TORONTO, Sept. 30 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm currently managing a $400 million investment program,
today announced that Wellington Financial Fund III portfolio company OZ
Communications Inc. ("OZ") has entered into an agreement to be acquired by
Nokia Corporation ("Nokia"). OZ is a leading mobile messaging provider of
mobile IM and consumer email services. In April 2008, Wellington Financial
provided a $10 million venture debt financing commitment for OZ. The funds
were used for general working capital purposes and to enable the company to
expand product development.
"We are delighted to be a part of the success that OZ's management team
and venture capital backers have created," said Craig Netterfield,
Vice-President of Wellington Financial.
Added Mark McQueen, President and CEO of Wellington Financial: "Despite
what you might read in the media about tightening credit, we have capital
available right now for good companies. Just last week, Deloitte LLP announced
that six of the top eleven Deloitte Technology Fast 50 2008 winners were
Wellington Financial portfolio companies, including OZ. The OZ success is just
another example of what our True Growth Capital(TM) can do to propel Canada's
best growth stories."
Wellington Financial LP is currently managing a $400 million investment
program via Wellington Financial Fund III. Since Fund III began operation in
September 2006, Wellington Financial LP has led approximately $160 million of
transactions, making it the most active fund of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm
providing operating lines of credit, term, venture and amortizing loans up to
$60 million. Wellington Financial LP is currently deploying a $400 million
investment program via its third fund. Wellington Financial LP is managed by a
partnership controlled by fund management and Clairvest Group Inc. (CVG: TSX),
who jointly have contributed a large financial stake to Fund III. Limited
partners include several of Canada's largest institutional investors, crown
corporations, financial institutions and pension funds. Please visit the fund
website at www.wellingtonfund.com, or our team blog at
www.wellingtonfund.com/blog, voted one of the Top 10 Financial & Market blogs
by readers of The Globe & Mail newspaper.
OZ empowers consumers to stay connected with the most popular messaging
and Internet services, including IM, email and online communities, through
their mobile phones. Working with the leading mobile operators, handset
manufacturers, portals and online communities, OZ delivers innovative and
standards-based solutions that provide rich and fully integrated messaging
experiences on millions of mobile devices.
Leading companies that are Powered by OZ(TM) include: 3 Scandinavia,
Alcatel Lucent, Alltel, AOL(R), Bell Mobility, Boost Mobile, AT&T, Dobson,
HTC, ICQ, LG, Microsoft, Motorola, Nokia, Orange France Telecom, Palm, Pantech
& Curitel, Rogers Wireless, Samsung, SonyEricsson, Sprint Nextel, TCL &
Alcatel Mobile Phones, TDC, Telefsnica Msviles Espana, Telenor Group,
TeliaSonera, Telus Mobility, T-Mobile USA(R),T-Mobile International,
UTStarcomm, Verizon Wireless, Virgin Mobile USA and Yahoo! (R).
OZ is headquartered in Montreal, Canada, with regional offices in the
United States, Europe and India. For more information, visit the OZ website at
For further information:
For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, Tel: (416) 682-6002, firstname.lastname@example.org