WINNIPEG, Sept. 4 /CNW/ - ENSIS Growth Fund has been advised that the
Fund's manager, ENSIS Management Inc., will be acquired by GrowthWorks
Manitoba Ltd. The transaction is expected to close in early November. The
Board of ENSIS Growth Fund supports this transaction.
"GrowthWorks(*) is a proven manager in the retail venture capital industry,
so we believe this change is the best course of action for the future growth
of ENSIS Growth Fund," said Bill Watchorn, President and CEO of ENSIS
The transaction is expected to give ENSIS Growth Fund Inc. exposure to
national relationships to help increase fund sales, as well as provide
synergies with GrowthWorks' national venture capital investment team. On
closing of the transaction, David Levi, President and CEO of GrowthWorks, will
be appointed as President, CEO and a director of ENSIS Growth Fund Inc. Bill
Watchorn will remain as a director of ENSIS Growth Fund Inc.
"We believe our expertise in the asset class will prove to be beneficial
to the shareholders of ENSIS Growth Fund," said David Levi, President and CEO
of GrowthWorks. "The transaction combines ENSIS' connectivity with the
regional market coupled with GrowthWorks' national experience and reach."
A press conference will be held at the Fairmont Hotel Winnipeg from 9am
to 9:30am CST on Tuesday, September 4. The press conference will include
presentations from keynote speakers Bob Lavery, Chair of the Board of ENSIS
Growth Fund Inc.; Bill Watchorn, President & CEO of ENSIS; David Levi,
GrowthWorks President & CEO; and Les Lyall, Senior Vice President of
"Through this acquisition, we're providing the Fund with much better
capabilities to seize new sales opportunities while maintaining a strong focus
on regional investment," says Bob Lavery, Chair of the Board, ENSIS Growth
Fund Inc. "ENSIS shareholders will benefit from GrowthWorks' management team
with regional focus and national experience."
The purchase transaction remains subject to certain conditions. A further
press release will be issued by the Fund to confirm completion of the
About ENSIS Management Inc. (www.ensis.mb.ca)
The ENSIS Growth Fund was first established in 1996 to provide Manitoba
entrepreneurs with a source of patient equity capital to grow and expand their
business, and to provide Manitoba investors with an experienced and proven
management team capable of maximizing shareholder returns.
ENSIS Management Inc. (EMI) was co-founded in November 1997 by Bill
Watchorn and Ken Bicknell to manage the ENSIS Growth Fund.
EMI is an employee financed and owned, performance-focused venture
EMI provides management not only to ENSIS Growth Fund (EGF), but also to
ENSIS Investment Limited Partnership (EILP), an institutional pool, and to
institutional co-investment partners seeking access to venture capital
opportunities in the western region of Canada. EMI's primary focus is on the
technology and life sciences sectors with a secondary focus on more
traditional industries. EGF provides value to its shareholders through its
strategy of identifying and partnering with entrepreneurs in globally
competitive, high growth potential businesses and recommending strategies on
the timing and manner of exiting venture investments.
About GrowthWorks (www.growthworks.ca)
GrowthWorks(TM) managed funds provide investment capital for Canadian
companies and tax-advantaged investment opportunities for Canadian investors.
GrowthWorks(*) manages over $800 million in assets through the Working
Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd.,
GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd.
GrowthWorks identifies, analyzes and structures investments in companies with
high growth potential. Particular emphasis is placed on IT, Life Sciences and
Advanced Manufacturing sectors. Building on over 15 years of investment
expertise, GrowthWorks is a leader in Canadian venture capital management.
(*) GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes:
GrowthWorks Capital Ltd, manager of the Working Opportunity Fund (EVCC) Ltd.;
GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and
GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd.,
manager of GrowthWorks Atlantic Venture Fund Ltd. GrowthWorks is a registered
trademark of GrowthWorks Capital Ltd.
Commissions, trailing commissions, management fees and expenses all may
be associated with investments in retail venture capital funds (RVCs). RVCs
are not guaranteed; their values change frequently and past performance may
not be repeated. Please read the prospectus before investing.
For further information:
For further information: Laura Murray, Media Relations, Curve
Communications, T: (604) 684-3170 ext. 7, C: (604) 306-0027