From Lego towers to managing billions, meet Crestpoint’s founder, CEO and President, Kevin Leon.
Identifier: About Our Business
We at CC&L Investment Management believe that if we can successfully tackle the key issues contributing to the leadership gender imbalance, we will substantially broaden the talent pool from which great leaders emerge and create better business outcomes.
This belief led to the founding of our Women in Leadership (WiL) initiative in 2021, which focuses on expanding leadership talent by identifying and addressing issues that have contributed to gender gaps within our organization, industry and society at large.
The work of our collective initiative has resulted in recommendations for new strategic priorities that directly target issues uncovered through discussions and research. An important – and unexpected – discovery has been that the solutions identified to break down the leadership gender imbalance also solve issues that extend beyond gender. In other words, while our focus began with women, the outcomes of our recommendations benefit everyone.
What follows is a high-level summary of WiL’s findings and proposed solutions; however, if you’re interested in learning more about our work, we would love to connect. Please contact us through this link.
Collaborating to unleash potential
Led by a committee with engagement from the majority of women in our organization, WiL’s primary objectives are:
- Identifying the root causes and key issues regarding gender imbalance both within and outside of our organization.
- Proposing solutions to proactively right size that imbalance.
Underpinning our initiative is a considerable volume of academic, media and industry research on workplace gender (in)equality. In aggregate, these findings overwhelmingly point to a systemic and persistent theme that spans almost every industry: the more senior, technical and higher-profile the jobs, the smaller the proportion of women in these roles.
We recognize that many drivers of gender inequality are outside our organization’s control, but also that our interconnectedness as industry players and members of society has tangible implications for CC&L’s ability to effect change.
Our approach in action
When examining this multi-dimensional problem, we took a bottom-up approach as to why women weren’t reaching their full potential at work. For instance, we conducted extensive interviews internally and externally as well as brainstorming sessions and in-depth research. Through this process, we identified key issues facing women in our workplace and distilled these further to determine their underlying root causes. From there, we crafted solutions to directly address the most important root causes. This involved breaking down the WiL initiative into four key areas:
- Societal norms
- What we looked at: Gender-related expectations (e.g., familial obligations and caregiving responsibilities) and how to promote an equal playing field for our employees both at work and at home.
- Our recommendations: Aimed at mitigating challenges associated with parental leave and division of household labour, with the goal of establishing better support systems for employees.
- Leadership competencies and qualities
- What we looked at: Identifying and eliminating gender-related impediments to leadership development, allowing equal opportunity to grow into higher-level positions.
- Our recommendations: Ongoing, 360-degree feedback between managers and employees and a clearly aligned vision for career progression.
- Work environment
- What we looked at: Identifying enhancements in how we interact that could remove barriers to career progression. In male-dominated fields, women may struggle to build relationships and feel part of the team. Their confidence may be impacted such that they are reluctant to give and receive feedback or voice and pursue ambitious goals.
- Our recommendations: Foster a safe and inclusive workplace that nurtures professional development.
- Hiring
- What we looked at: Achieving a more gender-balanced workforce supported by hiring practices that address gender-based constraints. Areas of focus include:
- The talent pool: There is an underrepresentation of women in senior positions.
Our recommendations: Seek to improve gender balance in the overall talent pool over time by focusing on entry-level applicants and career development. - CC&L’s application pool: Gender imbalances at both senior and entry levels.
Our recommendations: Focus on increasing the likelihood of receiving applications from experienced women, as well as developing awareness about how women can succeed in capital markets. - Our hiring process: Unconscious bias can screen out qualified women.
Our recommendations: Implementing hiring practices and success measures that minimize unconscious bias.
- The talent pool: There is an underrepresentation of women in senior positions.
A brighter future for all
We adopted a gender-neutral approach in designing our solutions, which not only promotes inclusivity and diversity but also enhances the overall quality of our work environment. While the task of implementing the more than 20 solutions (outlined in our full report) may seem ambitious, we believe that by breaking it down into smaller, actionable steps, we can effectively prioritize and execute our recommendations over a multi-year period, ensuring we achieve our objectives. We expect that the WiL initiative will continue to grow and evolve over time as needs and expectations change through the implementation process. This will likely result in periodic adjustments to the longer-term implementation roadmap.
