Integrated Asset Management Corp. and Integrated Partners Announce Acquisition of Cadet Cleaners by DoveCorp.TORONTO -- Integrated Asset Management Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:IAM IAM - Interactive Algebraic Manipulation. Interactive symbolic mathematics for PDP-10. ["IAM, A System for Interactive Algebraic Manipulation", C. Christensen et al, Proc Second Symp Symb Alg Manip, ACM Mar 1971]. ) and its private equity arm, Integrated Partners announced today that DoveCorp Enterprises Inc. (TSX VENTURE:DOV) has completed its share acquisition of Cadet Cleaners, an award-winning, Toronto-based dry cleaning franchisor with 67 outlets in the Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. . With this acquisition, DoveCorp. is now the largest dry cleaner in Canada. A private equity fund managed by Integrated Partners, IPLP I, owns approximately 64% of DoveCorp. The purchase price for Cadet, subject to adjustment, was $2,600,000: $600,000 in cash and 4 million DoveCorp common shares at an ascribed value of $0.50 per share. DoveCorp. is a leader in Canada's drycleaning and laundry industry. Its flagship Dove Cleaners division has been widely recognized as the best premium dry cleaner in Canada. Other divisions operate in the mass market, linen, uniform and mat rental sectors. DoveCorp. holds the only ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 dry cleaning registration in the country. Sam Mizrahi, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of DoveCorp, said "We will continue to seek further acquisition opportunities to grow the business". Integrated invested $6.5 million in Dove, acquired an 81% interest and actively supported its expansion strategy. In June, 2005 Dove entered into a business combination agreement with a publicly traded Capital Pool Corporation. Following closing of the transaction, Integrated owned 66% of DoveCorp. Integrated Partners is a manager of private equity funds on behalf of institutional investors and has one of the most experienced private equity teams in Canada, with broad expertise across many sectors and transaction types. Toronto-based Integrated Asset Management Corp. is Canada's leading alternative asset manager with approximately $2.8 billion in commitments and assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in private equity, private debt, real estate, managed futures and hedge funds. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release Integrated Asset Management Corp. (TSX VENTURE:IAM) |
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