Wynnchurch Capital, Ltd. (“Wynnchurch”) invested in NSC Minerals Ltd. (“NSC”) in partnership with NSC's management. Wynnchurch is a leading middle-market private equity firm with offices in Chicago, Dallas, Detroit, Toronto, and an affiliate office in Montréal.
Based in Saskatoon, Saskatchewan, NSC produces and distributes salt for highway de-icing, industrial, energy, construction, consumer, and agricultural applications. The company serves customers across western Canada and the northern United States. Wynnchurch will support NSC's management team as they pursue geographic expansion opportunities and explore strategic acquisitions. The financial terms of the deal were not disclosed.
Wynnchurch was represented by Blake, Cassels & Graydon LLP with a team that included Graham Smith, Kurt Sarno, Guy Amini and Megan Shaw (M&A); Michael Harquail and Colleen Ross (financial services); Jeffrey Shafer (tax); Jason Gudofsky and Lucian Vital (competition); Lauren Temple and Larry Winton (real estate); Caroline Helbronner (pensions & benefits); Connie Reeve (labour & employment) and Jonathan Kahn (environmental).
TriWest Capital Partners, NSC's exiting financial sponsor, was represented by Stikeman Elliott LLP with a team that included Craig Story, Veronica Tang and Kelly Galloway (M&A); Doug Richardson (tax); Susan Hutton and Megan MacDonald (competition) and Gary Clarke (labour & employment).
NSC's management was represented by James Gorkoff and Catherine Sloan of McKercher LLP.
Senior debt financing for the transaction was provided by Canadian Imperial Bank of Commerce (“CIBC”) as Co-Lead Arranger, Joint Bookrunner, Fronting Agent and Administrative Agent and National Bank of Canada as Co-Lead Arranger, Joint Bookrunner, and Syndication Agent. CIBC and National Bank were represented by Borden Ladner Gervais LLP with a team that included Magnus Verbrugge, Shane Pearlman, Kevin McGrath, Kendall Anderson, Cherie Mah and Martha Martindale.
The Manufacturers Life Insurance Company (“Manulife”) provided mezzanine debt for the transaction. Manulife was represented by Fogler, Rubinoff LLP with a team that included Michael Slan, Marnie Taylor and Daliah Szechtman.