Business
Crown Capital Announces Repayment of Loan by Corrosion Service Company Limited
Crown Capital Announces Repayment of Loan by Corrosion Service Company Limited Can...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Announces Repayment of Loan by Corrosion Service Company Limited\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 28, 2017\n\n\n\nCALGARY, Feb. 28, 2017 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRN), which provides growth capital to successful mid-market companies, today announced the repayment by Corrosion Service Company Limited (\"Corrosion\") of a special situations loan managed by Crown. \n\nEstablished in 1950, Corrosion is the second-largest corrosion engineering firm in Canada focused mainly on corrosion mitigation for the midstream energy industry. Crown arranged a $4.0 million, five-year loan to Corrosion in April 2015 to support a management buyout. Corrosion has prepaid this loan in full, including principal, interest and fees.\n\n\"Corrosion has been an ideal client and performed well over the term of the relationship,\" said Chris Johnson, President and CEO of Crown. \"We were proud to be part of this chapter for Corrosion and wish them continued success.\"\n\n\"Crown was an excellent capital provider for Corrosion,\" said Dean Rookes, President of Corrosion. \"They really understood our company and its specific requirements and were supportive partners in our business, allowing us to execute on our plans without diluting capital.\"\n\nThe Corrosion loan was held by special situations funds managed by Crown in which Crown holds an ownership interest of approximately 54%. Crown has no further participation in Corrosion and the realized IRR on the loan was approximately 25%.\n\nABOUT CROWN\n\nCrown (TSX: CRN) is a specialty finance company focused on providing capital to successful Canadian and select U.S. companies that are unwilling or unable to obtain suitable financing from traditional capital providers such as banks and private equity funds. Crown also manages capital pools, including some in which Crown has a direct ownership interest. Crown originates, structures and provides tailored special situation and long-term financing solutions to a diversified g...