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Mosaic Capital Corporation Successful Sale of Ambassador Mechanical LP
Mosaic Capital Corporation Successful Sale of Ambassador Mechanical LP Canada News...
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[{"type":"text","content":"\n\n\n\nMosaic Capital Corporation Successful Sale of Ambassador Mechanical LP\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, Nov. 5, 2019\n\n\n\nCALGARY, Nov. 5, 2019 /CNW/ - Mosaic Capital Corporation (\"Mosaic\" or the \"Company\") (TSX–V Symbols: M and M.DB) announced today that it, along with its minority operating partner, has sold Ambassador Mechanical LP (\"Ambassador\") to an undisclosed third party.\nConsideration to Mosaic for the unsolicited sale of Ambassador was approximately $15.0 million in cash, which has been initially used to reduce outstanding debt.  Mosaic now has approximately $35 million available on its acquisition credit facility that can be deployed into future investment opportunities.  \nMosaic generated a cash-on-cash internal rate of return of 20% and received, in distributions plus sale proceeds, a multiple of 2.5 times over its invested capital during the life of its investment in Ambassador.\nAmbassador, a leading, multi-faceted mechanical contractor, was founded in 1991 and was one of Mosaic's longer-tenured partners after the Company acquired its majority equity interest from the founder in early 2012. \n\"We are pleased with the investment return profile and financial outcome of this transaction for our shareholders which includes the creation of incremental liquidity that can be re-deployed into accretive acquisition growth opportunities\" stated Mark Gardhouse, President and CEO. \"As we enter our annual budgeting and strategic planning process, we will renew our efforts to capture both organic and new acquisition opportunities which will provide the potential for meaningful growth next year\".\nABOUT MOSAIC CAPITAL CORPORATION\nMosaic is a Canadian investment company that owns a portfolio of established businesses which span a diverse range of industries and geographies. Mosaic's strategy is to create long-term value for its shareholders through accretive acquisitions, long-term portfolio ownership, sustained cash flows and organic portfolio growth. ...