ONCAP to reduce Pinnacle stake in $50 mln secondary deal
Pinnacle Renewable Holdings Inc (TSX: PL), a Richmond, British Columbia-based industrial wood pellet maker and distributor, has launched a secondary offering of common shares. The sellers, which include ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, are expected to realize proceeds of about $50 million or $57.5 million if the greenshoe option is exercised in full. As a result, ONCAP, which made a majority investment in Pinnacle in 2011, will reduce its stake to about 33.1 percent, assuming no exercise of the greenshoe option. Pinnacle went public in February, raising $172 million.
6 June 2018•3 mins read
