BRAMPTON, ON, April 8, 2020 /CNW/ - Effective today,
April 8th, the sale
transaction of MDA by Maxar Technologies (NYSE: MAXR) (TSX: MAXR)
to a consortium led by Toronto-based investment firm Northern Private
Capital (NPC) has officially closed. This marks the return of MDA
to Canadian control as a private, independent company headquartered
in Canada.
Founded in 1969, MDA is Canada's largest space technology developer
and manufacturer, with over 1,900 employees across the country.
Through a strong collaboration and partnership with the Government
of Canada that spans several
decades, MDA has delivered world-leading, iconic technologies such
as the Canadarm family of space robotics for the U.S. Space Shuttle
program and the International Space Station and three generations
of RADARSAT Earth observation satellites for the Canadian
Government.
NPC, led by John Risley and
Andrew Lapham, has appointed
Mike Greenley as Chief Executive
Officer of MDA. "I am very proud to lead MDA at such a
pivotal moment in this great company's history," said Mike Greenley, CEO of MDA. "It is inspiring to
be associated with such eminent Canadian business leaders who share
in a vision to turn MDA into a global powerhouse."
"MDA is truly a made-in-Canada
success story with global growth potential resulting from its
industry-leading technologies across multiple segments of the
growing space sector," said John
Risley. "We are excited to roll up our sleeves with MDA
leadership to help shape its future evolution and expansion."
As a stand-alone company, MDA is one of the largest independent
suppliers of space components and systems in the world, enabling it
to be a merchant supplier to international prime contractors and
partner to governments around the globe who are investing in and
growing their space programs.
"We are open for business," added Greenley. "As a space company
with a big Canadian flag on our backpack and decades of experience
in the space sector building first-of-a-kind space systems, our
ability to partner and collaborate will be unmatched."
The NPC-led consortium has acquired all of MDA's operations
across Canada and the UK. The
transaction value was CAD$1 billion
and was financed with a combination of equity and debt. Equity was
provided by NPC and certain of its limited partners, as well as
several leading investors including Fonds de solidarité FTQ,
Jim Balsillie, Bulldog Capital
Partners, Albion River, Nicola
Wealth and Senvest Capital along with funds managed by Senvest
Management. NPC was advised on the transaction by Bank of
Montreal and Scotiabank.
Scotiabank and Bank of Montreal
also led the senior debt financing, and PointNorth Capital and
Canso Investment Counsel provided the junior debt.
About Northern Private Capital
Northern Private
Capital is a Toronto-based private
investment firm focused on making opportunistic, long-term
investments in partnership with great management teams. NPC invests
in proven businesses with high growth potential driven by unique,
proprietary technology across a broad spectrum of industries. NPC
is currently investing from its inaugural flagship fund which
includes commitments from world-class entrepreneurs, including a
significant commitment from John
Risley.
About MDA
Founded in 1969, MDA is one of Canada's most successful technology companies
and an internationally recognized leader in space robotics and
sensors, radar satellites and ground systems, communication
satellite payloads, antennas and subsystems, surveillance and
intelligence systems, defence and maritime systems and geospatial
imagery products and analytics. With a deep and diverse technology
base, MDA's global reach and heritage serving government and
commercial space and defence markets with innovative and iconic
solutions is unparalleled. MDA operates from locations in
Brampton, Richmond, Ottawa, Montreal, Halifax and the United Kingdom. For more information, visit
www.mdacorporation.com.
SOURCE MDA
