04:18:28 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



Integrated Asset Management Corp
Symbol IAM
Shares Issued 27,759,527
Close 2018-02-08 C$ 1.46
Market Cap C$ 40,528,909
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Integrated Asset lends $7.6-million to Wolverine

2018-02-08 09:28 ET - News Release

Mr. Philip Robson reports

INTEGRATED ASSET MANAGEMENT CORP. ANNOUNCES ACQUISITION FINANCING FOR WOLVERINE MANAGEMENT SERVICES INC.

Integrated Asset Management Corp. closed a $7.6-million senior-term loan on Feb. 1, 2018, to Wolverine Management Services Inc. This financing represents Integrated Asset's third transaction with Wolverine, following the initial loan in July, 2016, and a second loan in June, 2017. The capital will be used to finance the acquisition of an equipment rental business with significant assets and a diverse client base in Northern Alberta and British Columbia.

Wolverine provides services for oil and gas companies, and ensures optimal operations for upstream, mid-stream and downstream customers. Core services include equipment rentals, well-site services, construction, seismic, trucking and logistics. This latest acquisition will help Wolverine expand its customer base and service offerings into the mining and infrastructure sectors.

Jeffrey Deacon, managing director of the Integrated Asset Private Debt Group, said: "Wolverine has continued to perform well and execute on their strategic initiatives. The company's operating performance remained strong even during the recent downturn in Western Canada, which speaks to the strength of the management team. We are pleased to provide continuing support to Wolverine as they grow, and we believe this latest acquisition will provide significant value to the company."

Integrated Asset offers fixed rate, senior secured term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing, and management buyouts.

Integrated Asset is one of Canada's leading alternative asset management companies with approximately $2.4-billion in assets and committed capital under management in real estate and private debt.

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