TORONTO, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing on January 30, 2018 of a $8,000,000 senior loan to Blackstone Industrial Services. The capital raised by Blackstone Industrial Services will be used to acquire Nuovo Parts, a specialty Italian parts reseller in North America.

Blackstone Industrial Services is a Canadian-based equipment service firm focused on critical infrastructure for food production, oil and gas, petrochemicals and the infrastructure industry. The company primarily provides consulting and service for major maintenance and turnaround projects at large facilities across Canada. Blackstone Industrial Services is strategically located in Alberta, and now expanding its capabilities in western Canada and the United States with the closing of the acquisition.

“We are thrilled to partner with Blackstone Industrial Services and support their growth. The company has found a strong partner in Nuovo Parts to build on its competitive advantage and we look forward to a strong and long-lasting relationship with the company,” said Jeffrey Deacon, Managing Director at IAM.

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

IAM 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.