TorQuest closes continuation fund connected to acquisition of Can Art Aluminum Extrusion
by CM Staff
Management has been involved in Can Art's transformation, and will continue to be significant shareholders in the company.
TORONTO — On Feb. 17, TorQuest Partners announced the closing of a continuation fund vehicle in connection with the acquisition of Can Art Aluminum Extrusion, a North American provider of aluminum extrusions for transportation, electrification, building and construction and other diverse end markets.
The TorQuest-managed continuation vehicle acquired a controlling interest in Ontario-based Can Art from TorQuest Partners Fund IV (Torquest IV) and other shareholders. The transaction was led by accounts managed by Hamilton Lane and included a consortium of institutional investors, including Torquest IV limited partners. Credit Suisse assisted with the private offering.
TorQuest has worked alongside management to execute a multi-year strategy focused on growing strategic relationships with key customers and suppliers and expanding the company’s manufacturing capacity and broadening its capabilities.
The current management team, led by President and CEO Anthony Caputo, have been involved in Can Art’s transformation, will be unchanged and continue to be significant shareholders in the company.
“This transaction allows for a win-win situation, providing our existing investors with an opportunity to monetize the value we have created over the past five years, while offering new and existing investors a chance to participate in the next stage of Can Art’s growth,” said TorQuest Partner Daniel Sonshine. “Can Art has a best-in-class leadership team, a clearly defined strategic plan, and is incredibly well positioned to capitalize on dynamic industry tailwinds, particularly in electric vehicles. We are looking forward to being a value-added partner in the next chapter of growth.”
Mr. Caputo added, “The management team is excited to launch Can Art 2.0, which will see us continue to grow, provide increased value to our customers and ongoing opportunities for our employees and suppliers.”
“TorQuest has been an amazing partner to Can Art and has been critical to the successful execution of our multi-year growth strategy,” said Mr. Caputo. “They provided all of the tools and resources we needed in order to strengthen our position as a market leader, expand our capacity and key capabilities and materially enhance Can Art’s business infrastructure.”
Davis Polk & Wardwell and Torys served as legal counsel to TorQuest on the formation of the continuation vehicle.