Transaction|January 24, 2004
Sentinel Capital Partners acquires Spinrite
Torys acted as Canadian counsel to Sentinel with a team that included Stephen Donovan, Michael Akkawi, Jamie Koumanakos and John Guccione (acquisition and equity financing), Adam Delean, Janie Tremblay and Lawrence Levin (debt financing), Dennis Mahony and Shauna Parr (environmental), Katherine Christie (real estate), Corrado Cardarelli, Ron Nobrega and Tim Rorabeck (tax), Christina Medland and Danelle Meighan (employment) and Charles Boulakia (IP).
On January 24, 2004, Sentinel Capital Partners, a New York-based private equity firm, and Spinrite management, completed a recapitalization of Spinrite (a Listowel, Ontario yarn manufacturer and distributor) through a cross-border hybrid structure.
In addition to equity financing, Sentinel obtained senior debt financing from the Bank of Nova Scotia and subordinate debt financing from Norwest Mezzanine Partners.