Portland Investment Counsel Inc, a firm led by Canadian billionaire Michael Lee-Chin, has agreed to partner with Canadian specialty private equity firm Newlook Capital. An affiliate of Portland committed an undisclosed amount to Newlook Capital Industrial Services LP, which invests in lower mid-market industrial services companies located in Canada and the United States. Founded in 2010, Toronto’s Newlook is led by President and Managing Partner Elroy Gust.
Photo: Elroy Gust, president and managing partner (centre) of Newlook Capital and team.
Portland Global Energy Efficiency and Renewable Energy Fund LP to invest in Newlook Capital Industrial Services LP
BURLINGTON, ONTARIO – November 17, 2016: Portland Investment Counsel Inc. (“Portland”) is pleased to announce the new relationship with the specialty private equity manager, Newlook Capital Inc. (“Newlook”). Portland Global Energy Efficiency and Renewable Energy Fund LP (“Portland GEEREF LP”), an investment fund managed by Portland, has initiated an investment in Newlook Capital Industrial Services LP (the “Newlook LP”).
The Newlook LP has an investment strategy to develop a strong and synergistic portfolio of ownership investments in industrial services companies that have:
(i) technical service revenue of a recurring nature that assures code compliance,
(ii) strong and reliable historic net revenues and positive operating cash flow,
(iii) experienced and committed management and senior technical talent,
(iv) growing addressable markets, and
(v) customer lists that can be cross-marketed to other companies held within its’ portfolio.
“We are happy to establish this relationship with Newlook and look forward to working with them.” said Chris Wain-Lowe, Chief Investment Officer of Portland and Portfolio Manager of Portland GEEREF LP. “The management team at Newlook are personally invested, driven, motivated and are cultivating owner-operator businesses in the Canadian lower middle-market.”
Elroy Gust, President and Managing Partner of Newlook, said, “I was first introduced to Portland by Doug Beck, a Mandeville Private Client Inc. financial advisor. We are now excited to introduce Portland GEEREF LP as an investor and limited partner in our Newlook LP where we can work together, grow, and foster a dynamic investment relationship.”
Portland invests in private equity, private debt, publicly traded equities and fixed income securities globally on behalf of retail and institutional clients.
Newlook operates as a private equity firm and merchant banker, investing throughout Canada and the U.S., with a preference for companies that exhibit a solid tangible asset base. Newlook is focused on and current holdings include multifamily real estate and services in the U.S., industrial services in Canada and the U.S., and QSR in Canada.
For further information, contact:
CIO, Executive VP and Portfolio Manager
Portland Investment Counsel Inc.
Photo courtesy of Newlook Capital