By coming together to reinforce a culture of fairness, open dialogue and opportunities, we create conditions for success. With this in mind, we are hopeful that the positive impacts of our WiL initiative will ripple across our organization and into the communities where we live and do business – leading to better leadership, stronger teams and a brighter future for all.
If you’re interested in learning more about our work, we would love to connect. Please fill out the form below:
Connor, Clark & Lunn Funds Inc. (the “Manager”) has amended language on its website in an effort to clarify that ESG factors and representations made by the Manager are not investment objectives, nor do they form a material element of the investment strategies of its publicly offered mutual funds. The following statement was removed at the request of Ontario Securities Commission Staff in the course of an issue-oriented review of ESG-related funds: “CC&L Funds is committed to engaging in responsible corporate behavior as it relates to environmental, social, and governance (ESG) concerns and seeks to make investments that not only generate superior returns for its investors but have a positive impact on the society, environment, and markets in which they operate.”
In addition to amending its website, the Manager has updated the disclosure in the simplified prospectus for its alternative mutual funds prospectus and is in the process of updating the simplified prospectus for its conventional mutual funds in order to provide specific disclosure to investors regarding the role that ESG factors and considerations play in the investment decision-making process of certain funds.
Funds included in the Manager’s alternative mutual fund simplified prospectus:
- CC&L Alternative Income Fund
- CC&L Global Long/Short Fund
- CC&L Global Market Neutral II Fund
- PCJ Absolute Return II Fund
Funds included in the Manager’s conventional mutual fund simplified prospectus:
- CC&L Core Income & Growth Fund
- CC&L Diversified Income Portfolio
- CC&L Equity Income & Growth Fund
- CC&L Global Alpha Fund
- CC&L High Yield Bond Fund
- NS Partners International Equity Focus Fund
About Connor, Clark & Lunn Funds Inc.
Connor, Clark & Lunn Funds Inc. (CC&L Funds) partners with leading Canadian financial institutions and their investment advisors to deliver unique institutional investment strategies to individual investors through a select offering of funds, alternative investments and separately managed accounts.
By limiting the offering to a focused group of investment solutions, CC&L Funds is able to deliver unique and differentiated strategies designed to enhance traditional investor portfolios. For more information, please visit cclfundsinc.com.
About Connor, Clark & Lunn Financial Group Ltd.
Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group) is an independently owned, multi-affiliate asset management firm that provides a broad range of traditional and alternative investment management solutions to institutional and individual investors. CC&L Financial Group brings significant scale and expertise to the delivery of non-investment management functions through the centralization of all operational and distribution functions, allowing talented investment managers to focus on what they do best. CC&L Financial Group’s affiliates manage over $104 billion in assets. For more information, please visit cclgroup.com.
For further information, please contact:
Lisa Wilson
Manager, Product & Client Service
Connor, Clark & Lunn Funds Inc.
416-864-3120
[email protected]
Banyan Capital Partners, a leading Canadian middle-market private equity firm, is pleased to announce the following updates from 2022 which marked another successful year for the firm.
New Hires and Promotions
- Scott Morrison has been promoted to Vice President, Business Development
- Chris Luongo has been promoted to Associate
- Marat Altinbaev joined in April 2022 as Vice President
- Michael Tan joined in August 2022 as Senior Analyst
Banyan’s success depends on its ability to attract, develop, and retain high-quality talent.
Learn more about our team.
Portfolio Spotlight
In Banyan’s first year of ownership, three new executives were hired:
• Mike Betts joined as VP Sales & Marketing
• Jason Bagley joined as COO
• Anand Khanzode joined as CFO
Rack Attack added 14 new locations in Canada and the U.S. during the year, bringing the total store count to 38 across North America.
The Company’s expansion efforts are set to continue in 2023 with the opening of additional stores throughout the year.
