Gienow Windows & Doors Completes IPO and Purchase of Farley Windows

On October 19, 2004, Gienow Windows & Doors Income Fund (the Fund) completed its initial public offering and associated private placement of a total of 25,147,500 trust units for gross proceeds of $251,475,000. The Fund used the aggregate net proceeds of the offering and the private placement, in addition to funds drawn down on a new credit facility, to indirectly acquire the outstanding partnership interests in Gienow Windows & Doors Limited Partnership and its affiliates, Award Windows, Inc. and Architectural Windows & Doors, Inc., all based in Calgary and Edmonton, Alberta. At the same time the Fund acquired all of the issued and outstanding common shares of Farley Windows Inc., based in Alexandria, Ontario, from an ownership group that includes funds managed by EdgeStone Capital Partners, members of management and others. The Fund’s business is the manufacture, distribution and sale of windows, doors and related products.

The underwriting syndicate for the offering was co-led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc., and also included CIBC World Markets Inc., GMP Securities Ltd., National Bank Financial Inc. and TD Securities Inc.

The Fund and the Gienow group of companies were represented by Bennett Jones LLP with a team that included Robert Lehodey, Q.C., Don Boykiw, Jon Truswell, Mathew Dober, Paul Barbeau and Colin Perry (corporate & securities), Alan Ross and Eugene Friess (tax) and Mark Bain and Steven Lutz (banking).

The underwriters were represented by Davies Ward Phillips & Vineberg LLP with a team that included Shawn McReynolds, Mindy Gilbert, Jennifer Grossklaus and Robert Druzeta (corporate & securities), Siobhan Monaghan and John Zinn (tax), Gabriella Lombardi (real estate) and Alex Pike (environmental), and in the US by Gerald Shepherd and Charles Malone.

Farley Windows Inc. was represented by Sandra Cowan, partner and general counsel, EdgeStone Capital Partners, who was assisted by Goodmans LLP with a team that included David Matlow, Meredith Roth, Susan Garvie and Richard Warren (corporate & securities) and Carrie Smit and Alan Bowman (tax).