DECEMBER 12, 2022 – Yellow Point Equity Partners III LP (“Fund III” or the “Fund”) is pleased to announce the completion of the sale of its equity interest in Strait Group Ltd. (“Strait” or the “Company”). On December 12, Fund III sold its stake in Strait to a member of the Company’s management team.
The Fund initially invested in Viper Innovation Inc. (“Viper”), a provider of heavy industrial maintenance and construction, in 2015. Viper was later merged with Strait, a pipeline and facility construction and maintenance company, in 2020. The merger created a diversified maintenance and construction business servicing energy customers across western Canada.
“We commend the management teams of both Strait and Viper on their success to date, and we believe that this transaction represents a positive development for the Company, its customers, and its employees. We are confident that the management team will continue to drive the Company’s success and deliver strong results for its stakeholders,” said Dan McLaughlin, Vice President of Yellow Point Equity Partners.
Scott Pomeroy, Strait’s CEO said, “Yellow Point has been a supportive partner to both Strait and Viper. Both management teams enjoyed a positive partnership with Yellow Point, and we look forward to building on that success into the future.”
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Yellow Point Equity Partners has been actively helping its management partners build better businesses for over 18 years. The firm invests in outstanding management teams of later-stage growth companies based primarily in Canada and aims to be the long-term partner of choice for Canada’s leading mid-market companies. Yellow Point’s approach is supportive, hands-off with respect to day-to-day operations and active when it comes to strategic decisions and board work.
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