. Mack Fire Protection is a leading provider of fire sprinkler systems throughout Connecticut, Massachusetts, Rhode Island and New York.
The partnership will be focused on continuing to develop a strong and aligned platform of investments in North American industrial services companies with proven management teams, a history of recurring revenues, and growing addressable markets.
“LiUNA is proud of these investments in key industrial services focused on critical business needs including water maintenance and fire prevention,” said Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “Our partnership with Newlook Capital provides both alignment and diversification for the LPFCEC portfolio and high-potential investment opportunities for our members’ pension fund.”
“Fengate is very pleased to partner with Newlook Capital on behalf of our client LPFCEC as they bring a strong track record, longstanding relationships and a pipeline of opportunities in the industrial services sector,” said Lou Serafini Jr., President and CEO, Fengate.
“We are excited about this partnership with Fengate and LPFCEC with a view of creating a top-tier portfolio of industrial services companies across Canada and the United States, both for our new partnership and for our existing investors. Newlook Capital has had an aggressive growth strategy over the years and Newgate provides an investment vehicle to continue our ambitious growth plans,” said Elroy Gust, President and CEO, Newlook Capital, adding, “Gavin Treanor, Newlook Partner and Head of Global Sales, continues to be instrumental in Newlook’s strategy, and integral in introducing strong partners, like Fengate and LPFCEC, to Newlook.”
“The entering into this partnership confirmed Newlook Capital’s robust underwriting procedures as our processes and assets were subject to extensive diligence,” said Abbas Osman, Chief Investment Officer, Newlook Capital. “We are proud of Newlook Capital’s success to date, and we look forward to working with Fengate and LPFCEC to continue our ambitious growth plans.”
About LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted among top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $9 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of alternative investments. Learn more at lpfcec.org.
About Fengate Asset Management
Fengate is a leading alternative investment manager, with $4.5 billion of capital commitments under management, focused on infrastructure, private equity, and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate leverages more than 45 years of entrepreneurial experience to deliver excellent investment results on behalf of its clients and transformational growth capital for its portfolio companies. Learn more at fengate.com.
About Newlook Capital
Newlook Capital is a private equity firm that manages funds in the industrial services and dental industries. Each fund has its own focused, experienced, and aligned management, and a defined strategy. Investing throughout Canada and the United States, Newlook Capital is focused on and current holdings include industrial services in Canada and the United States, and dental practices in Canada. Learn more at newlookcapital.com.