MAVA Member Wellington Financial puts $10 mln to work in TUC-CareWorx deal
Canadian specialty finance firm Wellington Financial announced that it has provided a $10 million credit facility to the concurrently announced merger of TUC Managed IT Solutions and CareWorx Inc. Wellington said the funding will help Ottawa-based TUC, a managed information technology and cloud services provider, acquire Orangeville, Ont.-based CareWorx. a provider of technology solutions to senior care facilities. The combined company will adopt the CareWorx brand, Wellington said. EPIC Capital, a Canadian boutique investment firm, also participated in the deal.
Mark Usher, Partner at Wellington Financial added, “We are very pleased to be partnering with these two market-leading technology providers as they join forces to leverage the strength of each business”. “We believe that once combined, the team will quickly reach new heights”, said Usher.