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. This press release is for informational purposes only and should constitute nor be taken as an offer or solicitation to buy or sell securities.