TORONTO, Sept. 24 /CNW/ - VentureLink LP, manager of the VentureLink
Group of labour-sponsored investment funds, with over $250 million in assets
under management, today announced its successful exit from its investments in
Ventus Energy Inc. ("Ventus") following the completion of an acquisition by
Suez SA (SZE: NYSE) ("Suez") of France. Suez's Houston-based arm, Suez Energy
North America Inc paid approximately $124 million in cash for all the shares
of privately-held Ventus.
VentureLink held Ventus in three of its labour-sponsored funds and were
early backers of the wind energy development company. Ventus used this capital
to option and survey vast tracks of land for wind farm development across
Canada and more recently, to fund two wind farm projects in Prince Edward
Island. These projects are now operational and producing power for customers
in Prince Edward Island and the north eastern United States.
The VentureLink Balanced Fund invested $1,400,000 in December, 2003 and
has obtained an IRR of 73.4% on the exit. The VentureLink Brighter Future Fund
invested $1,100,000 in September, 2004 and has made an IRR of 38.0%. The
VentureLink Diversified Income Fund provided debt of $4,000,000 to Ventus to
fund its first projects in September, 2006, and will have earned an IRR of 52%
in interest and warrant return during the year of the investment, along with
full repayment of the loan.
"As a founding shareholder with Jeff Jenner and John Douglas, VentureLink
is proud of the pioneering efforts of Ventus and the many milestones
established by the company along the way," said John Varghese, Managing
Partner at VentureLink. "We wish the Ventus team well as it takes on the
challenge of building Suez's North American Wind Energy Business unit."
With over $250 million under management, VentureLink Funds is a diverse
group of labour-sponsored funds ("LSIF"). The group was a pioneer in bringing
funds focused on mezzanine debt to the LSIF market, a conservative approach
that provides investors benefit from the security of debt positions along with
the growth potential of participating equity.
VentureLink Funds give investors access to well-diversified portfolios of
established companies operating in traditional industries such as financial,
manufacturing and service industries as well as dynamic industries like
The company maintains a strong relationship with CI Financial Inc., who
performs client services and client account administration for the Funds. For
more information, please visit: www.venturelinkfunds.com.
About Ventus Energy Inc.
Ventus Energy Inc. is a developer of wind farms in Canada. Currently,
Ventus is developing over 4,000 MW of potential wind power projects on 25
sites in Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward Island,
Newfoundland and Labrador. Ventus has secured land rights to over 17 million
acres of land to conduct this development which it believes represents the
largest portfolio of potential wind energy projects in Canada. Ventus Energy
has also secured partnerships with the Cree Nation of Chisasibi, along the La
Grande River Hydro Complex in Northern Quebec; the Pays Plat First Nation on
the north shore of Lake Superior and the Metis Nation in Labrador. These
partnerships make Ventus Energy the largest developer of wind energy projects
with aboriginal people in the World. Visit www.ventusenergy.ca.
For further information:
For further information: John Varghese, Managing Director, VentureLink
LP, (416) 681-6371