Integrated Private Debt Fund provides $45M funding to Cooke Aquaculture

CPE Media News (3/6/2019) – Integrated Asset Management Corp. (TSX: IAM) announced that IAM Private Debt Group has closed a $45 million term loan to fund an operating lease package for Cooke Aquaculture Inc.

The loan was made through Lighthouse Finance, a leading operational leasing and asset management company focused on the global aquaculture industry. Lighthouse will manage the operational lease structure throughout the term of the financing, monitoring the assets, and cash flows for IAM.

Black’s Harbour, New Brunswick based Cooke Aquaculture Inc. is a vertically-integrated family company based in Blacks Harbour, New Brunswick, Canada, with salmon farming operations in Atlantic Canada, the United States, Chile and Scotland as well as seabass and seabream farming operations in Spain. Cooke is the largest producer of farmed salmon in North America and one of the top five producers in the world.

Cooke Aquaculture is part of The Cooke Inc. family of companies which also includes Kelly Cove Salmon Ltd., Cooke Seafood USA, Inc., Icicle Seafoods, Inc., Wanchese Fish Company, Inc. and Omega Protein.

photo credit: Cooke Inc.

News Release

Integrated Asset Management Corp. Announces Financing in Support of Cooke Aquaculture Inc.

For Immediate Release Toronto, Ontario

Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing of a $45,000,000 term loan to Lighthouse Finance that will be used to fund an operating lease package for Cooke Aquaculture Inc. (“Cooke”).

The IAM funds provided via Lighthouse will finance a portfolio of marine vessels and aquaculture equipment, including hydro-licer and thermo-licer technologies, allowing Cooke access to environmentally friendly, pesticide-free treatment options in the event of sea lice infections.

Stephen Zagrodny, Director of IAM Private Debt Group said, “IAM is excited to partner with such a high quality business and contribute to Cooke’s incredible growth story. We worked very hard with the Cooke and Lighthouse teams to deliver an operational lease structure for this transaction, which demonstrates the flexibility we can offer borrowers. We hope to continue building this relationship and are looking forward to a long term partnership with both Cooke and Lighthouse.”

Lighthouse Finance is a leading operational leasing and asset management company focused on the global aquaculture industry. Lighthouse will manage the operational lease structure throughout the term of the financing, monitoring the assets, and cash flows for IAM.

Cooke Aquaculture Inc. is a family-owned business based out of Black’s Harbour, NB. Since 1985, Cooke has grown from one salmon farm to a fully integrated seafood company with operations spanning the Atlantic Provinces, United States, Chile, Spain, Argentina, and the United Kingdom. Today, Cooke is the largest producer of farmed salmon in North America and one of the top five producers in the world. All of Cooke’s North American aquaculture operations are 4-star certified under the Global Aquaculture Alliance (GAA) Best Aquaculture Practices (BAP) designation.

IAM manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IAM Private Debt Group 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 $3.1 billion in assets and committed capital under management in real estate and private debt.

For further information, please contact
Stephen Zagrodny
Director
IAM Private Debt Group
T: 416-367-6868
E: szagrodny@iamgroup.ca

or

Philip S. Robson
President
IAM Private Debt Group
416-367-3972
probson@iamgroup.ca

www.iamgroup.ca

CPE Media News

Private Capital Journal, a service of CPE Media News, provides Canada's complete private capital (angel, venture capital, private equity, private/exempt), public financing, M&A, IPO/RTO news and intelligence.