Gluskin Sheff + Associates Completes Secondary Offering and Elimination of Dual Class Share Structure

Entities affiliated with Ira Gluskin and Gerald Sheff, as well as charitable foundations established by Ira Gluskin and Gerald Sheff (selling shareholders), completed a secondary offering of 6,400,000 subordinate voting shares of Gluskin Sheff + Associates Inc. (Gluskin Sheff) at a price of $19 per share for gross proceeds to the selling shareholders of approximately $122 million.

The offering was completed on a bought deal basis and was underwritten by a syndicate of underwriters that was co-led by RBC Capital Markets and TD Securities Inc. and included BMO Capital Markets, CIBC, GMP Securities L.P., and Scotiabank.

Concurrent with the closing of the offering, all of Gluskin Sheff's multiple voting shares were converted into subordinate voting shares on a one-for-one basis, leaving Gluskin Sheff with only one class of issued and outstanding equity securities, entitling the holders to vote on all matters requiring shareholder approval.

Goodmans LLP represented Gluskin Sheff with a team that included Stephen Halperin, Allan Goodman, Brad Ross and Michelle Vigod (corporate and securities) and Maureen Berry (tax). Pat Robinson (trusts and estates) provided advice to the charitable foundations established by Ira Gluskin and Gerald Sheff.

Stikeman Elliott LLP represented the selling shareholders with a team that included Edward Waitzer, Sean Vanderpol and Bradley Zander (corporate and securities).

Davies Ward Phillips & Vineberg LLP represented the syndicate of underwriters with a team that included Mindy Gilbert and Ryan Elger (corporate and securities) and Siobhan Monaghan and Raj Juneja (tax).