Purity Life opened a new 40,000 square foot facility in Laval, QC, expanding its distribution network to over 150,000 square feet across Canada.
Newcrete completed the acquisition of R&L Contracting, a concrete forming business in St. John’s, Newfoundland.
MIP Inc. announced the appointment of Dean Johnson to the position of President and Chief Executive Officer.
Learn more about our current investment portfolio
Launch of the Banyan Operating Partner Network and welcoming Jason Grouette
In December 2022, Banyan partnered with Jason Grouette, a former 3M executive to target investment opportunities in the safety and industrial B2B space.
Learn more about our Operating Partner Network
New Investments
We look forward to another successful year and are excited to explore new investments and partnerships with middle market businesses across North America. We continue to invest out of our $216 million committed capital fund targeting investments between $10 million and $50 million of equity per transaction in companies with EBITDA of at least $5 million.
Do you have an opportunity in mind?
Learn more about our investment criteria or reach out to us to start a conversation.
TORONTO, ON, January 17, 2023 – Crestpoint Real Estate Investments Ltd. (“Crestpoint”) today announced the completion of two industrial investments with a combined market value of over $180 million.
On December 15, 2022,Crestpoint acquired 7307 Meadow Avenue, a 100% leased, multi-tenant industrial portfolio comprised of six (6) buildings totaling over 190,000 square feet. Centrally located in Burnaby’s “Big Bend” industrial node, the primary and most amenity rich industrial sub-market in Metro Vancouver, the portfolio benefits from strong access to major highways, providing excellent connectivity to downtown Vancouver, the Fraser Valley, and the U.S. Pacific Northwest. Crestpoint acquired a 50% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, with a local investor/developer acquiring the other 50%.
On December 19 Crestpoint acquired 190 Summerlea Road, a 100% leased industrial property located in Brampton, Ontario. The ~305,000 square foot property is situated on a 24.8 acre site located in Bramalea Business Park in Brampton, Ontario, which includes 10 acres of excess land. The asset benefits from close proximity to a number of major highways and streets and provides excellent connectivity to Pearson Airport, CN Rail’s Brampton Intermodal, and the rest of the GTA. Crestpoint acquired a 50% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, with the remaining 50% being acquired on behalf of another institutional client of Crestpoint’s.
The closing of these acquisitions brings Crestpoint’s total assets under management to over $9.5 billion and 35.4 million square feet. This caps off a very active and productive 12 months, which saw the completion of approximately $1.9 billion of acquisitions involving office, industrial, retail, and multi-family opportunities. It was also a very strong 2022 in terms of performance and we would like to thank all of our partners and investors for their tremendous support.
About Crestpoint
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to a diversified portfolio of commercial real estate assets. Crestpoint is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management company that provides investment management products and services to institutional and high net-worth clients. With offices across Canada and in Chicago, London, and Gurugram, India, Connor, Clark & Lunn Financial Group, and its affiliates are collectively responsible for the management of approximately $104 billion in assets. For more information, please visit: www.crestpoint.ca.
Contact
Elizabeth Steele
Director, Client Relations
Crestpoint Real Estate Investments Ltd.
(416) 304-8743
[email protected]
We are excited to announce Banyan has recently partnered with Jason Grouette to target investment opportunities within the Personal Protective Equipment (manufacturing and distribution), Engineered Safety Systems, Safety Services and Repair, and Industrial B2B spaces.
Jason is a former 3M Executive who, since 2005, has led various business units in Canada and the USA, ranging from $100M to >$1.5B. Most recently Jason led 3M’s N95 pandemic response across Canada and the USA while leading the Personal Safety Division.
Jason has engaged with Banyan Capital Partners as an Operating Partner with the objective of finding, acquiring and leading a business in the industrial safety space.
Learn more about our investment criteria with Jason.
As we continue to add investments to our portfolio, you could be the next partner. Come join our Operating Partner Network and let’s go buy and build a business together.
