CALGARY, Nov. 1, 2019 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced that Crown Capital Partner Funding, LP ("Crown Partners Fund"), an investment fund managed by Crown, and in which Crown holds a 37% interest, has advanced an additional $12 million to two portfolio companies:
- A $5 million increase in its loan facility to Touchstone Exploration Inc. ("Touchstone"), from $15 million to $20 million. In November 2016, Crown Partners Fund completed a $15 million, five-year term loan with Touchstone.
- A $7 million increase in its loan facility to Triple Five Intercontinental Group Ltd. ("Triple Five"), bringing the total outstanding to $27 million. In September 2018, Crown Partners Fund completed a $15 million, three-year term loan with Triple Five, which was subsequently increased to $20 million in March 2019.
"Touchstone and Triple Five are both performing well, and this additional capital will further support their growth plans," said Chris Johnson, President & CEO of Crown.
These investments bring the total loans outstanding in Crown Partners Fund to approximately $197 million across 10 companies.
About Crown Capital Partners (TSX: CRWN)
Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co-invests in alternative investment funds, including Crown Partners Fund and Crown Capital Power Fund.
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 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, [email protected], (416) 347-8954