CAI Fund completes acquisition of Shred-Tech

Date Closed: 5/07/2004

Value: Undisclosed

On May 7, 2004, CAI Capital Partners III, a private equity fund, along with certain members of the current senior management of Cambridge, Ontario-based Shred-Tech, completed the acquisition of Shred-Tech Inc. and Shred-Tech Holdings Ltd., manufacturers of recycling, waste handling and shredding equipment, including mobile document shredders. The amount of the transaction is undisclosed. The asset and share purchase transaction was financed by way of an equity and convertible debt investment by CAI and management investors, and a term loan and working capital facility provided by the Bank of Nova Scotia.

The Bank of Nova Scotia was represented by Jonathan Dyck, Bill Robertson and Shane Pearlman of BLG.