Wellington Financial provides $8 million financing for Tercon Investments



    TORONTO, Nov. 7 /CNW/ - Wellington Financial LP, a privately held
specialty finance firm, today announced a $8 million debt financing commitment
for Tercon Investments Ltd. ("Tercon"). Tercon is a leading contractor in rock
and earth excavation headquartered in Kamloops, British Columbia. The funding
coincides with the acquisition of Tercon by Daniel Dumas, Chief Executive
Officer of Dumas Contracting Limited of Timmins, Ontario.
    "We are pleased to support a company with a well established name and
reputation in the mining services sector," said Mark Wilk, Vice President at
Wellington Financial LP. "Wellington Financial's True Growth Capital will
support Tercon's current and future contracts with some of the largest mining
undertakings in Canada, which include the Galore Creek and Peace River Coal
projects."
    With over 25 years of experience and approximately 320 employees,
Tercon's management team has developed a solid reputation in providing remote
access road construction, open pit mining, mine development and dam and dyke
construction. Tercon employs a sizeable fleet of modern equipment complimented
by a complete line of auxiliary and support equipment. Their fleet size and
diversity of equipment allows Tercon to complete a vast range of projects,
utilizing a full construction implementation package.
    "The addition of Wellington Financial as a financial partner will allow
Tercon to increase its breadth of services for contracting and construction
projects in the mining and oil and gas sectors, which will no doubt contribute
to further success," said Milan Soucek, President and General Manager of
Tercon.
    "With Wellington Financial's growth capital now in place, Tercon will be
able to expand their services across Canada," said Daniel Dumas, CEO of Dumas
Contracting. "We are delighted with Wellington Financial's strong support of
this transaction and regard them as a key partner in this next stage of our
expansion."
    Minden Gross LLP and Mack Law Corporation provided legal advice for this
transaction. Buzzelli & Associates Consulting Inc. acted as advisor to Dumas
and Sinova Capital Corp. acted as advisor to Tercon for the 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 $100 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.





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