Westcap raises $57 mln for new management buyout fund

Canadian private equity and venture capital firm Westcap Management has closed Westcap MBO Investment LP with committed capital totaling $57 million. Limited partners included a mix of institutional and high net-worth investors based in Western Canada. The fund will focus on management buyout opportunities involving small and medium-sized companies in Western Canada. In syndication with another Westcap fund, Golden Opportunities Fund, it will target deals ranging between $25 million to $75 million in enterprise value. Westcap, which is based in Saskatoon, also announced the formation of an investment committee comprised of a number of leading business and financial leaders.

PRESS RELEASE

Westcap MBO Investment LP closes $57 million buyout fund and announces industry-leading investment committee

SASKATOON, May 15, 2015 /CNW/ – Westcap is pleased to announce on October 10, 2014 it successfully completed the close of its Management Buyout Fund, Westcap MBO Investment LP, in the amount of $57 million from a select base of institutional and high-net-worth investors in Western Canada. The Fund will target the increasing number of successful small to medium-sized enterprises in Western Canada that are seeking succession planning with aligned executive management teams in growth sectors of the economy. This new private equity Fund, in syndication with Golden Opportunities Fund Inc. will target transactions in the range of $25 million to $75 million enterprise value.

This Limited Partnership represents successful community and business leaders from diverse industry sectors throughout Western Canada. The recently appointed Investment Committee, comprised of accomplished individuals in broad sectors of the economy, includes the following:

•Gerald Grandey: Past President and CEO of Cameco Corporation and current director of PotashCorp of Saskatchewan, he is recognized as one of the Top 100 CEO’s in the world by the Harvard Business Review and was inducted into The Canadian Mining Hall of Fame in 2013.
•Gord Broda: President of Saskatchewan-based Broda Construction Group of Companies, serves on the Board of SaskPower and is the Governor of the Prince Albert Raiders.
•Ron Carson: Founder and CEO of Carson Energy Services Ltd., recognized as the Ernst & Young 2009 Prairies Region Entrepreneur of the Year for energy services and the Oilman of the Year in 1997. He received Saskatchewan’s highest honor, the Saskatchewan Order of Merit in 2011.
•David Filmon: Partner of the law firm Aikins, MacAulay & Thorvaldson, LLP in Winnipeg, served as a director for a number of public companies including Industrial Growth Income Corporation, Kane Biotech Inc., Miraculins Inc., and San Gold Corporation and Trustee of the Fraser Institute.
•Greg Yuel: President and CEO of PIC Investment Group and such subsidiaries as Round Table Management Ltd., ClearTech Holdings Ltd., Adventure Destinations and Panther Industries. Formerly he was a director of the Saskatchewan Chamber of Commerce and holds a Chartered Director designation from the Institute of Corporate Directors.
•Daniel Johnson: Chief Executive Officer of Innovation Credit Union and has worked in the financial services industry for over 20 years. Other current responsibilities include: Concentra Financial – board member and board member of CurePSP. He also holds a Chartered Director designation from McMaster University.
•Grant Kook: President and CEO of Westcap Mgt. Ltd., one of Saskatchewan’s largest private equity firms, sits on a number of private and publicly held boards including Chairman of the Board for SaskTel. He is the recipient of the Saskatchewan Order of Merit in 2013 and earned his Chartered Director designation from McMaster University.

Grant Kook, President of the General Partner indicates, “With a growing number of successful small to medium-sized enterprises seeking investment capital for succession planning, the design of this non-brokered Fund, comprised of a tight-knit group of proven business leaders and local institutions, is unique, engaging and timely.”

SOURCE Westcap MBO Investment LP

For further information: Grant Kook, President, Westcap MBO Investment GP Inc., 830 – 410, 22nd Street E., Saskatoon, SK, Tel: (306) 652-5557, Email: g.kook@westcapmgt.ca; Rob Connoly, Officer, Westcap MBO Investment GP Inc., 830 – 410, 22nd Street E., Saskatoon, SK, Tel: (306) 652-5557, Email: r.connoly@westcapmgt.ca

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