David Mullen

Operates as a private equity firm

Instar Asset Management invests in middle-market companies located in North America, primarily in Canada and the United States with an enterprise value of USD 100 - 500 million. The firm targets companies operating in the fields of transportation & logistics, energy transition, environmental and social sectors. It provides finanacing for growth, add-on acquisitions and buyout capital requirements with an investment size of USD 50 - 250 million. It also acquires majority interest.

Fulcrum Capital Partners is an active manager which invests in lower – middle market companies located in Canada. The firm focuses on manufacturing, services, distribution & logistics and consumer product sectors. It provides financing for strategic, operational, financial and M&A expertise transactions.

HSBC Capital (Canada) provides equity capital, mezzanine debt and bridge debt to the middle market. They participate in MBOs, acquisitions, going private transactions, LBOs, corporate growth financings, financial restructurings and project/property financings. The firm looks for established companies with a history of revenue and cash flow. HSBC typically invests in traditional businesses in the services, manufacturing and distribution sectors, but they may consider opportunities in other industries. The firm also looks for companies with demonstrated competitive advantages, diversified customer bases and significant barriers to entry. HSBC generally invests in private companies but they may consider investments in publicly-traded companies which the firm feels are undervalued in the public markets. They target control investments in buyouts or acquisitions with an enterprise value of $10 million to $150 million. They may selectively pursue non-controlling equity investments where their investments range from $5 million to $20 million. HSBC's typical investment horizon is 3 to 7 years. Exits may take the form of a strategic sale or merger of the business, refinancing or a public offering or a repurchase of the Fund's position by the investee company.