Appointments mark the next step in the creation of the new fund
TORONTO, Oct. 5, 2017 /CNW/ - The Canadian Business Growth Fund, which will be an independently managed entity supported by Canada's leading banks and insurance companies, today announced the appointment of George Rossolatos to the position of Chief Executive Officer effective January 2018. Mr. Rossolatos will be working alongside Dale Ponder, the fund's newly appointed independent Chair.
"We're delighted to have George Rossolatos agree to take on the role of CEO of the Canadian Business Growth Fund," said Barbara Hooper, Interim Co-Chair of the Canadian Business Growth Fund and EVP, Treasury and Balance Sheet Management, TD Bank Group. "He brings strong experience from the private equity and investment industry, as well as exceptional leadership and a proven track record of building relationships with stakeholders. We're also very happy to have Dale Ponder join as the Chair of the Board. Her deep experience in mergers and acquisitions, securities regulation and corporate governance will be an asset as we prepare to officially launch the fund."
"I'm honoured to help some of Canada's best and brightest entrepreneurs build their companies into tomorrow's industry leaders," said George Rossolatos. "Canada's small- and medium-sized businesses are the lifeblood of the Canadian economy as well as significant job creators. Through the fund, we will have the opportunity to invest up to $1 billion in these companies over the next decade that will enable growth, foster talent and help businesses turn vision into reality."
Mr. Rossolatos brings more than 20 years of private equity, operational and consulting experience to this role. An accredited CPA and MBA, he has also held the role of CEO for a publicly traded company and led a successful turnaround and subsequent acquisition strategy. An active member of numerous boards over the years, Mr. Rossolatos brings strong relationship building, leadership and team building skills to the role.
"I'm happy to be working with such an outstanding group of Canadian business leaders and look forward to collaborating together as we work toward our common goal of supporting Canadian businesses in their pursuit of growth and innovation," said Ms. Ponder.
A managing partner and co-chair at a leading Canadian law firm, Ms. Ponder also brings extensive board experience in both the private and non-profit sectors. During her many years of experience in the legal profession, Ms. Ponder has worked in a broad range of relevant areas and across a wide variety of sectors including mining, consumer and financial services.
The fund will establish an advisory network to provide mentorship to help close some of the knowledge gaps preventing many mid-sized companies from achieving their full growth potential at home and globally.
The fund will begin building its team and infrastructure in early 2018 and start assessing investment opportunities in the months that follow.
As previously announced, the fund is expected to have initial capital commitments of over $500 million, with the possibility for future contributions of up to $1 billion in the aggregate in future years, depending upon both demand for investment and the fund's performance. Initial participants include: BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank, The Toronto-Dominion Bank, Manulife, Sun Life Financial, Great-West Life, National Bank of Canada, HSBC Bank Canada, ATB Financial, Laurentian Bank of Canada, and Canadian Western Bank. Once the fund is formed, other institutions will be able to invest in the fund.
About the Canadian Business Growth Fund
The Canadian Business Growth Fund is an independently managed entity supported by Canada's leading banks and insurance companies. The fund's mission is to foster innovation through investments in small- and medium-sized Canadian companies seeking long-term, patient, minority capital to finance continued growth. With initial capital commitments of over $500 million, future contributions are projected to reach an aggregate of $1 billion. The fund will facilitate mentorship and access to talent pools and help these businesses achieve their full potential.
SOURCE Canadian Business Growth Fund
For further information: Caroline Van Hasselt, Caroline.VanHasselt@cibc.com, 416-784-6699