Tricon Capital Group Inc. Completes Initial Public Offering
|Areas||Commercial Real Estate, Corporate Finance and Securities, Private Equity, Tax|
Goodmans represented Tricon Capital Group Inc. in connection with the completion of its initial public offering of 10.5 million common shares (including a secondary offering of 2 million shares by the company’s co-founders). The offering was sold through a syndicate of underwriters led by GMP Securities L.P. and including Canaccord Genuity Corp., CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc. (the Underwriters). The shares were sold to investors at a price of $6.00 per share, generating total gross proceeds of approximately $63 million. On June 17, 2010, the Underwriters exercised a portion of an over-allotment option and purchased an additional 990,871 shares, bringing the total gross proceeds of the IPO to approximately $69 million. The proceeds of the treasury offering are intended to provide Tricon with the capital it needs to raise larger limited partnerships as demanded by its institutional investors, particularly in Canada, and to grow assets under management.
Founded in 1988, Tricon is one of North America’s pre-eminent asset managers focused on the residential real estate development industry with over $1 billion of assets under management.