Bridging Finance Inc. and Ninepoint Partners LP Announce Asset Purchase Agreement
September 14, 2018 --
TORONTO, Sept. 14, 2018 /CNW/ - Bridging Finance Inc. ("Bridging Finance") and Ninepoint Partners LP ("Ninepoint") are pleased to announce that they have entered into a definitive asset purchase agreement (the "Purchase Agreement") whereby Bridging Finance will purchase from Ninepoint certain assets, including Ninepoint's rights and obligations under the existing co-management agreements for the funds known as the "Ninepoint Bridging Income Fund LP" (the "Partnership") and the "Ninepoint Bridging Income RSP Fund" (the "Trust," collectively with the Partnership, the "Fund"), and Ninepoint's ownership interest in SB Fund GP Inc. (the "GP"), which is the general partner of the Partnership (the "Transaction").
Currently, Bridging Finance and Ninepoint are co-managers of the Fund and co-owners of the GP. Bridging Finance, for its part, possesses full discretionary authority of the Fund's portfolio management and shares the responsibility to manage the business and affairs of the Funds with Ninepoint in accordance with the co-management agreements. Upon the closing of the Transaction, Bridging Finance will become the sole manager of the Fund and the sole shareholder of the GP.
"We are extremely pleased to announce that we have entered into this transaction. Bridging Finance is currently experiencing significant corporate growth in all aspects of its business and this transaction represents a great milestone for the continued success of Bridging Finance. As it relates to the day-to-day operations of the Fund, investors and advisors alike should not see any changes relating to the transition in management of the Fund and we look forward to the continued success of the Fund which saw its inception nearly five (5) years ago" said David Sharpe, Chief Executive Officer of Bridging Finance. "Ninepoint has been a great partner of the Fund and we wish them all of the best in their future endeavors" added Mr. Sharpe.
"We are pleased with the consistent positive monthly performance that Bridging Finance has provided unitholders since we partnered with them five years ago" said John Wilson, Managing Partner of Ninepoint Partners. "It is great to see Bridging's investment team and capabilities evolve over the years. Given they now have other investment products, this transaction is a natural evolution to both of our businesses. We wish them continued success" added James Fox, Managing Partner of Ninepoint.
In connection with the Transaction, Raymond James Ltd. and Wildeboer Dellelce LLP are respectively acting as exclusive financial advisor and legal counsel to Bridging Finance, while INFOR Financial Inc. and Norton Rose Fulbright Canada LLP are respectively acting as exclusive financial advisor and legal counsel to Ninepoint.
Notice to Unitholders
The Transaction is expected to close on or about October 15, 2018, subject to the satisfaction of customary conditions, including unitholder approval for the change of manager pursuant to the trust agreement governing the Trust (the "Trust Agreement"). Unitholders will be given an information circular promptly detailing the events of the Transaction and outlining their voting rights pursuant to the Trust Agreement.
About Bridging Finance Inc.
Established in 2012, Bridging Finance is one of Canada's leading alternative credit investment management firms and currently manages approximately $1 billion of assets. Bridging Finance provides middle-market North American companies with alternatives to the financing options offered by traditional lenders. Lending proceeds, typically ranging from $3 million to upwards of $50 million, are used by companies to address needs such as restructuring existing debt, providing working capital for growth, supporting inventory purchases and financing expenditures and acquisitions/buyouts.
About Ninepoint Partners LP
Based in Toronto, Ninepoint Partners LP is one of Canada's leading alternative investment management firms overseeing approximately $3 billion in assets under management. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income.
Forward-looking statements contained herein are made as of the date of this press release and the company disclaims any obligation to update any forward-looking statements to reflect new information, future events or results or otherwise, except as required by applicable laws.
SOURCE Bridging Finance Inc.
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