On January 12, 2006, Royal Group Technologies Limited sold its 60 per cent interest in Royal Alliance Inc. in connection with a management buy-out of the company. Royal Group also sold its majority interest in Royal Martingrove-Steeles Property Ltd. to a subsidiary of certain minority shareholders in Royal Martingrove-Steeles Property controlled by the same management team. The amount of the transaction is undisclosed.
Operating under the brand Gracious LivingTM, Royal Alliance produces injection moulded products, which are sold through retail channels in Canada and the US. Royal Group is a leading producer of home improvement and building products, which are primarily utilized in both the renovation and new construction sectors of the North American construction industry. Royal Martingrove-Steeles Property is the owner and lessor of real property in Woodbridge, Ontario.
Royal Group was represented by Scott Bates, vice-president, general counsel and corporate secretary, and Brad Neufeld, associate counsel, litigation and compliance; by Blake, Cassels & Graydon LLP with a team comprised of Brian Facey and Julie Soloway (competition), Cynthia Seifried and Mathieu Poirier (M&A), Chris Huband (real estate) and Ted Betts (corporate); and by Robert Gray (real estate) of Gray & Associates. The management team and purchaser of Royal Martingrove-Steeles, respectively, were represented by Hartley Nathan, Q.C., Joan Jung and Geoff Brown of Minden Gross Grafstein & Greenstein LLP.
Concurrent with the above transaction, on January 12, 2006, Royal Alliance and JPMorgan Chase Bank, NA, closed a senior asset-based credit facility. The financing was made to support the company's ongoing working capital needs. JPMorgan Chase was represented by the team of Jeffrey Rogers and David Hudson (finance), with assistance from Andrea Onn (real estate) from McMillan Binch Mendelsohn LLP. Royal Alliance was represented by Hartley Nathan, Q.C., and Geoff Brown of Minden Gross.
Operating under the brand Gracious LivingTM, Royal Alliance produces injection moulded products, which are sold through retail channels in Canada and the US. Royal Group is a leading producer of home improvement and building products, which are primarily utilized in both the renovation and new construction sectors of the North American construction industry. Royal Martingrove-Steeles Property is the owner and lessor of real property in Woodbridge, Ontario.
Royal Group was represented by Scott Bates, vice-president, general counsel and corporate secretary, and Brad Neufeld, associate counsel, litigation and compliance; by Blake, Cassels & Graydon LLP with a team comprised of Brian Facey and Julie Soloway (competition), Cynthia Seifried and Mathieu Poirier (M&A), Chris Huband (real estate) and Ted Betts (corporate); and by Robert Gray (real estate) of Gray & Associates. The management team and purchaser of Royal Martingrove-Steeles, respectively, were represented by Hartley Nathan, Q.C., Joan Jung and Geoff Brown of Minden Gross Grafstein & Greenstein LLP.
Concurrent with the above transaction, on January 12, 2006, Royal Alliance and JPMorgan Chase Bank, NA, closed a senior asset-based credit facility. The financing was made to support the company's ongoing working capital needs. JPMorgan Chase was represented by the team of Jeffrey Rogers and David Hudson (finance), with assistance from Andrea Onn (real estate) from McMillan Binch Mendelsohn LLP. Royal Alliance was represented by Hartley Nathan, Q.C., and Geoff Brown of Minden Gross.
