Integrated Asset Management Corp (IAM) has provided a $22 million loan to Lagasco Inc, a London, Ontario-based oil and gas production and exploration company.
The funds raised will be used by Lagasco to acquire a portfolio of producing assets in Southwestern Ontario.
The deal will make Lagasco, a family-owned business established in 1976, the largest oil and gas producer in Ontario, IAM said.
Last month, IAM, a Toronto-based alternative asset manager and investor in private debt, infrastructure debt and real estate, agreed to be acquired by Montréal-based asset manager Fiera Capital Corp.
Integrated Asset Management Corp. Announces $22,000,000 Financing for Lagasco Inc.
TORONTO, April 11, 2019 (GLOBE NEWSWIRE) — Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing of a $22,000,000 senior secured term loan to Lagasco Inc. (“Lagasco”). The funds provided by IAM will be used by Lagasco to purchase a portfolio of producing oil & gas assets located in Southwestern Ontario from a Limited Partnership.
Brian Ko, Managing Director of IAM Private Debt Group said, “IAM is excited to partner with Lagasco and help facilitate the continued growth of the business. Management has an extensive track record of operating producing assets in Ontario. Their strong working knowledge of these assets will drive profitability going forward.”
Lagasco is a family-owned business which has been operating in the Ontario energy sector for over 35 years. The company currently operates around 400 wells across the province and the aforementioned acquisition will make Lagasco the largest oil & gas production company in Ontario.
IAM manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IAM Private Debt Group offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
IAM is one of Canada’s leading alternative asset management companies with approximately $3.1 billion in assets and committed capital under management in private debt, infrastructure debt and real estate.
For further information, please contact
IAM Private Debt Group
Philip S. Robson
IAM Private Debt Group