Penfund has completed a minority equity investment in Wakefield Canada Holdings, a distributor of Castrol-branded motor oils. This is the second investment that Penfund has made in Wakefield.
“Penfund’s first investment in Wakefield was made in 2005. We are delighted to invest again in the company which we believe possesses powerful, market-leading brands, longstanding customer relationships, a nation-wide logistics capability and a dynamic and entrepreneurial management team which has grown the business significantly since it was acquired from a British Petroleum in 2005,” said John Bradlow, a Penfund partner.
Wakefield is the exclusive Canadian distributor of Castrol-branded motor oils. These oils are predominantly manufactured in Wakefield’s facility in Toronto and are distributed across Canada through a network of warehouses. Wakefield also distributes Castrol heavy duty motor oils and diesel exhaust fluid in the commercial market. Diesel exhaust fluid is sold under the H2Blu brand which is owned by Wakefield. The company is headquartered in Toronto (www.wakefieldcanada.ca).
“We are excited about partnering with Penfund again. They were supportive of Wakefield from the very beginning and it is great to have them back on the team,” said Bob MacDonald, Wakefield’s Chairman, founder and controlling shareholder.
Penfund specializes in providing junior capital to middle market companies throughout North America. The firm provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. Penfund is currently investing out of Penfund Capital Fund IV which has $460 million of committed capital. The firm was founded in 1979 and is based in Toronto (www.penfund.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-13-13