TORONTO, June 30, 2017 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (“Crosswinds” or the “Company”) (TSX:CWI) announced today that the Company has been fully repaid all principal and interest outstanding under its Debentures and has sold its warrants in Salbro Bottle Inc. and affiliates (“Salbro”), all in connection with the previously announced transaction between the shareholders of Salbro and TricorBraun (the “Transaction”).
Crosswinds received total cash consideration on closing of the Transaction of $2,985,865 representing $1,556,215 in respect of its Debentures and $1,429,650 in respect of its Warrants.
Colin King, Chief Executive Officer of the Company said, “Crosswinds initially invested $4 million in Salbro and is pleased that over the life cycle it has more than doubled its investment. Crosswinds worked closely with Salbro in recent years to reposition the investment for growth which has culminated in a successful sale transaction. The sale of Salbro to TricorBraun will allow Salbro to continue to provide its customized packaging solutions with the backing of a broader organization.”
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
Salbro Bottle Inc.
Salbro is a Woodbridge, Ontario based company founded in 1990. Salbro’s packaging solution business provides creative plastic containers, glass containers and closures to its customers.