Toronto’s Wellington Financial LP announced today that Wellington Financial Fund III portfolio company OZ Communications has entered into an agreement to be acquired by Nokia Corporation. OZ is a leading mobile messaging provider of mobile IM and consumer email services. In April 2008, Wellington Financial provided a $10 million venture debt financing commitment for OZ. The funds were used for general working capital purposes and to enable the company to expand product development.
Wellington Financial LP is currently managing a $400 million investment program via Wellington Financial Fund III. Since Fund III began operation in September 2006, Wellington Financial LP has led approximately $160 million of transactions, making it the most active fund of its kind in Canada.
Side note: the Wellington team blog was voted one of the Top 10 Financial & Market blogs by readers of The Globe & Mail newspaper.