Sisu Investment boosts its stake in Wilmington Capital

Sisu Investment Corporation in Oakville, Ont. has added to its position in Calgary firm Wilmington Capital Management. The Dec. 24 transaction was announced Monday.

Sisu bought 2.5 million Class A non-voting shares and 115,000 Class B voting shares of Wilmington from 2361380 Ontario Limited, a private investment holding company run by Ian Cockwell, a long-time Wilmington shareholder who stepped down from the firm’s board of directors in August.

The purchase increases Sisu’s position in the firm to 35.4% of outstanding Class A and 29.3% of Class B shares. Sisu bought the shares privately for roughly $6.5 million, or $2.50 per.

This follows Sisu’s $5.2 million acquisition of Wilmington shares — with unnamed partners — from Rosebridge Capital Corp. in October.

Sisu said in its release that the move is “for investment purposes.” Its holdings make it a more influential minority shareholder.

2361380 Ontario Limited now owns 8.8% of Class A and about 9% of Class B shares.

Kevin Press

Kevin Press is editorial director for Advisor.ca. He has been writing about money since 1997. Reach him at kevin@newcom.ca.