Hesperian Capital Management Ltd.

Hesperian Capital Management Ltd.

October 24, 2014 18:06 ET

Hesperian Capital Management Announces Corporate Reorganization

CALGARY, ALBERTA--(Marketwired - Oct. 24, 2014) - Hesperian Capital Management Ltd. (Hesperian), the manager of the Norrep Group of Funds, is extremely pleased to announce a reorganization of the Norrep Group of Companies.

Hesperian has, since 1999, managed the Norrep Group of Funds, which includes the flagship Norrep Fund, the Norrep Opportunities Corp. family of funds, Norrep Premium Portfolios, Norrep Market Neutral Income Fund, flow-through limited partnerships and the Nebulae funds. The Norrep Group of Companies also includes Crown Capital Partners Inc. (Crown), which operates an alternative debt financing business.

All of the shares of Hesperian are currently owned by senior officers, employees and directors of Hesperian. Under an agreed-upon reorganization, the current shareholders of Hesperian will be acquiring equity ownership in Norrep Inc. (Norrep), the sponsor and promoter of the Norrep Group of Funds, which is presently wholly-owned by Gary Perron. As a result of the restructuring, Hesperian will become a subsidiary of Norrep, Norrep's name will be changed to Norrep Investment Management Group Inc. (NIMG) and Hesperian's name will be changed to Norrep Capital Management Ltd. The owners of NIMG will be Gary Perron, who will hold a majority interest, and the current shareholders of Hesperian.

This internal reorganization will not result in any change to the management or administration of Hesperian, Crown or any of the Norrep Group of Funds. The boards of directors of Hesperian and Crown will consist of the same members after the transaction as before. The Norrep Investment Management Group board will be comprised of Alex Sasso, Hesperian's Chief Executive Officer, Steve Smith, Hesperian's Chief Financial Officer, Keith Leslie, Hesperian's Chief Risk Officer, Craig Millar, Hesperian's Chief Investment Officer, and Gary Perron.

"Norrep has had an outstanding relationship with the Hesperian team since 1999, and under their guidance the Norrep funds have developed into one of Canada's top fund families. I am extremely pleased with the reorganization, and look forward to the continued success of this business," said Gary Perron, Norrep Inc.'s founder. According to Alex Sasso, Hesperian's CEO and one of its senior portfolio managers, "the reorganization gives us a solid platform to continue to grow our business and develop our team. We are excited about the future."

The reorganization is subject to receipt of final regulatory approvals and customary closing conditions, and is not scheduled to close until on or about November 30, 2014.

Contact Information

  • Steven London
    General Counsel and Chief Compliance Officer
    (416) 640-4163
    www.norrep.com