Harrowston Holding LP acquires common shares of Marsulex Inc.

    TORONTO, Jan. 28 /CNW/ - Birch Hill Equity Partners announced today that
it has purchased through one of its portfolio entities, Harrowston Holding LP,
1,367,000 common shares of Marsulex Inc. from an institutional holder. The
common shares were acquired at a cost of Cdn.$7.25 per share for a total cost
of approximately Cdn.$9.9 million. Prior to the transaction, entities managed
or controlled by Birch Hill Equity Partners directly or indirectly owned
18,364,279 Marsulex common shares, representing approximately 55.1% of its
outstanding common shares. As a result of the transaction, Birch Hill Equity
Partners entities now directly or indirectly own 19,731,279 common shares,
representing approximately 60.4% of the outstanding common shares of Marsulex.
In purchasing the common shares, Harrowston Holding LP relied on the private
agreement exemption from the take-over bid rules provided for in the Ontario
Securities Act, which permits it to acquire additional common shares of
Marsulex, subject to the satisfaction of certain conditions relating to that
    The common shares were acquired for investment purposes. Depending on
market conditions and other factors, entities managed or controlled by Birch
Hill Equity Partners may from time to time acquire additional securities of
Marsulex or dispose of additional securities of Marsulex in the open market,
by private agreement or otherwise.
    Birch Hill will file an Early Warning Report in respect of its security
holdings in Marsulex.

    About Birch Hill Equity Partners

    With $1.7 billion in capital under management and 20 partner companies,
Birch Hill Equity Partners is the leader in long-term value creation in the
Canadian mid-market private equity business. The 21 member team at Birch Hill
Equity Partners has many years of experience working together as active
partners with top management teams in building long term value. Since 1994 the
team has invested $1.3 billion of capital in 42 transactions.
    Persons who wish to obtain a copy of the Early Warning Report filed in
connection with this transaction may obtain a copy of such report from
www.sedar.com or by contacting the person(s) listed below.

For further information:

For further information: Pierre Schuurmans, Chief Operating Officer,
(416) 775-3830

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