BENEV investors OK $103 mln royalty deal, company changes name
Shareholders of merchant bank BENEV Capital Inc have approved its previously announced deal with Franworks Franchise Corp to acquire a $12 million annual top-line royalty for a purchase price of approximately $103 million. Shareholders also agreed to a change in the company's name from BENEV to Diversified Royalty Corp. The Franworks acquisition was a point of contention between BENEV and former investor Difference Capital Financial, which reportedly sold all of its holdings in July. Earlier in 2014, the Vancouver-based BENEV entered into a services agreement with Canadian private equity firm Maxam Capital Corp.
22 September 2014•6 mins read
