TORONTO, Aug. 23, 2021 /CNW/ - Crown Capital Partners
Inc. ("Crown") (TSX: CRWN), today announced that Crown Capital
Partner Funding, LP ("Crown Partners Fund"), an investment fund of
which it owns an effective interest of approximately 28%, has
received the full repayment by CareRx Corporation ("CareRx") of its
$27 million term loan. Crown Partners
Fund received partial repayment of $5
million in May 2021, followed
by the recent repayment of the remaining $22
million.
CareRx is Canada's leading
provider of pharmacy services to seniors living and other
congregate care communities. The term loan with Crown Partners Fund
was originally completed in March
2020 and the realized Gross IRR on Crown Partners Fund's
aggregate investment was 14%, excluding the remaining warrant
position which have a current fair value of approximately
$1 million.
"CareRx has been a strong performer for the fund. This
repayment was expected and consistent with Crown's strategy to
recover capital from our corporate financing portfolio," said
Chris Johnson, President and CEO of
Crown.
About Crown Capital Partners (TSX:CRWN)
Founded in
2000 within Crown Life Insurance Company, Crown Capital Partners is
a leading specialty finance company operating mainly in the
distributed power and telecommunications infrastructure markets. We
focus on alternative asset classes that require a specialized
capital partner, and we aim to create long-term value by acting as
both a manager of investment funds for institutional partners and
as a direct investor in operating businesses serving these markets.
For additional information, please visit crowncapital.ca.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward looking
statements" and certain "forward looking information" as defined
under applicable Canadian and U.S. securities laws. Forward-looking
statements can generally be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions that while believed by management to
be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements are subject to various risks and
uncertainties concerning the specific factors identified in the
Crown's periodic filings with Canadian securities regulators.
See Crown's most recent annual
information form for a detailed discussion of the risk factors
affecting Crown. Crown undertakes no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
SOURCE Crown Capital Partners Inc.
