Portfolio Exits

BelAir Networks Inc.

Retail Funds: Covington Fund II
Sector: Technology
Acquired By: Ericcson
Exit Date: February 2012

BelAir Networks provided high-performance wireless network technology that enables wireless connections to Wi-Fi networks worldwide.

Cyence International Inc.

Retail Funds: Covington Fund II, Covington Venture Fund
Sector: Technology
Acquired By: Davis and Henderson

Cyence International Inc. provided web services software solutions for the world's banking, manufacturing, and equipment finance markets.

Cytochroma Canada Inc.

Retail Funds: Covington Fund II
Sector: Life Sciences
Acquired By: OPKO Health
Exited: Acquisition
Exit Date: January 2013

Cytochroma Inc. is a clinical stage specialty pharmaceutical company that designs, develops and commercializes prescription products to treat and prevent the clinical consequences of vitamin D insufficiency and secondary hyperparathyroidism (SHPT) associated with chronic kidney disease (CKD). The Company has an advanced portfolio of new therapies designed to safely and effectively treat patients with vitamin D insufficiency and SHPT associated with Stage 3, 4 or 5 CKD. In addition, Cytochroma is developing novel therapies to treat elevated blood phosphorus levels (hyperphosphatemia) in order to improve the control of SHPT in CKD patients.

EGI Financial Holdings

Retail Funds: Covington Fund II
Sector: Traditional Industries
Exit Date: September 2013

EGI Financial operates in the property and casualty insurance industry in Canada. Through its subsidiary, Echelon General Insurance, EGI Financial provides a comprehensive, specialized insurance offering focused on non-standard automobile insurance and other niche and specialty general insurance products.

Epocal

Retail Funds: Covington Fund II
Sector: Life Sciences
Acquired By: Alere Inc.
Exited: Acquisition
Exit Date: February 2013

Cytochroma is a clinical-stage specialty pharmaceutical company focused on developing and commercializing proprietary products to treat and prevent the clinical consequences of vitamin D insufficiency and SHPT associated with CKD. The Company specializes in developing new vitamin D therapies which are designed to safely and effectively treat patients with stage 3, 4 or 5 CKD. Cytochroma also has a portfolio CYP24 and phosphate-uptake inhibitors in early stages of development.

FRI Corporation

Retail Funds: Covington Fund II
Sector: Technology
Acquired By: Statpro
Exit Date: October 2006

FRI provided securities information services and asset, wealth, trading, and risk management software solutions to a broad base of customers in the financial markets in Canada and abroad.

Golf Town Income Fund

Retail Funds: Covington Venture Fund
Sector: Traditional Industries
Exited: Public Market
Exit Date: October 2007

Founded in 1999, Golf Town has grown to become Canada's largest golf retailer with stores ranging in size from 14,000 to 25,000 square feet. Golf Town offers consumers a one-stop shopping solution for the best in brand name golf clubs, bags, apparel, shoes, accessories, gifts and professional instruction.

PlateSpin Ltd.

Retail Funds: Covington Venture Fund
Sector: Technology
Acquired By: Novell
Exit Date: March 2008

PlateSpin provided a unified set of software solutions to help enterprises adopt, manage, and extend the capabilities of their existing data centres through integration with existing systems.

ProShred Security

Retail Funds: Covington Fund II
Sector: Technology
Acquired By: Iron Mountain
Exit Date: July 2004

ProShred provided on-site paper shredding and recycling services to corporate clients throughout North America.

Protus IP Solutions

Retail Funds: Covington Venture Fund
Sector: Technology
Acquired By: J2 Global Communications Inc.
Exit Date: December 2010

Established in 1997, Ottawa based Protus provided Software-as-a-Service (“SaaS”) communications services and solutions to the business market.

RuggedCom Inc.

Retail Funds: Covington Fund II
Sector: Technology
Exited: Public Markets

RuggedCom designed and manufactured communications equipment for harsh electrical and climatic environments.

SXC Health Solutions

Retail Funds: Covington Fund II
Sector: Technology
Exited: Public Markets

Systems Xcellence (SXC) provided healthcare information technology solutions and services to the healthcare benefits management industry.

ThinkFilm

Retail Funds: Covington Fund II
Sector: Traditional Industries
Acquired By: Entertainment One
Exit Date: March 2008

ThinkFilm produced and distributed films including seven Academy Award nominated productions.

TNR Doors Inc.

Retail Funds: Covington Fund II
Sector: Traditional Industries
Acquired By: Management Buyout
Exit Date: April 2012

TNR Doors manufactured custom made, heavy-duty industrial rubber doors tailord for rugged/harsh environments, high traffic conditions, and door impact concerns.