On October 14, 1999, Xantrex Technology Inc. of Burnaby, BC acquired Statpower Technologies Corporation of Burnaby, BC. Both companies are involved in leading advanced power conversion products. The Chairman and CEO of Xantrex is Mossadiq Umedaly, formerly Senior Vice-President and CFO of Ballard Power Systems Inc. Concurrent with the acquisition, Xantrex completed a bank financing from HSBC Bank Canada and a private equity financing. The $42.5 Million equity financing is one of the largest private equity transactions in the technology industry in Canada in 1999 and one of the largest ever in British Columbia.
Xantrex was represented by Lang Michener Lawrence & Shaw in Vancouver. The Lang Michener team was led by John Stark, Amyn Abdula (corporate), Francois Tougas (corporate), Richard J. Bennett (tax), Barry Finlayson (securities) and John Morrison (banking).
Statpower was represented by Blake, Cassels & Graydon. The Blakes team was led by partners Geoffrey Belsher and Bill Maclagan who were assisted on corporate matters by Andrew McLeod, Peter Fahy and Caroline Nelson and on tax matters by Martha O'Brien.
Certain private investors, including the Ontario Municipal Employees Retirement System, were advised by the Davies Ward & Beck team of Jay Swartz, Scott Hyman and John Zinn. Certain other private investors were represented by Rob White of Irwin White & Jennings of Vancouver. Irv Laskin of Lawson Lundell Lawson & McIntosh represented HSBC and William Sirett of Ladner Downs represented Goepel McDermid Inc. and Nesbitt Burns Inc. who assisted Xantrex with the acquisition and private placement.