TORONTO, June 21 /CNW/ - Wellington Financial LP, a leading privately
held specialty finance firm currently managing a $400 million investment
program, today announced that Wellington Financial Fund II portfolio company
Top Aces Inc. ("Top Aces") of Point Claire, P.Q., has entered into an
agreement to be acquired by Discovery Air Inc. (DA.A:TSX), of London, Ontario.
Wellington Financial completed a $6.5 million financing in October 2005
shortly after the Department of Public Works and Government Services Canada
awarded three standing offers on behalf of the Canadian Department of National
Defence ("DND") to Top Aces. Top Aces used Wellington Financial's capital to
double the size of their Alpha Jet military aircraft fleet.
"We wouldn't be where we are today without Wellington Financial", said
Top Aces Co-CEO Capt. (ret'd) Dave Jennings. "Their capital helped us grow our
revenue in excess of 500% between 2005 and 2006."
Added Mark McQueen, President & Chief Executive Officer of Wellington
Financial and a Director of Top Aces: "We are proud of our association with
the entire Top Aces team. To take an idea from zero revenue to more than
$30 million in less than two years is a rare feat in the Canadian
entrepreneurial landscape. It is a great example of what a top notch team can
do with the True Growth Capital our firm provides."
Completion of the transaction is subject to a number of conditions and
Wellington Financial LP is currently managing a $400 million investment
program via Wellington Financial Fund III. Since inception, Wellington
Financial LP has led or participated in more than $200 million in
transactions, making it one of the most active funds of its kind in Canada.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm
providing operating lines of credit, term, venture and amortizing loans up to
$30 million. Wellington Financial LP is currently deploying a $400 million
investment program via its third fund. The fund's clients vary in size and
business model, but generally have current year revenue of approximately
$5 million. Wellington Financial LP is managed by a partnership controlled by
fund management and Clairvest Group Inc. (CVG:TSX), who jointly have
contributed a large financial stake to Fund III. Limited partners include
several of Canada's largest institutional investors, crown corporations,
financial institutions and pension funds. Please visit the fund website at
www.wellingtonfund.com, or the Wellington Financial team blog at
For further information:
For further information: Amy Olah, Marketing Manager, Wellington
Financial LP, Tel: (416) 682-6002, email@example.com