Birch Hill's GDI to raise $150 mln in going public transaction with Medwell

Medwell Capital Corp (TSX-V: MWC) and GDI Integrated Facility Services Inc have priced their previously announced public offering. The offering, which when closed this month will create a new public entity that will carry on the business of GDI and assume its name, is expected to raise aggregate gross proceeds of $150.4 million or greater. The offering is tied to a transaction that will merge GDI, a Montréal-based provider of janitorial and related services, with Medwell. Both companies are portfolio investments of Canadian mid-market private equity firm Birch Hill Equity Partners. According to SEDAR documents, Birch Hill will receive $104 million of offering proceeds and remain a significant investor in the publicly-listed GDI.

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