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Mosaic Capital Completes Acquisition of Windsor-Based Circle 5 Tool & Mold
Mosaic Capital Completes Acquisition of Windsor-Based Circle 5 Tool & Mold Mos...
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[{"type":"text","content":"\n\n\n\nMosaic Capital Completes Acquisition of Windsor-Based Circle 5 Tool & Mold\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\nMosaic Capital Completes Acquisition of Windsor-Based Circle 5 Tool & Mold\nCanada NewsWire\nCALGARY, Nov. 1, 2017\n\n\n\nCALGARY, Nov. 1, 2017 /CNW/ - Mosaic Capital Corporation (\"Mosaic\") (TSX-V Symbols: M and M.DB) is pleased to announce the acquisition of a 75% interest in the business being carried on by Circle 5 Tool & Mold Inc. (\"Circle 5\").  \n\n\n \n \n\n \nCircle 5 is a supplier of molding solutions to Tier 1 automotive part manufacturers, offering custom, high-precision molds and tools for plastic injection production of highly-visible interior automotive components.  Circle 5's broad international customer base produces interior components for today's leading automotive brands including BMW, Ford, Volkswagen, General Motors, Toyota, Daimler and Tesla.  With an established track record of over 30 years, Circle 5 is highly regarded in the industry for its delivery of quality molds and tools based on strong customer responsiveness, innovation and collaboration.  Circle 5 operates out of a modern, 50,000-sq. ft. manufacturing facility in Windsor, Ontario.  The remaining 25% of Circle 5 is being retained by its President and primary operating shareholder, Saylo Lam (41), a professional mechanical engineer who has been involved with the company for over 18 years.\n\nMosaic's acquisition cost of $27 million was funded by cash and will be subject to typical post-closing adjustments.  Mosaic financed the transaction with $7 million from available credit facilities and $20 million from the issuance of three year, 7% subordinated preferred units within a newly formed limited partnership, which is 100% controlled by Mosaic. \n\nSaylo Lam, President of Circle 5 stated \"Mosaic's involvement successfully solved a key ownership succession issue, which results in an orderly transition of Circle 5's two founding shareholders, one of whom is my father.  We are excited to move forward with the Mosai...