Media Release
FOR IMMEDIATE RELEASE: October 5, 2023

Municipality of Kincardine Council approves the sale of Bruce Telecom
Mayor commits to reinvesting proceeds in the community

KINCARDINE, ON – Today, the Municipality of Kincardine announced the decision to accept Windsor Private Capital’s offer to purchase all of the shares of Bruce Telecom Holdings Inc. (“Bruce Telecom”) in an all-cash transaction.

The decision to sell Bruce Telecom is the result of an unsolicited, non-binding, conditional proposal from Windsor Private Capital to purchase the company. The board of directors at Bruce Telecom investigated and validated the offer and made a recommendation to the Municipality of Kincardine for its consideration.

The offer was subjected to an independent, third-party review and the purchase agreement was negotiated with the advice of legal counsel to the Municipality of Kincardine. The review concluded that Windsor Private Capital made a fair and reasonable offer.  Municipal Council accepted that offer in an all-cash transaction, pursuant to the terms of a share purchase agreement. The purchase price is valued at $CDN 32,650,000, less disbursements and closing costs.  

“With the sale of Bruce Telecom, the Municipality will be able to reinvest the proceeds back into the community towards key projects that support quality of life,” said Mayor Kenneth Craig. “The Municipality originally made the investment in Bruce Telecom at a critical point in time, to ensure that the community had access to telecommunications. Now, Council will determine how to best use the funds from the sale through future strategic planning and budget setting processes.” 

The transaction is subject to regulatory approval from Innovation Science and Economic Development Canada (ISED) and customary closing conditions. It is anticipated that the approval and closing process will take three to four months. 

Once the transaction closes, Windsor Private Capital will own all of the shares of Bruce Telecom.

Mayor Craig expressed his sincere appreciation to the board of directors of Bruce Telecom for their dedication and commitment since their appointment by Municipal Council in 2017. Craig was confident that Windsor Capital will bring both capital and strategic connections that will benefit Bruce Telecom employees and customers going forward.

About Bruce Telecom

Bruce Telecom is a municipal telecommunications company wholly owned by the Corporation of the Municipality of Kincardine. It provides the communities of Kincardine, Port Elgin, Tiverton, Southampton, Chesley, Paisley, Owen Sound, and the surrounding region with a full range of home and business land line phones, Internet, TV, mobile services and a suite of business services including hosted PBX. For more information, please visit www.brucetelecom.com.

About Windsor Private Capital

Windsor Private Capital (Windsor) is an investment firm headquartered in Ontario with a breadth of experience in a wide range of industry sectors. Together with its affiliates, the organization advises and manages over $3 billion on behalf of institutional and private investors. Underpinned by its core values of loyalty, trust, integrity, creativity and teamwork, Windsor is a reflection of belief in family unity and going beyond the transactional to build business connections that endure. For more information, visit www.windsorgp.com.

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Media Inquiries:
Jillene Bellchamber-Glazier, Chief Administrative Officer
Municipality of Kincardine
519-389-1955