On October 21, 2016, McKeil Marine (“McKeil”) and TorQuest Partners (“TorQuest”) finalized TorQuest’s investment in McKeil, in partnership with existing management and shareholders, to support the company’s next phase of growth. Terms of the investment were not disclosed.
In support of the acquisition, PNC Bank Canada Branch, as agent, provided a revolving asset-based credit facility in favour of Marine Work Boats LP, and its Canadian subsidiaries. PNC Bank Canada Branch acted as agent a joint lead arranger (together with The Bank of Nova Scotia) for a syndicate of Canadian and US lenders.
McKeil is a leading Canadian provider of marine transportation and project services for a wide range of customers and industry sectors across the Great Lakes, St. Lawrence Seaway, East Coast and the Canadian Arctic.
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than $2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value.
TorQuest was represented by Torys LLP with a team comprising Matthew Cockburn, Jackie Taitz, Geoff Kelsall and Crystal Chung (M&A) and Tom Zverina, Daniel Doubilet and Jacob Weinstock (financial services).
Blair McKeil and McKeil Work Boats were represented by Blake, Cassels & Graydon LLP with a team comprising David Kruse, Matthew Mundy, Andrew Cyr and Whitney Robinson (M&A), Alexis Levine (financial services), Paul Stepak and Ian Caines (tax), Holly Reid (employment), Doug Taylor (environmental) and Ian Breneman (marine regulatory).
Norton Rose Fulbright Canada LLP represented PNC Bank with a team comprising David Amato, Amanda Fortuna, Vanessa Rochester (marine), Jeff Spiegel (M&A) and Zachary Frenkiel (Québec).