The Canadian Business Growth Fund (CBGF) has hired George Rossolatos as its CEO, reported by The Globe and Mail.
Rossolatos will assume the position after December 21, 2017 and has tendered his resignation as CEO of Avante Logixx Inc. (TSX-V: XX; OTC: ALXXF), effectively December 21, 2017. Rossolatos, a significant shareholder of Avante Logixx, will continue to serve as a director of the company during the transition period.
Rossolatos was a partner and co-founder of TorQuest Partners Inc. from 2002 to 2009. Prior to TorQuest, George was an investment principal at Harrowston Inc., a publicly traded merchant bank. Prior to Harrowston, he worked with Ernst & Young LLP, managing a group focused on middle market companies.
Rossolatos is a Chartered Accountant and holds an MBA from the Kellogg School of Management (Marketing) at Northwestern University and a B.Com. (Honours) from Queen’s University at Kingston. Rossolatos was recognized in 2007 as one of Canada’s Top 40 under 40.
George Rossolatos is founder and President of Riverdale Capital Corporation, a personal investment company formed in 2009. Riverdale Capital invests in lower middle market Canadian companies that require additional capital and management expertise in order to execute their business plans.
Created by Canada’s leading banks and insurance companies, The Canadian Business Growth Fund is expected to have initial capital commitments of over $500 million, with the possibility for future contributions of up to $1 billion in future years, depending upon both demand for investment and the fund’s performance.
Participating institutions include Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank, The Toronto-Dominion Bank, Manulife, Sun Life Financial, Great-West Life, National Bank of Canada, HSBC Bank Canada, ATB Financial, Laurentian Bank of Canada, and Canadian Western Bank.
The Canadian Business Growth Fund will make investments in Canadian SME companies seeking long-term, patient, minority capital to finance continued growth and to allow the scaling up of existing operations. Investments will be in the range of $3 million to $20 million.
The fund will operate as an independently managed entity, supported by its investors with its own board of directors and management team, with an objective of having offices and personnel across Canada.
The fund is expected to have an executive team in place to start deploying capital within the next 12 months.