May 17, 2007
The Covington Group of Funds, one of Canada's largest and most experienced venture capital fund providers, acquired Fidelity Stainless Ltd. from its founders. The acquisition was financed through a combination of senior debt and equity investments by each of Covington Fund II Inc. and Ivey CSBIF I and II. Covington has partnered with the existing senior management of Fidelity, Tom and Mike Pope, who will have a significant equity stake in the company. Fidelity is a leading master distributor of stainless steel long products, stainless steel tube, aluminum extrusions and aluminum flat rolled products to Canadian stainless and aluminum distributors.
Wildeboer Dellelce LLP advised the Covington Group of Funds in connection with the acquisition with a team consisting of Randy Williamson, Troy Pocaluyko, Anndra Schwartz and Irene Kim (corporate), Kevin Fritz (tax), Chris Partridge (secured lending) and Carolyn Musselman (real estate).