| Industry: |
Registration Services |
| Investment date: |
April 2004 |
| Acquired by: |
ONCAP I |
| Investment: |
C$29 million / C$9 million from Onex |
| Status: |
Realized |
| Substantial realization: |
March 2006 |
| Value realized: |
C$99 million / C$31 million by Onex |
| Gross IRR: |
84% |
| Head office: |
Burnaby, British Columbia |
The amounts above include Onex’ share of the carried interest and are net of any payments under the Management Investment Plan.
Canadian Securities Registration Systems Ltd. ("CSRS") was the only provider of Personal Property Security Act registration and search services across Canada. CSRS specialized in registering PPSA charges on assets, conducting PPSA searches and registering securities under the Bank Act. CSRS’ customer base included financial institutions and auto acceptance and leasing companies in Canada.
In March 2006, ONCAP I sold 100% of CSRS to Resolve Business Outsourcing Income Fund (“Resolve”) for cash proceeds of C$90 million and 1 million units of Resolve (TSX: RBO.UN) - an IRR of 84%.