The NEO Exchange has just announced that, following the completed transaction between BC Partners and Marret Resources Corp., Mount Logan Capital Inc. (“Mount Logan”) has made its public markets debut today on NEO.
Mount Logan is the first financial services company to list on NEO and represents an innovative financial structure with strategic investments in sponsor-backed loans and debt securities with a focus on the middle-market sponsored-backed loans across a variety of sectors. The Company’s common shares began trading today under the symbol MLC.
As we evolve Marret’s investment strategy into Mount Logan’s broader focus on North American middle-market lending, now is the right time for us to list with a next generation stock exchange like NEO,” said Ted Goldthorpe, Chairman and Chief Executive Officer, Mount Logan Capital.
We sought out Canada for its exposure to a robust and growing mid-sized market and the opportunity to build a credit-focused alternative asset manager. Marret Resource Corp. gave us the vehicle to do this, but, after [ten] years on the TSX, we decided to de-list it and re-list with NEO, Canada’s new stock exchange. We chose to do so because NEO is a senior exchange, which is critical to our institutional investor base, who took an innovative look at our transaction structure and quickly provided the clarity, confidence and direction we needed to make our public launch happen.
Ted Goldthorpe is an experienced investment professional with over 15 years of experience leading credit businesses at Goldman Sachs, Apollo Global Management, and BC Partners. BC Partners is an international investment firm, with over CAD$27 billion of assets under management in private equity, private credit, and real estate.
We are thrilled to welcome Mount Logan as the first financial services company to list on our stock exchange, and we are proud they chose us over a legacy listing,” commented Jos Schmitt, President and CEO, NEO. “Unlike incumbent exchanges, our job is to not stand in the shoes of management or to apply antiquated approaches to capital-raising needs of today. Rather, in the case of this innovative transaction, we thoroughly analyzed the plan of arrangement structure and swiftly provided them with certainty that their structure could work as a public entity.
Like us, Mount Logan is focused on meeting the needs of investors, which they aim to accomplish by providing retail investors access to the middle-market lending space and offering institutional investors the ability to participate in the illiquid loan market. Our focus on liquidity, disclosure and service to the benefit of investors and capital-raisers is what makes us a different stock exchange for senior companies who want a public listing in Canada. Ted Goldthorpe and his team fully grasped what makes us unique and have given us the opportunity to demonstrate our strengths in a new sector for us – financial services.
Investors can trade shares of Mount Logan through their usual investment channels, including discount brokerage platforms and full-service dealers. The NEO Exchange is now home to 65 ETFs and funds from eleven providers, and seven corporate listings representing a growing family of innovative companies from Canada, the U.S. and across the globe.