GrowthWorks Atlantic Venture Fund

GrowthWorks Atlantic Venture Fund

September 18, 2007 12:39 ET

GrowthWorks Atlantic Venture Fund Invests in Canadian Sailing Expeditions

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 18, 2007) - GrowthWorks Atlantic Venture Fund today announced its recent investment of $1.6 million of venture capital financing in Canadian Sailing Expeditions (CSE). The financing was used to complete construction of the Caledonia, the largest sailing ship built in North America in the past 100 years.

The 234-foot barquentine sailing vessel will take customers on luxury cruising adventures, using Halifax as its home port. The Caledonia will call on ports that are geared for smaller passenger vessels throughout Nova Scotia and Atlantic Canada in the summer months and the Windward Islands of the Caribbean during the winter.

"Global cruising represents a huge growth industry with small-ship cruising experiencing the most significant growth of 20 per cent annually," says Thomas J. Hayes, President and CEO, GrowthWorks Atlantic Venture Fund. "We are pleased to be investing in Canadian Sailing Expeditions, a local company that has pioneered the concept of adventurous journeys onboard classic tall ships while at the same time generating significant tourism revenue and year-round employment, right here in Nova Scotia."

"The construction and launch of our first expedition vessel, the Caledonia, represents years of careful planning and dedication," says Canadian Sailing Expeditions President and CEO, Douglas Prothero. "This investment from GrowthWorks Atlantic came at a time when we needed to be able to demonstrate to other potential partners that we had the resources and expertise to translate our plans into reality. To us, GrowthWorks is not just a funding partner. We value them as a mentor and as integral source of knowledge and expertise."

Caterpillar, the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines, has committed a $5.4 million, 10-year loan to Canadian Sailing Expeditions. While Caterpillar has financed many re-power (generators and main engines) in the past, this represents their first full vessel financing project in Canada.

Caledonia will embark on its first expedition cruise this December, departing from Guadeloupe and carrying 77 passengers.

About Canadian Sailing Expeditions (

Canadian Sailing Expeditions was founded in 2000 and has grown to employ 35 employees. A ship builder and a cruise operator, CSE started offering cruises on chartered vessels from Europe in 2004/2005. CSE's vessels are built in Nova Scotia beginning with existing hulls that are then converted to meet stringent security features now required to transport international passengers. CSE creates $1.4 million annually in employment in the Canadian marine industry and generates $1.8 million in tourism-related expenditures and about $750,000 in provisioning expenditures in smaller coastal communities. CSE focuses on offering sailing adventures that are eco-friendly and culturally rich.

About GrowthWorks (

GrowthWorks Atlantic Venture Fund is an Atlantic Canadian venture capital fund that provides tax savings for investors and investment capital for Atlantic Canadian businesses.

GrowthWorks(i) manages over $900 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.

GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

(i) GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks Capital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in retail venture capital funds (RVCs). RVCs are not guaranteed; their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

Contact Information

  • GrowthWorks Atlantic Venture Fund
    Heather Spidell, Halifax
    Cell: (902) 441-5027