Wellington Financial LP Provides $6.5 Million Military Jet Financing for Top Aces Consulting Inc.
TORONTO -- Wellington Financial Fund II, a privately held specialty finance firm, announced today the closing of a $6.5 million debenture financing for Top Aces Consulting Inc., a contractor of airborne military training services. The financing will allow Top Aces to finance an additional four Dornier Alpha-Jets, doubling its existing fleet. Alpha-Jets are currently in use by military forces throughout the world, including Belgium, France, Portugal, and Thailand.
Under the Contracted Airborne Training Services project, the Department of Public Works and Government Services Canada Public Works and Government Services Canada, also referred to as Department of Public Works and Government Services, is the department of the government of Canada with responsibility for the government's internal servicing and administration. (PWGSC PWGSC Public Works and Government Services Canada ) awarded three standing offers on behalf of the Canadian Department of National Defence (DND DND Drag and Drop
DND Department of National Defence (Canada & Australia)
DND Do Not Disturb
DND Dungeons and Dragons
DND Den Norske Dataforening
DND Direct Nanoparticle Deposition
DND Drugs for Neglected Diseases ) to Top Aces Consulting Inc. of Pointe pointe
In ballet, dancing that is performed on the tips of the toes.
[From French pointe (des pieds), point (of the feet), tiptoe; see point.] Claire, Quebec in February 2005 to provide fast jets for target support, electronic warfare Noun 1. electronic warfare - military action involving the use of electromagnetic energy to determine or exploit or reduce or prevent hostile use of the electromagnetic spectrum
military action, action - a military engagement; "he saw action in Korea" training and target towing. The combined value of the three standing offers is approximately $30 million per year. PWGSC also has two one-year options to renew the contract with Top Aces after the first three-year period. As part of the standing Offer arrangements, DND will provide fuel for the aircraft as well as electronic countermeasure and air combat pods.
"Wellington Financial has shown a vote of confidence in our team's abilities, as well as the federal government's strategy of combining civilian support with military training in certain areas," said Maj. (Ret'd) Didier Toussaint, President of Top Aces. "We were impressed with Wellington Financial's ability to quickly understand our value proposition."
Added Mark McQueen, President and Chief Executive Officer of Wellington Financial LP: "Top Aces is providing a superior air combat support training service to the Canadian military and they are doing it at a far more competitive cost than was previously available. Canada's military personnel deserve the best and the Top Aces team provides DND with some of the best fighter pilots our country has ever produced, on an extremely economical basis."
Wildeboer Dellelce LLP LLP - Lower Layer Protocol of Toronto and Kelly Santini LLP of Ottawa provided legal advice in connection with the financing.
With the closing of the financing, Wellington Financial Fund II has now led more than $82 million in debt financings via 14 transactions since March 2004, making it the most active fund of its kind in Canada.
About Wellington Financial LP
Founded in 2000, Wellington Financial LP is a privately held specialty finance bridge lending, term and venture debt firm. Wellington Financial Fund II is an $83 million fund, providing flexible debt financing for private and public companies. Wellington transactions are generally between $2 million and $10 million, but the fund has issued term sheets up to $30 million due to its ability to syndicate transactions. Wellington clients vary in size, sector and business model, but generally have current year revenue of at least $5 million. Wellington is managed by a partnership controlled by Fund management and Clairvest Group Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
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CVG Comprehensive Video Group (South Hackensack, NJ, USA) ), who jointly have contributed a large financial stake to Fund II. Wellington's limited partners include several Canadian institutional investors, such as pension funds, life insurance companies and money managers. Please visit our website at www.wellingtonfund.com.
About Top Aces Consulting Inc.
Top Aces is the leading suppler of air combat support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the Canadian military, and an aviation consultant to private industry, military and civilian government agencies, commercial flight departments and aerospace training centres. It is privately held by three principals who are among Canada's most experienced pilots of CF-18 fighter aircraft fighter aircraft
Aircraft designed primarily to secure control of essential airspace by destroying enemy aircraft in combat. Designed for high speed and maneuverability, they are armed with weapons capable of striking other aircraft in flight. .
Clairvest Group Inc. (TSX:CVG)