Connor, Clark & Lunn Infrastructure (“CC&L Infrastructure”) and Régime de rentes du Mouvement Desjardins, represented by Desjardins Global Asset Management (collectively, “Desjardins”) are pleased to announce the acquisition of a majority interest in the Rt. Hon. Herb Gray Parkway (“the Project” or “the Parkway”), from ACS Infrastructure Canada (“ACS”), Fluor Canada Ltd. (“Fluor”), and Acciona Concesiones S.L (“Acciona”). Each of ACS, Fluor, and Acciona will retain a minority equity interest, and an O&M company formed by ACS and Fluor will provide operations and maintenance service to the Project going forward.
The Rt. Hon. Herb Gray Parkway project is a public-private partnership (P3) between Windsor-Essex Mobility Group and the Province of Ontario. The Project encompasses an approximately 11km corridor through the Windsor, Ontario area, including a six-lane highway with several adjacent service roads, interchanges, structures, pumping stations, and recreational areas. Distinct from many other P3 highway projects, the Parkway includes approximately 300 acres of green space, as well as active maintenance, monitoring, and reporting on various environmental features and amenities, including vegetation, ~20km of paved trails for pedestrians and cyclists, and a multi-use lit pathway.
“Our investment in the Rt. Hon. Herb Gray Parkway aligns with our strategy of acquiring interests in high-quality, long-lived, resilient infrastructure assets with strong, creditworthy counterparties and operating partners,” said Matt O’Brien, President of CC&L Infrastructure. “We thank our co-investment partner, Desjardins and our new operating and equity partners, ACS, Fluor, and Acciona. We look forward to working with these partners and the Province of Ontario toward the successful, long-term operation and maintenance of this important asset.”
“Desjardins is pleased to acquire an interest in the Rt. Hon. Herb Gray Parkway project through the Régime de rentes du Mouvement Desjardins. The plan participants expect consistency and stability within the infrastructure portfolio, and we look forward to continuing to meet those expectations with investments in high quality, long-duration assets such as the Parkway. We are also pleased to continue expanding our long-term relationship with CC&L Infrastructure, and to be partnered with experienced investors and operators at ACS, Fluor, and Acciona.” added Frédéric Angers, Vice President and Head of Infrastructure Investments at Desjardins Global Asset Management.
Procured in 2010 by Infrastructure Ontario, the Rt. Hon. Herb Gray Parkway began operation in 2015 and has since been an essential part of a high-traffic trade artery between Canada and the United States. The Project has a 30 year availability-based concession agreement in place with Infrastructure Ontario, with approximately 23 years remaining.
About Connor, Clark & Lunn Infrastructure
CC&L Infrastructure invests in middle-market infrastructure assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. To date, CC&L Infrastructure has accumulated over $5 billion in assets under management diversified across a variety of geographies, sectors, and asset types, with over 90 underlying facilities across over 25 individual investments. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage approximately CAD$96 billion in assets. For more information, please visit www.cclinfrastructure.com.
About Desjardins Global Asset Management Inc. (DGAM)
Established in 1998, Desjardins Global Asset Management (DGAM) is one of Canada’s largest asset managers with in-house expertise in equity, fixed income and real assets (infrastructure, real estate) across a variety of investment vehicles. DGAM manages over CAN$86.5 billion (as at March 31, 2022) in institutional assets on behalf of insurance companies, pension funds, endowment funds, non-profit organizations and corporations across Canada. For more information, please visit https://www.desjardins.com/ca/about-us/desjardins/governance-democracy/structure/desjardins-asset-management/index.jsp.
Contact
Vrushabh Kamat
Connor, Clark & Lunn Infrastructure
(416) 862-8079
[email protected]
Last year was a banner year for Banyan Capital Partners. I’m pleased to share the following update highlighting the announcements, milestones, and achievements that contributed to our growth and success.
Closed the Fundraising for its Newly Created Evergreen Fund, Banyan Committed Capital LP
- $216 million of capital raised for its first tranche of committed capital.
- Funding provided by the high net worth investors of Connor Clark & Lunn Private Capital Ltd., Connor Clark & Lunn Financial Group Ltd., and the principals of Banyan.
