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In its inaugural investment, TorQuest’s Fund III leads recap of Kissner Milling

Canadian private equity firm TorQuest Partners has led the recapitalization of Kissner Milling Co Ltd, a manufacturer and distributor of bulk rock salt and ice melt products based in Cambridge, Ontario. TorQuest partnered in the deal with a group of co-investors, including U.S. private equity firms Silverhawk Capital Partners and GoldPoint Partners, the Bank of Montreal, Kissner majority shareholder Bill Zinger, and the company’s senior management. The undisclosed transaction represents the inaugural investment of TorQuest Partners Fund III, which closed in Sept. 2013 at $535 million. Kissner, which is a vertically integrated business with two primary operations, Detroit Salt Co and Kissner Packaged Distribution, plans to use investment proceeds to finance organic and acquisition growth opportunities.

PRESS RELEASE

TorQuest Partners Invests in Kissner Milling Company

TORONTO, ON; December 2nd – TorQuest Partners, a leading Canadian private equity fund manager, in partnership with a group of co-investors, including investors affiliated with Silverhawk Capital Partners, GoldPoint Partners and the Bank of Montreal, today announced a recapitalization of Kissner Milling Company Ltd., a leading manufacturer and distributor of bulk rock salt and ice melt products across Canada and the U.S. Great Lakes region. Terms of the transaction were not disclosed.

Headquartered in Cambridge, Ontario, Kissner is a vertically integrated business with two primary operations, the Detroit Salt Company and Kissner Packaged Distribution. The Detroit Salt Company owns and operates a salt mine in Detroit that produces rock salt that is sold to governmental and commercial customers primarily for road deicing. Kissner Packaged Distribution is a leading salt and chemical distributor and North America’s largest producer of specialty ice melter products.

TorQuest is partnering with the Kissner’s long-time majority shareholder, Bill Zinger, as well as Kissner’s senior management team, including David Safran, Emanuel Manos and Tim Orleman. Zinger and management will continue to hold a significant equity interest in Kissner.

Brent Belzberg, Senior Managing Partner at TorQuest said, “Kissner is a 130 year-old business with significant growth opportunities ahead. We look forward to working closely with Bill and Kissner’s exceptional management team and existing shareholders to drive value in the business. We are delighted to make Kissner the inaugural investment of TorQuest Fund III.” TorQuest announced the closing of the C$535 million TorQuest Partners Fund III in September.

“We believe TorQuest is the right partner to help us grow the business going forward”, said CEO David Safran. “We welcome TorQuest’s investment in the Company and look forward to working with them to capitalize on the numerous organic and acquisition opportunities available to the business.”

Daniel Sonshine, Partner at TorQuest said, “Kissner has established a leading position in its targeted geographies in a highly attractive industry. We see an opportunity for the business to continue to expand its geographic reach and broaden its exposure to growing and sustainable markets.”

For more information about Kissner visit www.kissner.com and www.detroitsalt.com.

TorQuest Partners Founded in 2002, TorQuest Partners is a leading Canadian-based manager of private equity funds. With more than C$1 billion of equity capital under management TorQuest seeks investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and the timely use of financial expertise. For more information about TorQuest Partners please visit www.torquest.com.

Media enquiries should be directed to Daniel Sonshine 416-867-2482.

Photo courtesy of Shutterstock.