TORONTO, July 24, 2017 /CNW/ - Acasta Enterprises
Inc. (TSX: AEF and AEF.WT) ("Acasta") is pleased to
announce several developments as it repositions itself as a public
company from a Founder-led special purpose acquisition corporation
following its three qualifying acquisitions earlier this year.
Acasta's Board of Directors is now comprised of Geoff Beattie as its independent Chairman,
Tony Melman as CEO, and three new
independent directors – Robert
Schwartz, Jay Swartz and
Michael Young – added at Acasta's
recent annual shareholders meeting. All of Acasta's directors have
extensive business and governance expertise. Belinda Stronach has resigned as a director but
remains committed as a founder.
As previously announced, Acasta's management has been enhanced
by the addition of highly experienced senior executives
Ian Kidson as Chief Financial
Officer and Chief Operating Officer, and Erik Levy as Managing Partner. Ian was
previously Executive Vice President and Chief Financial Officer of
Progressive Waste Solutions Ltd. and Erik was previously Senior
Principal and founding member of the Direct Private Equity business
at Canada Pension Plan Investment Board.
In support of and to further enhance the alignment of Acasta's
board and management team with its shareholders, Hunter Harrison and Gordon Nixon (Founders of Acasta) have agreed to
sell their respective equity interests to Acasta's directors and
senior management, as well as certain of its existing Founders.
Included in these equity interests are approximately 1.2 million
promote shares, which are subject to forfeiture provisions
described in Acasta's public disclosure.
"I am pleased that we have the leadership in place at the board
and management levels to drive the achievement of Acasta's
strategic plans," said Mr. Melman. "I would like to welcome each
new member of the board and management and personally thank Belinda
for her contribution as a Founder-director of Acasta."
About Acasta Enterprises Inc.
Acasta Enterprises Inc. is a leading Canadian public company
that acquires businesses with exceptional potential for value
creation through strategic and transformational initiatives. As a
proactive private equity manager, Acasta partners with the senior
management teams of its acquired businesses, empowering them to
pursue value creating trajectories.
SOURCE Acasta Enterprises Inc.