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wesleyclover.com

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Investments

30

Portfolio Exits

3

Funds

2

About Wesley Clover International Corporation

Wesley Clover has an enviable track record as an investment management firm and holding company, with active interests in Information and Communications Technologies (ICT), Real Estate and Leisure Properties.

Wesley Clover International Corporation Headquarter Location

390 March Road Suite 110

Ottawa, Ontario, K2K 0G7,

Canada

613-271-6305

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Latest Wesley Clover International Corporation News

Wesley Clover Parks wants tax break from city hall, arguing 'we act like a city amenity'

Jun 6, 2022

Properties with council-approved MCF agreements can be exempt from paying property taxes under the Ontario Municipal Act. Author of the article: Article content City council could be faced with a decision to give an annual six-figure municipal tax break to the not-for-profit organization running an equestrian and recreational attraction on federal land in west Ottawa. Advertisement 2 Article content Try refreshing your browser, or Wesley Clover Parks wants tax break from city hall, arguing 'we act like a city amenity' Back to video Earlier this year, Wesley Clover Parks asked the city to grant it municipal capital facility (MCF) status for the National Capital Commission land it leases on Corkstown Road. Karen Sparks, executive director of Wesley Clover Parks, said the organization has been working on the request for years, even before the current council term, because it wants the property considered like a city park. “We feel and we act like an amenity in the city and I think an MCF is a part of that,” Sparks said. Properties with council-approved MCF agreements can be exempt from paying property taxes under the Ontario Municipal Act. An MCF agreement would solidify a “partnership” with the city, Sparks said. “Saving those dollars just allows us to put more programming and more of that investment into the property here,” she said. Advertisement 3 Article content The organization has committed to investing $20 million into the park, Sparks noted. It has upgraded the campground and equestrian facilities, and constructed new soccer fields. So far, the city hasn’t shown much interest in signing an MCF agreement with Wesley Clover Parks. “Staff undertook a preliminary review of the request and advised that the city does not consider the use of the property as qualifying for designation,” said Dan Chenier, general manager of the recreation, culture and facilities department. Chenier said the organization has provided additional rationale in support of its request and staff plan to review it. It’s now drawing political interest and scrutiny. To date, the city hasn’t shown much interest in signing an MCF agreement with Wesley Clover Parks. Photo by Ashley Fraser /Postmedia The finance and economic development committee, which is scheduled to meet Tuesday, is expected to consider a walk-on motion directing staff to further review Wesley Clover Park’s request. Advertisement 4 Article content Coun. Mathieu Fleury, council’s sports commissioner, is leading the call for the city to give more thought to Wesley Clover Park’s application. “The spirit here is, how can we maximize investments in sports facilities in Ottawa?” Fleury said, adding that he’s been working with Wesley Clover Parks for more than a year on the organization’s request. “The first step is just an internal review of our legal authority, so it binds nothing,” Fleury said. Fleury said Wesley Clover Parks does great work in the sports community and Ottawa residents would benefit from more investments in sports facilities at the property. There’s a loose connection between the property and the municipal government. For years, the city leased the NCC land and ran the equestrian park and campground before deciding to get out of those businesses. Advertisement 5 Article content Wesley Clover Parks took over in 2014, signing a 21-year land lease with the NCC. The lease calls for the tenant to pay the property taxes. The Ottawa Horse Trials 1 took place at Wesley Clover Parks on Sunday, June 5, 2022. Photo by Ashley Fraser /Postmedia When Wesley Clover took over the property and the city needed a new home for the royal swans, the city considered an MCF agreement for a swan house on the property. Instead, council in 2019 voted to gift the swans to Parc Safari in Quebec. City chief financial officer Wendy Stephanson confirmed that the property brings in about $300,000 annually in property taxes. Stephanson noted that an MCF agreement could identify which parts of a property are covered by the tax break. “If the (agreement) was only for a part of the site, or certain buildings, then only those applicable areas would be provided with a tax exemption,” Stephanson said. Advertisement 6 Article content However, Sparks said Wesley Clover Parks is aiming for an MCF agreement to cover the entire property. Wesley Clover Parks is in Bay ward, represented by Coun. Theresa Kavanagh, who believes the property doesn’t qualify for the tax break. Kavanagh said the city receives many requests from organizations looking for similar tax breaks, but after talking with city management, she agrees Wesley Clover Parks shouldn’t get an MCF agreement. “I don’t feel it’s a good use of taxpayers’ money when they’ve been managing this (property) all this time and now they’re asking for it,” Kananagh said. Other organizations providing recreational services could make the same argument, Kavanagh said, pointing to curling rinks as one example. Advertisement 7 Article content It’s even more difficult for Wesley Clover to argue for a tax break now when tax-paying businesses have endured two years of financial distress under COVID-19 and many of Ottawa’s residential taxpayers have suffered damage after the vicious storm on May 21, Kavanagh said. The city doesn’t buy recreation services from Wesley Clover. In fact, the city’s decision in 2012 to divest from the equestrian business meant it ceased to be a core municipal recreation program. Sparks said there’s more than equestrian activities happening on the property, including hiking trails, nordic skiing trails and charity runs. The Magic of Lights Christmas display in the winter has become one of the park’s big paid-event attractions and it has raised money for CHEO. Advertisement 8 Article content Wesley Clover International is the company founded by tech tycoon Terry Matthews. The Wesley Clover Foundation is the philanthropic division of the firm and it created Wesley Clover Parks. Sparks, who is Matthews’ daughter, said she wouldn’t expect a decision on Wesley Clover Parks’ MCF request until August if the finance committee and council direct staff to review it. Wesley Clover Parks has also sent a legal opinion to the city supporting its request. “Some naysayers will say, ‘Why give a tax break to a wealthy family?’ ” Sparks said, but she doesn’t see it that way. “All of our for-profit businesses pay tax. This is a not-for-profit. It’s intended to be a gift back to the city and it’s intended to be amenities to the city. It’s not just the dollars. The MCF is an important part of that in terms of how residents and the city see this whole project.”

