TORONTO, August 23, 2021 – 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.
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.
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