May 18, 2015

Mon, 18/05/2015 - 09:00 TorQuest Partners and its co-investors have completed the sale of their majority interest in Kissner Milling Company Limited to an investor group which includes Metalmark Capital, Demetree Salt, LLC. and Kissner's management team. Terms of the transaction have not been disclosed. Daniel Sonshine, a Partner at TorQuest Partners, says: "Kissner has proven itself as a leader in the de-icing market, and demonstrated an ability to generate strong cash flows through all market cycles. On behalf of TorQuest and our investors, we would like to thank Kissner's management team for their dedication to the Company and excellent work over our hold period. We are very pleased with the result of our first Fund III investment. " TorQuest and its co-investors acquired Kissner in November 2013 and recapitalised the balance sheet in May 2014, allowing the Company to repurchase the equity of a large shareholder, pre-fund significant capital expenditures that were used to improve operations, and provide a dividend to remaining shareholders. Throughout its ownership, TorQuest worked with Management to improve efficiencies at the Detroit salt mine, enhance the supply chain and production mix of the packaged specialty deicing products, create greater focus by divesting non-core assets, and bolster the Company's long-term salt resources through a joint venture. Headquartered in Cambridge, Ontario, Kissner is a leading producer and distributor of bulk rock salt and packaged specialty deicing products across North America. Kissner owns and operates a rock salt mine located in Detroit, Michigan, which began operations over 100 years ago and today is one of the most efficient and safest rock salt mines in North America. With a vertically-integrated supply chain for packaged deicing products, Kissner is highly differentiated in its industry and one of the most cost-competitive producers and distributors of bulk rock salt and other packaged deicing products, across its markets. Tags :