New Platform Investment in Innovative Surface Solutions
- Founded in 1986, Innovative distributes liquid surface solutions to large treated salt partners, commercial customers, water treatment clients and government agencies across North America.
- Banyan’s investment in Innovative and partnership with its CEO will help facilitate its next phase of growth.
Continued Growth across the Portfolio, Including Two Add-on Acquisitions
- Rack Attack, a North American premier retailer of vehicle rack solutions with 24 stores across North America, acquired Rack Outfitters in May 2021, an Austin, Texas-based specialty rack retailer. Rack Attack also successfully opened three new greenfield store locations in Sherman Oaks, California, Phoenix, Arizona, Dallas, Texas as well as the first Thule-brand store in Denver, Colorado. Rack Attack’s growth continues in the first quarter of 2022, with greenfield stores opening in Orange County, California, Atlanta, Georgia and Fort Collins, Colorado. Additionally, the first Canadian Thule monobrand store opened in West Vancouver in January 2022.
- Newcrete, a leading producer and supplier of ready-mix and precast concrete and masonry products for the Newfoundland and Labrador construction industry, acquired Hunt’s Concrete, a supplier of concrete, masonry and landscape products in Grand Falls-Windsor and surrounding areas, in July 2021.
New Hires and Promotions
Banyan is pleased to announce the addition of three new professionals this past year, with Eric Laurin and Chris Luongo joining as Senior Analysts and Igor Verechaka joining in January 2022 as Senior Associate. Furthermore, we would like to congratulate David Beaumont on his promotion to Vice President.
- Eric Laurin most recently worked in the Deal Advisory Group at KPMG where he was responsible for advising strategic investors, pension funds and private equity firms on acquisitions and divestitures of companies in the middle market. Eric is a Chartered Professional Accountant (CPA, CA) and has a Bachelor of Commerce (Honours) from the Sauder School of Business at University of British Columbia.
- Chris Luongo joined Banyan from the Investment Banking Group at BMO, where he was responsible for advising on mergers & acquisitions and debt and equity financing transactions in the real estate coverage group. Chris has a Bachelor of Business Administration (Honours) from Wilfrid Laurier University.
- Igor Verechaka joins Banyan from KPMG Corporate Finance Inc. where he provided capital and strategic advisory services and led transaction execution for financings, divestitures and structured solutions, and real estate mandates. Igor has a Bachelor of Arts, Honours Business Administration (with distinction) from Ivey Business School at Western University and is a CFA charterholder.
- David Beaumont was promoted to Vice President and will be on working on secondment at Innovative Surface Solutions as Vice President, Strategic Operations for the duration of 2022. David joined Banyan in 2017 and has played an integral role in the growth and evolution of the firm. In addition to his role in the acquisition of Innovative Surface Solutions, David has worked closely with the management teams of MIP Inc., Newcrete, and Rack Attack on a range of initiatives including strategy, operations, and add-on acquisitions.
2022 Forecast
It is shaping up to be another great year, and the Banyan team has hit the ground running. I encourage you to visit our new website, which launched earlier this month. With a more modern design and refreshed content, it better reflects our brand and positions us for continued growth. Additionally, the new website is more intuitive and easier to navigate, thus providing a better user experience for investors and stakeholders.
Banyan Capital Partners (“Banyan”), a leading Canadian middle market private equity firm, is pleased to announce its investment in Innovative Surface Solutions LP (“Innovative” or the “Company”), a leading distributor of liquid surface solutions in North America. Innovative marks the inaugural investment through Banyan Committed Capital LP, an evergreen investment vehicle that has recently closed its first $216 million tranche of commitments.
Founded in 1986, Innovative Surface Solutions distributes liquid surface solutions to large treated salt partners, commercial customers, water treatment clients and government agencies across North America. Headquartered in Ajax, Ontario with its U.S. headquarters in Glenmont, New York, Innovative operates seven terminals with the capacity to store over 200 thousand metric tons of liquid product and process over 300 thousand metric tons annually, comprising the largest liquid distribution network in Eastern Canada and the Northeast U.S.
