Toronto’s Penfund, a provider of junior capital to North American mid-market companies, has completed an undisclosed minority equity investment in Wakefield Canada Holdings ULC. This is Penfund’s second investment in the Toronto-based company, a distributor of Castrol-branded motor oils in Canada. The firm also backed Wakefield in 2005. In 2012, Penfund closed its fourth partnership, Penfund Capital Fund IV, raising $460 million.
Penfund, an independent provider of junior capital to middle market companies in North America, announced today the completion of a minority equity investment in Wakefield Canada Holdings ULC (“Wakefield”).
Headquartered in Toronto, Ontario, Wakefield is the exclusive Canadian distributor of Castrol-branded motor oils. These oils are predominantly manufactured in Wakefield’s facility in Toronto and are distributed across Canada through a comprehensive network of warehouses. The Castrol brand is the market leader in the Canadian passenger car market in both the conventional and synthetic segments. Wakefield also distributes Castrol heavy duty motor oils and diesel exhaust fluid in the commercial market. Diesel exhaust fluid is sold under the H2Blu brand which is owned by Wakefield.
According to John Bradlow, a Penfund partner, “Penfund’s first investment in Wakefield was made in 2005. We are delighted to invest again in the company which we believe possesses powerful, market-leading brands, longstanding customer relationships, a nation-wide logistics capability and a dynamic and entrepreneurial management team which has grown the business significantly since it was acquired from a unit of BP PLC in 2005”.
Bob MacDonald, Wakefield’s Chairman, founder and controlling shareholder, said “We are excited about partnering with Penfund again. They were supportive of Wakefield from the very beginning and it is great to have them back on the team”.
Wakefield Canada Inc. is a privately held Canadian company that markets, distributes and manufactures category-leading brands for the automotive and heavy-duty vehicle marketplace including Castrol, H2Blu and Super Clean.
With coast-to-coast distribution, warehousing, and a large dedicated field sales force, Wakefield provides exceptional service and solutions to customers nationally.
The company has received many honours and designations including ISO 9001 for overall Wakefield operations, and ISO 14001 for manufacturing operations, Canada’s 50 Best Managed Companies Award and Top 50 Best Small and Medium Employers (BSME) in Canada for the years 2009 to 2012 inclusive. Wakefield is recognized as one of the “Green 30” companies in Canada by BSME.
Penfund is a leading Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides high yield debt, mezzanine debt and equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies, family offices and banks and has invested more than $2.5 billion in over 220 companies since its establishment in 1979.
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