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Penfund commits $39.9 mln to ONCAP’s investment in Mavis Discount Tire

Penfund, a Canadian mid-market private equity firm specializing in providing junior capital, has made a US$39.9 million debt and equity investment in Mavis Discount Tire, a U.S.-based independent tire retailer. Penfund provided the funds in support of an undisclosed investment in the company by ONCAP, the mid-market private equity platform of Onex Corp. Based in Millwood, New York, Mavis operates over 150 retail locations in New York and several other states. It also operates two wholesale distribution centres which support its retail business.

PRESS RELEASE

Penfund Announces Investment in Mavis Discount Tire

TORONTO, Ontario (November 3, 2014) – Penfund, an independent provider of junior capital to middle market companies located in the United States and Canada, announced today the completion of a US$39.9 million debt and equity investment in Mavis Discount Tire (“Mavis”) in support of an investment by ONCAP Management Partners (“ONCAP”).

Headquartered in Millwood, New York, Mavis is the largest independent tire retailer in New York State and the sixth largest in the United States. The company operates over 150 retail locations predominantly located in New York with a smaller presence in Pennsylvania, New Jersey, Connecticut, and Massachusetts. The company also owns and operates two wholesale distribution centers which support its retail operations. Mavis is known for its broad selection of tires, high level of customer service, and competitive pricing.

About ONCAP

ONCAP is the mid-market private equity platform of Onex, one of North America’s oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, Onex has approximately US$22 billion of assets under management, including US$6 billion of Onex capital, in private equity and credit securities. Onex invests its capital directly and as the largest limited partner in each of its Funds.

Website: www.oncap.com

About Penfund

Penfund is a leading North American private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides second lien, high yield, mezzanine and unitranche debt, control and minority 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 North American 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.

Website: www.penfund.com

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