Banyan is partnering with the Company’s CEO and existing majority owner, Greg Baun, who has served in this role since 1994, to help facilitate Innovative’s next phase of growth. Greg will remain in the role of CEO post-close and retain a significant ownership stake in the Company.
“I am excited to be partnering with Banyan Capital Partners. Their long-term investment philosophy aligns with the objectives of my team to continue to grow our business throughout North America,” said Greg Baun, CEO of Innovative Surface Solutions.
“Innovative is uniquely positioned on the east coast of Canada and the U.S. to provide essential road safety and industrial solutions to its customers for years to come. Banyan is looking forward to working with Greg and his team as we embark together on this next chapter of growth,” said Matthew Segal, Managing Director and Partner at Banyan Capital Partners.
About Innovative Surface Solutions
Founded in 1986, Innovative distributes liquid salts, primarily magnesium chloride and calcium chloride mixed with additives for de-icing, dust control and various industrial applications. The Company services a diverse customer base including large treated salt partners, commercial customers, water treatment clients and government agencies including regional municipalities, townships and counties. Headquartered in Ajax, Ontario with its U.S. headquarters in Glenmont, New York, the Company operates seven terminal facilities with the capacity to store over 200 thousand metric tons and processes over 300 thousand metric tons annually.
About Banyan Capital Partners
Founded in 1998 and under current management since 2008, Banyan Capital Partners is a Canadian based private equity firm that makes equity investments in middle market private and public companies throughout North America. Through a long-term investment approach, Banyan has developed into one of Canada’s leading middle market private equity firms with an established track record of success in providing full or partial liquidity to founders, families and entrepreneurs and helping them take their business to the next level. Banyan is part of Connor, Clark & Lunn Financial Group Ltd., an independently owned multi-boutique asset management firm whose affiliates are collectively responsible for over $100 billion in assets under management on behalf of institutional, private and retail clients.
Contact:
Jeff Wigle
Managing Director
Banyan Capital Partners
(416) 564-0737
[email protected]
Banyan Capital Partners (“Banyan”), a leading Canadian middle market private equity firm, is pleased to announce it has closed the fundraising for its first tranche of committed capital at $216 million in a newly created evergreen fund, Banyan Committed Capital LP (“The Fund”). Funding was provided by high net worth investors of Connor Clark & Lunn Private Capital Ltd., Connor, Clark & Lunn Financial Group Ltd., and the principals of Banyan. With this first committed capital raise, Banyan aims to build a sustainable, diversified portfolio of value-oriented private equity investments.
Banyan will continue with the long-term, partnership-focused investment philosophy and approach which has led to its success since 2008. Unlike traditional private equity firms, Banyan has the ability to hold its investments for up to 50 years.
Banyan will seek to make equity investments in the range of $10 million to $50 million in businesses with an established track record of generating annual EBITDA in the general range of $5 million to $15 million. Additional fundamental characteristics of targeted businesses include; a Canadian or U.S. headquarters, a clear competitive advantage, identifiable growth opportunities and the existence of, or potential to, generate significant free cash-flow.
Since 2008, Banyan has invested over $190 million across seven platform investments and completed an additional 10 add-on acquisitions across a breadth of industries. For more information on Banyan, please see www.banyancapitalpartners.com.
About Banyan Capital Partners
Founded and under current management since 2008, Banyan Capital Partners is a Canadian based private equity firm that makes equity investments in middle market private and public companies throughout North America. Through a long-term investment approach, Banyan has developed into one of Canada’s leading middle market private equity firms with an established track record of success in providing full or partial liquidity to founders, families and entrepreneurs and helping them take their business to the next level. Banyan is part of Connor, Clark & Lunn Financial Group Ltd., an independently owned multi-boutique asset management firm whose affiliates are collectively responsible for over $100 billion in assets under management on behalf of institutional, private and retail clients.
Contact:
Jeff Wigle
Managing Director
Banyan Capital Partners
(416) 564-0737
[email protected]
