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About Maxam
Maxam Capital Corp. formed the Maxam Opportunities Fund (“Maxam”) to focus on structured investments in both publicly traded and private companies.
We seek to fill the void in the Canadian capital market between traditional private equity (majority/control required) and the public markets.
Maxam provides strong companies with a capital solution. We are independent and based in Western Canada. Maxam will target investments in a variety of complex situations, including:
- mezzanine loans
- growth / expansion
- non-core asset spin-offs
- management led buyouts
- recapitalizations
- distressed debt
- bridge loans
- acquisition financing
- non-traditional lending
- public markets
Maxam manages in excess of $100 million of assets under management.
Maxam has the flexibility to commit to a broad range of investments and the ability to close quickly.
Our Approach
Maxam is responsive, creative and flexible in its approach to looking at new investment opportunities:
Responsive:
The types of opportunities we are targeting are generally time sensitive. Maxam has a small group of decision makers and we are committed to making quick decisions and moving aggressively to close deals we are interested in.
Creative:
Maxam will creatively structure investments to meet the needs of the investee company.
Flexible:
Maxam has a broad investment mandate. We are not restricted by industry, geographic location, or position on the balance sheet.
Investment Focus
Maxam has a very broad mandate and will make investments in all types of businesses (except for pure start-ups). We will invest in manufacturing, retail, real estate, technology, financial institutions, etc. Maxam is focused on the quality of underlying business and structuring an appropriate capital solution.
Deal Size:
Maxam’s optimal deal size ranges from $4 million to $12 million. Maxam also pursues larger deals which can be co-funded with existing LP’s.
Industry:
Maxam is industry agnostic and maintains a generalist investment approach.
Structure/Security:
Maxam seeks to invest in preferred securities with equity upside. Examples include convertible debentures, debt with warrants, bridge loans, mezzanine loans and DIP financing. Maxam also invests in common equity (either majority or minority positions) depending on the circumstances.
Maxam Previous Investments
Maxam’s previous investments include the following representative transactions:
Debt Investments
Sutton Place Group
- 4 hotels
- $45 million bridge loan (syndicated; $20mm Maxam)
Unitek Global Service
- telecommunications infrastructure
- $6 million senior secured letter of credit facility
Keg Restaurant Ltd
- casual dining steakhouse restaurants
- $12 million mezzanine loan
Global Royalty Corp
- Mining NSR royalties
- $5.2 million senior secured loan
Greenscape Capital Group
- parking facility in Denver
- $7 million loan
Sutton Place
- Toronto hotel
- $12 million second mortgage
Equity Investments
HOMEQ Corporation
- reverse morgage provider
- 14% ownership
Absolute Software Corp
- computer security and management solutions
Peer 1 Network Enterprises Inc.
- internet and datacenter infrastructure provider
Radiant Communications Corp
- managed network and cloud hosting solutions
- 54% ownership; two board representatives
Vivonet Inc.
- point-of-sale system provider through software as a service
- preferred equity, board representation
Easyhome Ltd
- merchandise leasing furniture and specialty finance
- 24% ownership, board representation
Our Team
Maxam has a small group of investment professionals with a broad array of buy-side and sell-side experience.
Prior to forming Maxam, Mr. Ciampi was the Executive Vice President of Gibralt Capital and a partner of Gibralt Capital and a partner of Second City Capital Partners, Vancouver-based private equity groups.
At Gibralt, a $300 million private investment company focusing on opportunistic investments in both real estate (including joint ventures, mezzanine loans and equity lending) and private equity (including both mezzanine and equity investments in private and public companies), Mr. Ciampi was responsible for all portfolio investments, including deal origination, investment/credit decisions, structuring, monitoring and managing the disposition of its investments. In addition, Mr. Ciampi was responsible for overseeing Gibralt’s finance, taxation and all legal/corporate matters. Over 10 years, Mr. Ciampi managed the increase in Gibralt’s capital from $70 million to $300 million. At Second City Capital Partners, a US$100 million private equity fund that finances control equity and mezzanine debt investments in the middle market in North America, Mr. Ciampi was responsible for deal origination, structuring, monitoring and managing the investments as well as being a member of the investment committee which made the investment/credit decisions.
Mr. Ciampi also serves on the Board of Premium Brands Income Fund.
Mr. Ciampi is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Accountant designation.
Prior to forming Maxam, Mr. Morrison was a partner at Capital West Partners, a Vancouver-based investment banking firm.
For over 12 years at Capital West, Mr. Morrison advised companies across Canada with respect to capital raising (senior debt, subordinated debt and private equity), IPOs, debt restructurings, asset sales, acquisitions, valuations and fairness opinions. Mr. Morrison has advised the following companies:
In 2007, Mr. Morrison was selected by Business In Vancouver as one of Vancouver’s Top 40 Under 40. Mr. Morrison serves on the Board of Easyhome Ltd and is the President and CEO of BENEV Capital Inc.
Mr. Morrison is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Accountant designation.
In addition to his role at Maxam, Mr. Dowle is the President and Fund Manager of Maxam Capital Management Ltd. and has overall investment management responsibility for the Maxam Diversified Strategies Fund.
Mr. Dowle began his career in 1996 with MK Wong & Associates, which was later acquired by HSBC Asset Management. After leaving HSBC, Mr. Dowle worked at Gibralt and Second City Capital.
Mr. Dowle is a graduate of the University of Western Ontario and holds the CFA designation. For information on Maxam Capital Management, please visit www.maxamcm.com.
Advisors
Tim Kerr
Mr. Kerr is the President of Springhouse Investment Corp., a family office which he has run since 2004. In addition, Mr. Kerr and his sons run the Timothy C Kerr Family Foundation. He sits on several private company boards and is a member of the acquisitions committee for the Vancouver Art Gallery. Mr. Kerr is also a trustee of the Keg Income Fund. Previously, he spent over 30 years managing Lignum Forest Products with his brother; they sold the business in 2004.
Mr. Kerr has a Bachelor of Arts degree from the University of British Columbia and has attended Harvard Business School.