Identifier: About Our Business

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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

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Innovative Surface Solutions

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

Image of mountain bike in bike rack on top of car

Rack Attack

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.

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Purity Life

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.

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Newcrete

Newcrete completed the acquisition of R&L Contracting, a concrete forming business in St. John’s, Newfoundland.

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MIP

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.

Volunteer in orange vest gives a box of food donation to fleeing refugees from Ukraine.

The ongoing conflict in Ukraine has displaced over 12 million Ukrainians, with many seeking refuge in neighbouring countries and beyond. The CC&L Foundation has stepped up to provide vital humanitarian aid. Through two successful fundraising campaigns, the Foundation has raised $409,000 in support of eleven organizations such as Help Us Help and the Canada-Ukraine Foundation.

The impact of these funds has been far reaching, including:

  • Delivery of food boxes to almost 1 million people in 21 oblasts
  • Provision of bulletproof vests, food, shelter and assistance in relocating families
  • War Trauma Therapy program started for 9,900 children
  • Purchase of 1,000 new firefighting sets of personal equipment
  • Re-launch of the Canada-Ukraine Surgical Aid Program
  • Delivery of supplies and medicine to 78 hospitals across Ukraine
  • Delivery of 140 metric tons of buckwheat seeds for harvest in October, providing much-needed food security

The Foundation’s efforts have also extended to the Ukrainian-Canadian community, with the Displaced Ukrainians Appeal funding over 1,000 displaced children to attend summer camps in Canada.

Through its various charitable initiatives and the dedication of volunteers, the CC&L Foundation continues to make a positive impact in the lives of Ukrainians affected by the conflict, providing necessary help and hope for a better tomorrow.

Learn more about the work of the CC&L Foundation.

Warren Stoddart, Connor, Clark & Lunn Financial Group’s President and CEO recently joined Rosemont CEO Chas Burkhart as a guest on the Global Investment Leaders podcast. Warren shares his thoughts on: CC&L Financial Group’s evolution over the past four decades, growing the business to a $100 billion global firm, and what is coming up next for the firm.

In the episode, Warren reflects on the changes to the business over the years that have led to CC&L Financial Group becoming one of the largest employee-owned asset management firms in Canada. He notes that when he first started in the business, there were a number of employee-owned firms of substantial size. One by one, all either failed or were acquired. Chas and Warren discuss the many challenges to maintaining growth in an employee-led firm, in particular, succession planning, both in CC&L Financial Group and within its affiliates.

“We know the business is larger, more complex and requires more specialized knowledge in particular areas,” said Warren. “There are going to be a larger number of leaders in the next generation of the business than there were in this one. And they are going to be focused on different areas— marketing and product development was something that were almost an afterthought 20 years ago, and it’s a big part of what we do today.”

Part of the complexity comes from the growth in private markets, alternatives, global assets and global clients: 15 years ago, almost all of CC&L Financial Group’s revenues and assets came from Canadian pension funds investing in Canadian equities. Around that time, the firm made its first foray into private markets with a 150MW hydro project in BC.

Today, CC&L Financial Group’s revenues are almost evenly split between public markets, private markets, high net worth, investment products, and the returns on the investments the partners make as principals on its own balance sheets. In addition, global equities assets have surpassed CC&L Financial Group’s Canadian equities assets, demonstrating the growth and reach of the business, as well as the value of the multi-boutique affiliate structure.

“One of the secrets to our success is being very focused on establishing cultural and structural alignment of interests with our partners and within all parts of our organization,” says Warren.

Listen to the full episode of the Global Investment Leaders podcast featuring Warren Stoddart by clicking the play button below.

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]

Connor, Clark & Lunn Infrastructure is a leading infrastructure asset management firm with a 10-year track of strong performance, impressive growth and stable returns. We focus on investing in high-quality, middle market infrastructure assets that deliver essential services to customers and create value for stakeholders, including our clients, partners and the local communities in which our projects are located. Read our business update.
 

 

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]