Brookfield's Private Equity Group Acquires Canadian Cold Storage Business
03 Juni 2013 - 11:04PM
Marketwired
Brookfield Capital Partners III, the flagship private equity fund
of Brookfield Asset Management
Inc.(TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA), announced today that it
has completed the acquisition of the Canadian logistics operations
of Millard Refrigerated Services, launching a leading national cold
storage company, Brookfield Cold Storage.
Through this acquisition, Brookfield Capital Partners is
acquiring more than 16 million cubic feet of combined storage
capacity in two state-of-the-art facilities in Toronto and Calgary
that includes rapid freezing capability. It intends to grow the
company utilizing its existing national scale through acquisitions,
organic growth as well as expanded service offerings. Terms of the
transaction were not disclosed.
"We are pleased to have completed the Millard acquisition and
announce the creation of Brookfield Cold Storage. This acquisition
is consistent with our objective of investing in high quality,
competitive businesses with positive growth fundamentals. These are
premiere assets with a national footprint and we are actively
seeking additional opportunities to build out the Brookfield Cold
Storage platform," said David Nowak, Managing Partner of
Brookfield.
"These assets are situated in key markets and have a valued
customer base which will serve us well as a platform in which we
can grow the business. We look forward to working with and
supporting the experienced management team and employees of the
business. Our focus will be on customer service and operating
efficiencies in order to build out our competitive position in a
growing market," said Pierre McNeil, Chief Operations Officer of
Brookfield's private equity group.
Brookfield Capital Partners III is a North American based
multi-strategy private equity fund focused on acquiring and
building high quality businesses where operational improvement is
the primary driver of value creation. The fund seeks investments
that include: buyouts and corporate carve-outs; convertible, senior
and mezzanine financings; and restructurings and
recapitalizations.
Brookfield Asset Management Inc. is a global alternative asset
manager with over $175 billion in assets under management. The
company has over a 100-year history of owning and operating assets
with a focus on property, renewable power, infrastructure and
private equity. It has a range of public and private investment
products and services, which leverage its expertise and experience
and provide Brookfield with a competitive advantage in the markets
where it operates. Brookfield is co-listed on the New York and
Toronto stock exchanges under the symbol BAM and BAM.A,
respectively, and on NYSE Euronext under the symbol BAMA. For more
information, please visit our website at www.brookfield.com.
For more information, please visit our web site at
www.brookfield.com.
Forward-Looking Statements
Note: This news release contains forward-looking information
within the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. The words "will" and "intends" and derivations thereof
and other expressions that are predictions of or indicate future
events, trends or prospects and which do not relate to historical
matters identify forward-looking statements. Although Brookfield
Asset Management believes that such forward-looking statements and
information are based upon reasonable assumptions and expectations,
the reader should not place undue reliance on forward-looking
statements and information as such statements and information
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the company to differ materially from anticipated future results,
performance or achievement expressed or implied by such
forward-looking statements and information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include: economic and financial conditions in the countries in
which we do business; the behaviour of financial markets, including
fluctuations in interest and exchange rates; availability of equity
and debt financing; and other risks and factors detailed from time
to time in the company's form 40-F filed with the Securities and
Exchange Commission as well as other documents filed by the company
with the securities regulators in Canada and the United States
including the company's most recent Management's Discussion and
Analysis of Financial Results under the heading "Business
Environment and Risks."
We caution that the foregoing list of factors that may affect
future results is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to
Brookfield Asset Management, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Except as required by law, the company undertakes
no obligation to publicly update or revise any forward-looking
statements or information, whether written or oral, as a result of
new information, future events or otherwise.
Contacts: Brookfield Asset Management Inc. Andrew Willis SVP,
Communications and Media (416) 369-8236 (416) 363-2856
(FAX)andrew.willis@brookfield.com Brookfield Asset Management Inc.
Katherine Vyse SVP, Investor Relations (416) 369-8246 (416)
363-2856 (FAX)kvyse@brookfield.com www.brookfield.com
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