GENIVAR Income Fund Completes IPO

GENIVAR Income Fund completed its initial public offering on May 25, 2006 for gross proceeds of $110 million. The offering was made through an underwriting syndicate co-led by National Bank Financial Inc. and TD Securities Inc., and included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Raymond James Ltd. and Canaccord Capital Corporation.
Concurrently with the offering, GENIVAR Inc. completed the acquisition of MacViro Holdings Inc., and GENIVAR Limited Partnership entered into a credit agreement with the Bank of Montreal providing for a new senior secured credit facility in the amount of $40 million.
The proceeds of the offering and the exercise of the over-allotment option were used by GENIVAR Income Fund to indirectly acquire a 58.1 per cent limited partnership interest in the engineering services business previously owned and operated by GENIVAR Inc., which included the business of MacViro Holdings Inc. The balance, representing an interest of 41.9 per cent, was retained by GENIVAR Inc.
GENIVAR Income Fund and GENIVAR Inc. were represented by Fasken Martineau DuMoulin LLP. The team on the offering included Robert Paré, Jean-Pierre Chamberland, Frédéric Boucher, Mark Paterson, Gabriel Castiglio and Jean Michel Lapierre (corporate/securities) and Gilles Carli (tax). The team on the acquisition of MacViro Holdings Inc. included Michel Boislard, Catherine Isabelle and Patricia Gagnon and the team on the new credit facility included Marc Novello and Félix Gutierrez.
The Ontario entities part of the GENIVAR group were represented in connection with the offering by a team from Aylesworth LLP led by Douglas Hendler, and certain corporate matters of GENIVAR Inc. were handled by a team from Joli-Cœur, Lacasse, Geoffrion, Jetté, St-Pierre, Avocats, which included Gilles Legris and Dominique Bigras.
The underwriters were represented by a team from Stikeman Elliott LLP, which included Steeve Robitaille, Maxime Turcotte and Vanessa Coiteux (corporate/securities) and Christian Meighen (tax). MacViro Holdings Inc. was represented by a team from Wildeboer Dellelce LLP led by Derek Sigel. The Bank of Montreal was represented by a team from Borden Ladner Gervais LLP, which included Benoît Provost, Glen Bowman and Daniel Gendron.