Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing on February 1, 2018 of a $7,600,000 senior term loan to Wolverine Management Services Inc. (“Wolverine”). This financing represents IAM’s third transaction with Wolverine, following the initial loan in July 2016 and the second loan in June 2017. The capital will be used to fund the acquisition of an equipment rental business with significant assets and a diverse client base in Northern Alberta and British Columbia.
Wolverine provides services for oil and gas companies and ensures optimal operations for upstream, midstream and downstream customers. Core services include equipment rentals, well site services, construction, seismic, trucking and logistics. This latest acquisition will help Wolverine expand its customer base and service offerings into the mining and infrastructure sectors.
Jeffrey Deacon, Managing Director of IAM Private Debt Group said “Wolverine has continued to perform well and execute on their strategic initiatives. The company’s operating performance remained strong even during the recent downturn in Western Canada, which speaks to the strength of the management team. We are pleased to provide continuing support to Wolverine as they grow, and we believe this latest acquisition will provide significant value to the company.”
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