EdgeStone Capital Partners

Stephenson's Rental Services Income Fund

Stephenson's Rental Services Income Fund

July 18, 2007 16:41 ET

Announcement by EdgeStone Capital Partners

EdgeStone Acquires Remaining Units of Stephenson's

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - Stephenson's Rental Services Income Fund (the "Fund") (TSX:RNT.UN) and EdgeStone Capital Partners ("EdgeStone")(TSX:GMP.UN) today announced that 1731807 Ontario Inc. ("the Offeror"), an affiliate of EdgeStone Capital Equity Fund III (Canada) L.P., a fund managed by EdgeStone, has paid for 7,914,606 units (the "Units") of the Fund that were taken up and accepted for payment yesterday by the Offeror pursuant to its previously announced offer to purchase all of the Units for $6.875 cash per Unit (the "Offer"). These Units represent all of the Units tendered pursuant to the Offer and approximately 80.9% of the issued and outstanding Units of the Fund.

As the Offeror acquired more than 66?% of the Units, it has effected an amendment to the Declaration of Trust of the Fund, as described in the Offer, pursuant to which it is permitted to purchase the Units held by non-tendering unitholders immediately on giving notice to such non-tendering unitholders. The Offeror has delivered such notice to the non-tendering unitholders and has thereby acquired the remaining Units of the Fund.

The Fund is now a wholly-owned subsidiary of the Offeror, and payment of the $6.875 per unit consideration has been delivered by the Offeror to the Depositary to be forwarded to former unitholders of the Fund. The Fund has made an application to have the Units delisted from the Toronto Stock Exchange and expects that the delisting will be effective at the close of business today. Upon confirmation of delisting, it is expected that the Fund will be wound up and will submit a notice to each of the Securities Commissions in Canada that it has been delisted and wound up and as such has ceased to be a reporting issuer in all such jurisdictions on its wind up.

About EdgeStone

EdgeStone is one of Canada's leading private equity firms and has managed in excess of CDN$2.3 billion of private capital on behalf of institutional and high net worth clients. EdgeStone provides capital, strategic direction and business and financial advice to help promising mid-market and early-stage companies achieve their full potential. EdgeStone leverages the resources of its broad business network and ensures an alignment of interests to achieve superior returns for all stakeholders. EdgeStone is one of the principal entities of the GMP Capital Trust group (TSX:GMP.UN).

About the Fund

The Fund is the leading equipment and tool rental company in Toronto and the surrounding areas. Over the past 50 years, the Fund has grown from a single location into one of the top ten equipment rental businesses in Canada. Through its 18 branches, the Fund provides rental equipment and sells consumables to a diverse base of over 30,000 customers, divided into three primary categories: (i) residential, new construction; (ii) non-residential, new construction; and (iii) renovations.

Contact Information

  • EdgeStone Capital Partners
    Gilbert S. Palter
    Chief Investment Officer and Managing Partner
    (416) 860-3789
    Website: www.edgestone.com