CALGARY, May 26, 2017 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), which provides growth capital to successful mid-market companies, today announced the repayment by Distinct Infrastructure Group Inc. ("Distinct") of a special situations loan managed by Crown.
Headquartered in Toronto, Distinct is a turnkey solutions firm providing design, engineering, construction and maintenance services to telecommunication firms, utilities and government bodies. Crown arranged a $20.0 million, five-year term loan to Distinct in November 2015 to support the company's growth.
"Distinct has done an excellent job of growing its business and creating value, by capitalizing on the growing market demand for high-speed fiber installation capabilities," said Chris Johnson, President and CEO of Crown. "This performance enabled Distinct to secure an expanded facility with their existing senior lender, and we wish the team continued success."
"Crown has been an important financial partner to Distinct and their capital was instrumental in allowing us to successfully execute on our growth plan," said Alex Agius, Co-Chief Executive Officer of Distinct.
Distinct has prepaid this loan in full, including principal, interest and fees. The Distinct loan was held by Crown Capital Fund IV, LP ("CCF IV LP"), an investment fund managed by Crown and in which Crown holds a 35% interest. CCF IV LP continues to own common shares of Distinct.
Crown (TSX: CRWN) is a specialty finance company focused on providing capital to successful Canadian and select U.S. companies that are unwilling or unable to obtain suitable financing from traditional capital providers such as banks and private equity funds. Crown also manages capital pools, including some in which Crown has a direct ownership interest. Crown originates, structures and provides tailored special situation and long-term financing solutions to a diversified group of private and public mid-market companies in the form of loans, royalties and other structures with minimal or no ownership dilution.
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the outlook for Petrowest. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Crown Capital Partners Inc.
For further information: Craig Armitage, Investor Relations, firstname.lastname@example.org, (416) 347-8954