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Wednesday, May 25, 2022

Northern Rivers Announces Sale to Blumont Capital Corporation

Date: Thursday, December 17, 2009
Author: Press Release

Northern Rivers Capital Management Inc. (“Northern Rivers”) announced today that it has entered into a binding agreement, subject to regulatory approval, to be acquired by BluMont Capital Corporation ("BluMont Capital"), a wholly owned subsidiary of Integrated Asset Management Corp. ("IAM") (TSX:IAM). The transaction is expected to close in February of 2010.

Founded in 1998, IAM is a Toronto based public company majority owned by management. IAM develops, distributes and manages alternative investments (including real estate, private corporate debt, private equity, managed futures and retail alternative investments). IAM’s retail subsidiary, BluMont Capital, is one of Canada's leading providers of alternative investment solutions for individual investors.

We believe that this transaction is in the best interest of our clients, who should benefit significantly from being served by a larger organization with a direct and wholesale salesforce, substantial balance sheet and ample resources. With over $2 billion under management, IAM is an industry leader in the design and management of alternative investments in Canada. Clients will continue to enjoy the high quality of service to which they are accustomed while having access to the full range of IAM's alternative asset management expertise.

Importantly, no changes will occur in who is managing the Northern Rivers funds. Hugh Cleland and Alex Ruus will continue to manage the funds under the BluMont Capital banner, while Greg Edwards of Bennington Investment Management will continue to co-manage the Northern Rivers Silicon Valley Access Fund LP with Hugh Cleland. I also want you to know that Likrilyn Capital Corporation remains an investor in the funds. We have confidence in the abilities of the managers and look forward to good returns ahead.

I am enclosing a copy of the press release made today by Mr. Victor Koloshuk, CEO of IAM and BluMont Capital. We will be working closely with IAM to ensure a seamless transition over the next few months. If you have any questions or concerns, please contact us at 416 597 1226 or 1 866 902 7060 ext. 1.


Robert W. Blakely