CKP (Canada) Acquires Reliance

TORONTO, March 31, 2017 /CNW/ - CKP (Canada) Holdings Ltd has entered into a definitive agreement today with investment funds managed by Alinda Capital Partners, a US-based private investment firm, to acquire Reliance Home Comfort ("Reliance"). 

Victor Li, Chairman of CKP (Canada), is a Canadian for over 30 years. His family has been a long time investor of Canada. One of their most notable investments in the country is Husky Energy, which the Li family acquired in 1986.

CKP (Canada) Holdings Ltd is a wholly-owned subsidiary of Cheung Kong Property Holdings Ltd ("CKP") of which the Li family trust is the largest shareholder. The equity value of the transaction is approximately C$2.82 billion. CKP intends to on-sell up to 25% of Reliance to CK Infrastructure* ("CKI"), another company of which the Li family trust is the largest shareholder, upon obtaining the necessary approvals.

"I am very happy about the Reliance acquisition. With my close ties in the country, I have always been on the lookout for sizeable investments back in Canada," said Mr. Li, Managing Director of CKP and co-Chairman of Husky Energy Inc.

"For our Group, Canada has always been an important market. We have had very positive experiences nurturing Canadian businesses like Husky Energy and Park'N Fly. We hope that Reliance will also grow and succeed just like our other Canadian companies, creating value to Canadians and contributing to the growth and development of the country's economy," Mr. Li continued.

"We are thrilled to have CKP as our new investment partner. This acquisition will continue to support our offerings to our customers," said Sean O'Brien, President & CEO of Reliance. "We believe that CKP will help accelerate the momentum we have generated over the last few years where Reliance experienced strong business results over that time."

The Li family trust has a substantial investment portfolio in Canada. In addition to Husky Energy, other Canadian businesses in their investment portfolio include Park'N Fly, Canadian Power Holdings Ltd, Wex Pharmaceuticals and Santé Naturelle AG. Staff employed by businesses of this Canadian portfolio amounts to over 6000. The family has also made a number of donations in Canada, totaling approximately C$95 million, including to St Michael's Hospital in Toronto, University of Alberta, and the Centre for Conservation Research at the Calgary Zoo.

The Li family trust has interests in businesses that span 52 countries; these businesses include ports, infrastructure, retail, telecommunications, energy and property.

Completion of the acquisition is conditional upon customary approvals under the Investment Canada Act and the Competition Act.

Upon completion, the intention of CKP is that Reliance will continue to be based in Ontario with the existing executive team managing the business.

Attachment: Mr Victor Li and the Li Family's Ties to Canada

* CK Infrastructure Holdings Ltd is the proposed new name for Cheung Kong Infrastructure Holdings Ltd. The change of name is subject to the approval of shareholders at the upcoming annual general meeting in May.



Mr Victor Li and the Li Family's Ties to Canada




Mr Li Ka-shing (Mr KS Li) and the Canadian Imperial Bank of Commerce ("CIBC") formed Canadian Eastern Finance Limited



Mr KS Li acquired the Harbour Castle Hotel in Toronto



The Li family acquired a major stake in Husky Energy Inc.



Mr Victor Li worked in CIBC



The Li family-led consortium won the bid for the former site of World Expo in Vancouver and developed it into Concord Pacific Place, an award-winning waterfront residential property project



University of Calgary conferred honorary doctor of laws degree to Mr KS Li



Mr Victor Li met his wife, Cynthia, in Canada



Mr KS Li received the International Distinguished Entrepreneur Award presented by University of Manitoba



Sale of CIBC shares for proceeds of C$1.2 billion; the full amount were donated to private charitable foundations established by Mr KS Li, including the Li Ka Shing (Canada) Foundation ("LKSCF") which is based in Toronto, Canada


A Li family controlled company, CK Life Sciences ("CKLS"), acquired Santé Naturelle A.G. Ltee in Montreal


University of Toronto's St Michael Hospital received a grant of C$25 million from LKSCF to fund the setting up of "The Li Ka Shing Knowledge Institute"



University of Calgary received C$3 million from LKSCF to endow a new Chair for innovation education


CKLS made investment in a pharmaceutical research company, Wex Pharmaceuticals Inc., in Vancouver



A Li family controlled company, CK Infrastructure ("CKI"), acquired TransAlta Power (currently renamed as Canadian Power)



University of Western Ontario conferred honorary doctor of laws degree to Mr Victor Li



University of Alberta received C$28 million from LKSCF to establish 'The Li Ka Shing Institute of Virology'



McGill University received C$6.6 million from LKSCF to create new student and faculty exchanges with Shantou University



CKI acquired Park' N Fly


Strong Canadian Presence in Boards and Senior Management Teams

There is a strong Canadian presence in the Li family's flagship companies. In the case of Cheung Kong Property (Holdings) Ltd and CKI, there are 9 members of the Boards and Executive Committees who are Canadian citizens.

On the board of CKP (Canada) Holdings Ltd, 3 out of the 4 directors are Canadian citizens, including Mr Victor Li.

SOURCE CKP (Canada) Holdings Ltd.

For further information: For media enquiries, Boyd Erman, Longview Communications Inc., (416) 649-8007,

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CKP (Canada) Holdings Ltd.

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