Wellington Financial provides $5.5 million of $17.5 million financing for BelAir Networks



    TORONTO, Dec. 17 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm, today announced a $5.5 million venture debt financing
for BelAir Networks Inc. ("BelAir Networks"), a leading provider of mobile
broadband mesh solutions for WiFi, WiMAX and 4.9 GHz Public Safety Networks.
Proceeds from the financing will be used to accelerate the company's global
expansion strategy. Concurrent with the debt financing, Export Development
Canada ("EDC") led a $12 million equity round. EDC was joined by existing
BelAir Networks investors on this round.
    "BelAir Networks is an example of another Canadian company leading by
innovation and organized for success," said Craig Netterfield, Vice President
at Wellington Financial. "We are pleased to be partnering with the BelAir team
by providing the True Growth Capital(TM) necessary to continue their
impressive growth."
    BelAir Networks, headquartered in Kanata, Ontario, offers a scalable and
cost effective wireless mesh networking architecture optimized for large hot
zone and high density metropolitan deployments. BelAir's multi-set switch
routers integrate easily and transparently into existing networks and physical
infrastructure of city districts, college campuses, resorts and other wide
area applications. The BelAir solution now commands a leading position in this
rapidly growing market and can uniquely grow to support ever increasing
customer demand for wireless wide area networking solutions.
    "BelAir Networks was recently named the new worldwide wireless mesh node
market leader based on revenue; and this funding will help fuel the company's
solid growth trajectory," said Bernard Herscovich, President and CEO, BelAir
Networks. "Our success in delivering proven, reliable and high performance
mesh networks for public safety interoperability, citywide wireless networks
and demanding enterprise applications has created growing demand for our
products globally."
    Gowling LaFleur Henderson LLP and LaBarge Weinstein LLP provided legal
advice for this transaction.
    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 more than $120 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
$40 million. Wellington Financial LP is currently deploying a $400 million
investment program via its third fund. The fund's clients vary in size and
business model, but generally have current year revenue of approximately
$5 million. 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 the Wellington Financial team blog at
www.wellingtonfund.com/blog.

    About BelAir Networks

    BelAir Networks is the first company to offer scalable, mobile wireless
broadband mesh networking solutions with the highest quality for data, voice
and video. The company teams with world-class global partners to deploy
proven, cost-effective wireless broadband mesh networks. BelAir's wireless
networking solutions are built on the only multi-service architecture for
municipal wireless broadband deployments of Wi-Fi, WiMAX and 3G Cellular
networks. Built specifically for outdoor-in deployments, BelAir Networks'
patented solution delivers the lowest cost per user and deploys in days,
blending into the physical infrastructure of downtown business districts,
hotels and resorts, and campuses. Founded in 2001, BelAir Networks is a
privately held company. For more info, visit www.belairnetworks.com.





For further information:

For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, Tel: (416) 682-6002, aolah@wellingtonfund.com

Organization Profile

Wellington Financial LP

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890