Integrated Asset Management Corp. Announces Acquisition Financing for Wolverine Management Services Inc.
TORONTO, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing on September 27, 2018 of a $23,000,000 senior term loan to Wolverine Management Services Inc. (“Wolverine”). This financing represents IAM’s fourth transaction with Wolverine, following the initial loan in July 2016, a second loan in June 2017 and a third loan earlier in 2018. The capital will be used to fund the acquisition of three distinct oil and gas service businesses with significant assets and a diverse client base in Northern Alberta, British Columbia and the North Western USA.
Wolverine provides services for oil and gas companies, and ensures optimal operations for upstream, midstream and downstream customers. Core services include equipment rentals, well site services, construction, seismic, trucking and logistics. This latest acquisition will help Wolverine expand its customer base and service offerings into the water management, transportation and well site safety sectors.
Jeffrey Deacon, Managing Director of IAM Private Debt Group, said, “Wolverine has continued to perform well and execute on their strategic initiatives. The company’s operating performance remained strong even during the recent downturn in Western Canada, which speaks to the strength of the management team. We are pleased to provide continuing support to Wolverine as they grow, and we believe this latest acquisition will provide significant value to the company.”
IAM Private Debt Group manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IAM Private Debt Group offers fixed rate, senior secured term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
IAM is one of Canada’s leading alternative asset management companies with approximately $2.3 billion in assets and committed capital under management in real estate and private debt.
For further information, please contact
Jeffrey Deacon
Managing Director
IAM Private Debt Group
T: 416-933-8279
E:
or
Philip S. Robson
President
IAM Private Debt Group
416-367-3972
