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Transaction/Case Details

Oaktree Capital announces acquisition of NAPEC Inc.

BUSINESS SECTOR

Power

LEAD OFFICE

Toronto

VALUE

320 Million CAD


OVERVIEW

On December 4, 2017, Oaktree Capital Management LP ("Oaktree") announced that it has entered into a definitive arrangement agreement with NAPEC Inc. ("NAPEC") pursuant to which funds managed by Oaktree will acquire all of the issued and outstanding common shares of NAPEC for $1.95 in cash per share for a total transaction value of approximately C$320 million, including assumption of debt. The transaction has been unanimously approved by NAPEC's Board of Directors, and is subject to customary closing conditions. This transaction will provide Oaktree with the opportunity to combine its experience in the energy sector, its network and its financial resources with NAPEC's management team to continue to drive NAPEC's growth in the North American utility services market.

Oaktree is a leader among global investment managers specializing in alternative investments, with US$100 billion in assets under management as of September 30, 2017. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. 

NAPEC is a company operating in the energy sector. NAPEC is a leading provider of construction and maintenance services to the public utility and heavy industrial markets, mainly in Quebec, Ontario and the eastern United States.

McCarthy Tétrault LLP is advising Oaktree with a team led by David Woollcombe that includes Fraser Bourne, Myreille Gilbert and Xin Gao (Corporate), Cindy Vaillancourt (Environment), Richard O’Doherty (Financial Services), Robert Nearing and Angelo Discepola (Tax), Lorraine Allard, Diana Theophilopoulos and Patrick Pengelly (Labour & Employment), and François Giroux (Litigation).

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