TORONTO, Sept. 30 /CNW/ - In July 0f 2009 Growth Works Ltd. ("GrowthWorks") acquired Mavrix Fund Management Inc. ("Mavrix"). As part of that transaction, VentureLink Financial Services Innovation Fund Inc. ("VL") - a lender to Mavrix of $6,000,000 - agreed to extend and modify the terms of its loan to Mavrix. In return for so doing, VL received a guarantee of the obligation from GrowthWorks.
Mavrix continues to operate as an independent, though wholly-owned, subsidiary of GrowthWorks. GrowthWorks specialize in the management and growth of regionally-based venture capital funds (RVCs) and have combined assets of approximately $1 Billion, including $700MM in RVCs. Based on the combined business assets now under GrowthWorks' control, VL feels it has enhanced the likelihood of successfully realizing on its investment in Mavrix.
"The combined businesses of Mavrix and Growthworks provide increased scale with minimal overlap in product, investment management and marketing strengths." said Geoff Horton. "As such, we expect the two together to achieve continued growth, further benefiting VL's investment."
With over $250 million under management, VentureLink Funds is a diverse group of labour-sponsored funds ("LSIF"). VentureLink Funds give investors access to well-diversified portfolios of established companies operating in traditional industries such as financial, manufacturing and service industries as well as dynamic industries like alternative energy.
The company maintains a strong relationship with CI Financial Inc., who performs client services and client account administration for the Funds. For more information, please visit: www.venturelinkfunds.com.
About Mavrix Fund Management Inc.
Mavrix Fund Management Inc. (TSX: MVX) is an asset management company founded and operated by experienced portfolio managers. The company offers a focused line-up of concentrated, actively managed funds that aim to complement mainstream funds. Mavrix supports its products by providing financial advisors with regular and direct access to portfolio managers and unbiased commentary, which has enabled the company to become a trusted advisor to its clients. Mavrix is headquartered in Toronto with offices in Halifax, Montreal and Winnipeg. For more information, please visit: www.mavrixfunds.com.
SOURCE VENTURELINK FUNDS
For further information: For further information: Geoff Horton, Managing Partner, VentureLink LP, (416) 681-6372