CALGARY, July 7, 2016 /CNW/ - Mosaic Capital Corporation ("Mosaic") (TSX-V Symbols: M and M.PR.A) is pleased to announce the appointment of Mark Gardhouse as its new Chief Executive Officer effective July 11, 2016. John Mackay, Mosaic's Co-founder and current CEO will continue to serve as Executive Chairman of Mosaic's Board of Directors.
"Mark has over 30 years' experience in private equity and merchant banking in both Canada and the United States. We've selected a strong, experienced leader at a time when Mosaic is in a strong financial position," said Mosaic Executive Chairman John Mackay. "This is the perfect time to add to the senior leadership team and for Mark to become Mosaic's next Chief Executive Officer. Mark's vision, strategy execution experience and track record is exactly what Mosaic needs to augment our investment team's depth and experience as we enter our second decade. I look forward to working closely with Mark as we continue to grow and expand our business to truly give Mosaic a national presence and further diversify our portfolio of profitable businesses. Together we intend to grow Mosaic's footprint across Canada and continue the solid returns to our shareholders and investment partners."
Gardhouse brings exemplary credentials to the CEO role. From 2010 to 2016, he served as President and Chief Executive Officer of NorTerra Inc., a private conglomerate with revenues of over $500MM and employing over 1,100 people. From 2005 to 2010, Gardhouse was President and Chief Operating Officer of CA Bancorp Inc., a publicly traded Canadian merchant bank and alternative asset manager with over $500mm of assets under management. CA Bancorp Inc. was focused on investments in small and middle-capitalization public and private companies, with emphasis on the industrials, real estate and financial services sectors. Prior to joining CA Bancorp Inc., Gardhouse was Managing Director of corporate finance and head of the internal buy-out group at Roynat Capital Inc.
"I am excited about the future of Mosaic and the significant opportunities in front of us," said Gardhouse. "The combination of Mosaic's diversified portfolio of profitable businesses, strong balance sheet and experienced, focused management team positions Mosaic very well to execute on new investment opportunities. I look forward to working with John and the entire Mosaic team as we continue on this exciting journey."
Gary Bentham, Mosaic Board Director remarked, "Mark's experience stands him apart as a leader with an extraordinary ability to connect vision, people and ideas to drive strategy and execution. With John continuing as Executive Chairman and Mark becoming CEO, the board is very confident Mosaic has the leadership to drive its success for many years into the future."
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of established businesses which span a diverse range of industries and geographies. Mosaic's strategy is to create long-term value for its shareholders through accretive acquisitions, long-term portfolio ownership, sustained cash flows and organic portfolio growth. Mosaic achieves its objectives by maintaining financial discipline, acquiring businesses at attractive valuations, performing extensive acquisition due diligence, utilizing optimal transaction structuring and working closely with subsidiary businesses after acquisition.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MOSAIC CAPITAL CORPORATION
For further information: John Mackay, Executive Chairman, T: (403) 218-6509, E: [email protected]; Or, Allan Fowler, Chief Financial Officer, T: (403) 270-4663, E: [email protected]; Mosaic Capital Corporation, 400, 2424 - 4th Street SW, Calgary, AB T2S 2T4