Burlington ON June 25, 2021 / – Newlook Capital Inc. (“Newlook Capital”), a private equity firm focused on industrial and infrastructure services companies, is pleased to announce the sale to a strategic buyer of Newlook Capital’s portfolio of elevator maintenance businesses that are based in Ontario, Canada.
Newlook Capital has been building its elevator portfolio since 2015 working in partnership with its operating partners to grow monthly maintenance revenue and the number of elevators under management. Having grown the portfolio to a total of 2,200 elevators in Ontario, Newlook Capital and its operating partners determined that it was the best time to sell its portfolio of elevator companies.
Newlook Capital’s Chief Investment Officer, Abbas Osman, said “After working closely with the management teams in place to grow strong resilient businesses, we jointly agreed now is the optimal time to exit.”
“We have grown the businesses considerably and determined that this was the best time to sell the portfolio for the benefit of our investors,” adds Newlook Capital’s Chief Executive Officer, Elroy Gust. “Newlook Capital continues to invest in several verticals relating to industrial and infrastructure services, including, fire safety and suppression, wastewater treatment and communication tower installation/maintenance.”
The transaction was completed on May 26, 2021. Norton Rose Fulbright Canada LLP acted as legal counsel for Newlook Capital.
ABOUT NEWLOOK CAPITAL INC.
Newlook Capital is a private equity firm that currently manages 2 industry-specialized funds. Each fund has its own focused, experienced, and aligned management, and a defined strategy. Investing throughout Canada and the U.S. with a preference for companies that exhibit a solid tangible assets base, Newlook Capital is focused on and current holdings include; industrial services in Canada and the U.S., dental practices, and QSR in Canada. Newlook Capital Inc. took the initiative to establish Newlook Industrial Services II LP and manages the fund. This press release is for informational purposes only and should constitute nor be taken as a offer or solicitation to buy or sell securities.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. Forward-looking information contained or referred to in this press release includes, but may not be limited to, acquisitions to be completed by the company, the growth of the business.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, general economic conditions, failing to realize the anticipated benefits from the acquisition of the company, risks associated with valuing investments, risks associated with fire prevention services generally, competition, technological changes and regulatory risks. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of Newlook based on information currently available to the Newlook. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Newlook disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
Please direct any questions or requests for information to:
905.331.3697 x 207