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Crown Capital Partners Announces Acquisition of WireIE
Crown Capital Partners Announces Acquisition of WireIE Canada NewsWire CALGARY, ...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Partners Announces Acquisition of WireIE\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 15, 2019\n\n\n\nCreates new platform for revenue growth and diversification for Crown \nProvides WireIE with strengthened financial foundation to expand services and customer base\n CALGARY, July 15, 2019 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses, today announced it has completed a transaction (the \"Transaction\") to acquire WireIE Holdings International Inc. (\"WireIE\"), an Ontario-based network operator that specializes in the deployment and management of carrier-grade data networks across Canada and internationally to underserved communities.  \nPursuant to the Transaction, Crown has acquired all the debt and equity of WireIE for a nominal amount on closing and a performance-based earn-out payment of up to $5 million. Crown had previously provided an income streaming facility to WireIE in July 2018 to support the company's expansion. Crown has invested $7.6 million to date and will provide additional capital as required to fund future growth. \n\"WireIE generates high-quality, recurring cash flows through the development of carrier-grade data networks,\" said Chris Johnson, President & CEO of Crown. \"We're delighted to expand our relationship with WireIE and welcome it to the Crown platform. The data network industry is rapidly growing and capital-intensive, and we view this industry as a new avenue for revenue growth and diversification for Crown, building on our special situations and power segments. In addition to direct investments such as WireIE, there is an opportunity to develop a third-party fund targeting this market.\" \nThe WireIE executive team will remain in place to direct the continued growth of the company, led by its founder, President & CEO, Rob Barlow.  \n\"Crown is a highly experienced, well-established specialty finance company, and this new ownership...