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November 2014

Penfund Announces Investment in Mavis Discount Tire

TORONTO, Ontario (November 3, 2014) – Penfund, an independent provider of junior capital to middle market companies located in the United States and Canada, announced today the completion of a US$39.9 million debt and equity investment in Mavis Discount Tire (“Mavis”) in support of an investment by ONCAP Management Partners (“ONCAP”).

Headquartered in Millwood, New York, Mavis is the largest independent tire retailer in New York State and the sixth largest in the United States. The company operates over 150 retail locations predominantly located in New York with a smaller presence in Pennsylvania, New Jersey, Connecticut and Massachusetts. The company also owns and operates two wholesale distribution centers which support its retail operations. Mavis is known for its broad selection of tires, high level of customer service, and competitive pricing.

 

About ONCAP

ONCAP is the mid-market private equity platform of Onex, one of North America’s oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, Onex has approximately US$22 billion of assets under management, including US$6 billion of Onex capital, in private equity and credit securities. Onex invests its capital directly and as the largest limited partner in each of its Funds.

Website: www.oncap.com

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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI.  Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently exceed $1.6 billion.

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