Sale of Bruce Telecom Closes

Sale of Bruce Telecom Closes with Council Approving Creation of a Legacy Fund and Advisory Committee

March 28, 2024

In October of 2023, the Municipality of Kincardine announced the acceptance of an offer to buy all shares of Bruce Telecom Holdings Inc. (“Bruce Telecom”) from Windsor Private Capital.

At the time of the announcement, the transaction was subject to regulatory approval from Innovation Science and Economic Development Canada (ISED) and customary closing conditions. All conditions have been met, and the transfer of all shares has taken place, giving Windsor Private Capital sole-ownership.

With the sale complete for proceeds of $32,650,000, less disbursements and closing costs, considerations of how to govern the management and use of the proceeds led to the creation of the Bruce Telecom Legacy Fund Investment Policy Report.

Council adopted the Bruce Telecom Legacy Fund Policy and established a Legacy Fund Advisory Committee its March 27^th, 2024, meeting.

The Bruce Telecom Legacy Fund is a perpetual fund established based on the desire of Council of the Corporation of the Municipality of Kincardine to continue the ongoing legacy of Bruce Telecom for current and future residents.

The intention of the Legacy Fund is that it will be used for the benefit of the community and as ongoing recognition of the community benefit that Bruce Telecom has provided. Preserving the proceeds from this sale indefinitely provides an opportunity to put the municipality on a strong financial footing for generations to come.

This aligns well with the Municipality’s vision to “…provide quality services that address the needs of our citizens, provide long-term sustainability, and improve the well-being of the community.”

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.

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Staff Content:
Jillene Bellchamber-Glazier, Chief Administrative Officer
Municipality of Kincardine
cao@kincardine.ca
519-396-3468