CALGARY, Nov. 6, 2019 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced the closing of an additional advance of $15 million to Rokstad Holdings Corporation ("Rokstad"), increasing the total term loan with Rokstad to $50 million. Headquartered in Coquitlam, British Columbia, Rokstad provides power line construction and maintenance services to blue-chip customers across North America.
"Rokstad continues to experience very strong top-line growth, driven by the significant need to improve and repair the power grid across North America," said Chris Johnson, Crown's President & CEO. "Most notably, the company has been successful in winning large new contracts in California, and our expanded facility will provide additional capital to support their rapid growth."
The facility provides for a total term loan of $55 million to Rokstad, of which Crown Capital Partner Funding, LP ("Crown Partners Fund"), an investment fund managed by Crown and in which Crown holds a 37% interest, subscribed for $50 million, and Crown syndicated $5 million to two of the institutional limited partners in the Crown Partners Fund. The term loan matures in 60 months.
This investment brings the total loans outstanding in the Crown Partners Fund portfolio to approximately $207 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, LodeRock Advisors Inc., Craig Armitage, Investor Relations, [email protected], (416) 347-8954