TORONTO, Jan. 31 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm, today announced the fifth investment of its recently
closed and oversubscribed $400 million investment program. The $7,000,000
financing with Montreal-based Airborne Entertainment Inc. ("Airborne")
provides management with the growth capital required to pursue select
strategic acquisitions and manage their growing working capital requirements.
"Airborne's monthly revenue has grown over tenfold since our first
transaction with the company in April 2004," said Mark McQueen, President and
Chief Executive Officer of Wellington Financial LP. "These funds represent
another round of true growth capital for Airborne, and we are delighted to
close our third deal with their team in as many years."
Founded in 2000, Airborne is a publisher and developer of mobile
entertainment applications and services, including downloadable games, SMS
alerts, MMS, ringtones, ringbacktones and wallpaper. Airborne has formed
strong bonds with creative, content, brand and technology partners, including
household names like Maxim Magazine, Family Guy, Fox Filmed Entertainment,
fashion magnate Mark Ecko, the National Hockey League, Wine Spectator, the
Food Network and teen stars Dylan and Cole Sprouse. In addition to its brand
depth, Airborne has solidified invaluable, long-term relationships with
virtually every major North American wireless carrier, including Verizon
Wireless, Sprint PCS, Cingular, Bell Mobility, Telus, Rogers Wireless, Virgin
Mobile, Boost and Amp'd.
"This is our third transaction with Wellington Financial," said Bessy
Ziannis, Chief Financial Officer of Airborne. "Mark and his team have
developed a solid understanding of our space, making it very easy to deal with
them. They have proven to be flexible in structuring deals to suit our
specific needs at each juncture of our evolution."
Airborne's existing shareholders include CYBIRD Co. Ltd., Insight Venture
Partners, Verizon Wireless, Telesystem and Palomino Capital.
Wildeboer Dellelce LLP and Fraser Milner Casgrain LLP provided legal
advice for this transaction.
Wellington Financial LP is currently managing a new $400 million
investment program via Wellington Financial Fund III. Since inception,
Wellington Financial LP has led or participated in approximately $175 million
of transactions, making it one of the most active funds of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm
providing operating lines of credit from $1 million to $5 million; term and
amortizing loans up to $30 million; and venture debt loans up to $10 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 in excess of $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 Funds II and 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
About Airborne Entertainment Inc.
Airborne, a subsidiary of CYBIRD Co., Ltd., is a leading provider and
publisher of premier mobile entertainment content and applications, including
games, images, video, ringtones, ringbacktones and informational content.
Airborne's product portfolio consists of original and branded properties
including Family Guy(TM), Maxim ToGo(TM), marykateandashley(TM), SPEED TV
Mobile(TM), NHL Mobile(TM) and Marc Ecko Enterprises(TM). Airborne's products
are available across wireless carriers in North America and Europe and the
company provides retailers and branded destinations the ability to reach
mobile consumers directly via premium and promotional channels. For more
information, visit www.airborne-e.com.
For further information:
For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, Tel: (416) 682-6002, email@example.com; Bessy Ziannis,
Chief Financial Officer, Airborne Entertainment Inc., Tel: (514) 289-9111