| Industry: |
Polyethylene products and engineering solutions |
| Investment date: |
August 2001 |
| Acquired by: |
ONCAP I |
| Investment: |
C$36 million /
C$11 million from Onex |
| Status: |
Realized |
| Final realization: |
July 2004 |
| Value realized: |
C$76 million / C$27 million by Onex |
| Gross IRR: |
30% |
| Head office: |
Guelph, Ontario |
The amounts above include Onex’ share of the carried interest and are net of any payments under the Management Investment Plan.
Armtec Limited was a leading provider of steel and high-density polyethylene products and engineered solutions for the Canadian civil engineering industry.
In July 2004, Armtec converted to an income trust and completed a C$90 million initial public offering. ONCAP I sold 100% of its stake in Armtec in that offering for proceeds of C$76 million – an IRR of 30%.