Wesley Clover International Corporation Investments

30 Investments

Wesley Clover International Corporation has made 30 investments. Their latest investment was in RFence as part of their Seed VC on April 4, 2022.

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Wesley Clover International Corporation Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/25/2022

Seed VC

RFence

$1.39M

Yes

1

3/8/2022

Series A

Talkative

$0.65M

No

2

10/15/2020

Seed VC

OverSOC

$0.88M

Yes

1

7/30/2020

Unattributed VC

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$99M

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10

8/2/2018

Series A

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$99M

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10

Date

4/25/2022

3/8/2022

10/15/2020

7/30/2020

8/2/2018

Round

Seed VC

Series A

Seed VC

Unattributed VC

Series A

Company

RFence

Talkative

OverSOC

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Amount

$1.39M

$0.65M

$0.88M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

Sources

1

2

1

10

10

Wesley Clover International Corporation Portfolio Exits

3 Portfolio Exits

Wesley Clover International Corporation has 3 portfolio exits. Their latest portfolio exit was FileFacets on August 20, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

8/20/2020

Acquired

$99M

2

9/5/2019

Acquired

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$99M

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10

3/23/2007

IPO

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$99M

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0

Date

8/20/2020

9/5/2019

3/23/2007

Exit

Acquired

Acquired

IPO

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

2

10

0

Wesley Clover International Corporation Fund History

2 Fund Histories

Wesley Clover International Corporation has 2 funds, including Indian Startups Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

11/14/2017

Indian Startups Fund

$10M

1

6/15/2001

Wesley Clover Fund

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$99M

10

Closing Date

11/14/2017

6/15/2001

Fund

Indian Startups Fund

Wesley Clover Fund

Fund Type

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Status

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Amount

$10M

$99M

Sources

1

10

Wesley Clover International Corporation Team

8 Team Members

Wesley Clover International Corporation has 8 team members, including current Chief Executive Officer, Simon J Gibson.

Name

Work History

Title

Status

Terry Matthews

Founder

Current

Simon J Gibson

Chief Executive Officer

Current

Paul Chiarelli

President

Current

Greg Vanclief

Managing Director

Current

Terence H. Matthews

Celtic House Venture Partners

General Partner

Current

Name

Terry Matthews

Simon J Gibson

Paul Chiarelli

Greg Vanclief

Terence H. Matthews

Work History

Celtic House Venture Partners

Title

Founder

Chief Executive Officer

President

Managing Director

General Partner

Status

Current

Current

Current

Current

Current

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