{"id":2314,"date":"2020-12-10T11:00:45","date_gmt":"2020-12-10T11:00:45","guid":{"rendered":"https:\/\/ddurhamca.wpengine.com\/?p=2314"},"modified":"2022-05-25T12:25:32","modified_gmt":"2022-05-25T12:25:32","slug":"acquisition-of-doprocess","status":"publish","type":"post","link":"https:\/\/dyedurham.ca\/fr\/acquisition-of-doprocess\/","title":{"rendered":"Dye &#038; Durham Announces Transformational Acquisition of DoProcess, the Number One Provider of Real Estate Software in Canada, for C$530 Million from Teranet"},"content":{"rendered":"<header class=\"container release-header\"><\/header>\n<section class=\"release-body container \">\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p><span class=\"xn-location\">TORONTO<\/span>,\u00a0<span class=\"xn-chron\">Dec. 10, 2020<\/span>\u00a0\/CNW\/ &#8211; Dye &amp; Durham Limited (\u00ab\u00a0<b>Dye &amp; Durham<\/b>\u00a0\u00bb or the \u00ab\u00a0<b>Company<\/b>\u00ab\u00a0) (TSX:\u00a0<a class=\"ticket-symbol\" href=\"https:\/\/www.newswire.ca\/news-releases\/dye-amp-durham-announces-transformational-acquisition-of-doprocess-the-number-one-provider-of-real-estate-software-in-canada-for-c-530-million-from-teranet-883838048.html#financial-modal\" data-toggle=\"modal\">DND<\/a>), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals, today announced it acquired DoProcess LP, (\u00ab\u00a0DoProcess\u00a0\u00bb), an\u00a0<span class=\"xn-location\">Ontario<\/span>-based provider of practice-specific software for legal professionals.<\/p>\n<p>Dye &amp; Durham has acquired DoProcess, an affiliated entity of Teranet Inc., from OMERS Infrastructure (\u00ab\u00a0OMERS\u00a0\u00bb), a leading global infrastructure investment manager and the infrastructure arm of one of\u00a0<span class=\"xn-location\">Canada&rsquo;s<\/span>\u00a0largest defined benefit pension plans, for total consideration of approximately\u00a0<span class=\"xn-money\">C$530 million<\/span>.<\/p>\n<p>\u00ab\u00a0DoProcess is an extremely strategic acquisition for Dye &amp; Durham, given its deeply embedded technology, market position and advanced cloud-based software platform,\u00a0\u00bb said\u00a0<span class=\"xn-person\">Matt Proud<\/span>, Chief Executive Officer of Dye &amp; Durham. \u00ab\u00a0We have known DoProcess and its management team for many years and the acquisition provides us with a unique and very compelling opportunity to significantly scale our Canadian business in the near term. This is a highly sought-after asset for us, and we have strong conviction around the prospects and opportunities that can be created by combining Dye &amp; Durham and DoProcess under a single platform.\u00a0\u00bb<\/p>\n<p>As part of the transaction, OMERS will acquire\u00a0<span class=\"xn-money\">C$30 million<\/span>\u00a0of Dye &amp; Durham common shares. \u00ab\u00a0OMERS acquired DoProcess as part of our purchase of Teranet in 2008. We are very proud of how the Teranet team has subsequently grown DoProcess, creating significant value for our members, and believe that Dye &amp; Durham is well positioned to continue supporting that success,\u00a0\u00bb said\u00a0<span class=\"xn-person\">Michael Ryder<\/span>, Senior Managing Director and Head of Americas for OMERS Infrastructure. \u00ab\u00a0Teranet is an important business in our portfolio and OMERS looks forward to continued partnership with the Teranet management team to further grow the business and generate strong returns to support our pension obligations to OMERS members.\u00a0\u00bb<\/p>\n<p>The valuation multiple paid for the acquisition represents the strategic nature of this transaction and therefore is above the multiples paid in the Company&rsquo;s most recent transactions. However, given the strategic nature of this acquisition, the Company believes, on a post-synergy basis, the returns will be consistent with its historical track record.<\/p>\n<p><b>Acquisition Financing<\/b><\/p>\n<p>The acquisition and related transaction costs are to be partially funded through a committed debt financing package underwritten by The Bank of\u00a0<span class=\"xn-location\">Nova Scotia<\/span>\u00a0(\u00ab\u00a0Scotiabank\u00a0\u00bb). The debt financing package includes a\u00a0<span class=\"xn-money\">C$140 million<\/span>\u00a0revolving credit facility (amended and restated from the Company&rsquo;s existing revolving credit facility), a\u00a0<span class=\"xn-money\">C$245 million<\/span>\u00a0term loan maturing on\u00a0<span class=\"xn-chron\">September 25, 2024<\/span>\u00a0and a\u00a0<span class=\"xn-money\">C$125 million<\/span>\u00a0term loan maturing on\u00a0<span class=\"xn-chron\">July 31, 2022<\/span>.<\/p>\n<p>In addition to the committed debt financing package, Dye &amp; Durham is also raising approximately\u00a0<span class=\"xn-money\">C$225 million<\/span>\u00a0of new equity through a brokered private placement agreement (the \u00ab\u00a0Private Placement\u00a0\u00bb) supported by five of its existing long-term institutional shareholders. Under the Private Placement, approximately 6.5 million new common shares will be issued at a price of\u00a0<span class=\"xn-money\">C$34.65<\/span>, representing a discount of 1% to the closing price of Dye &amp; Durham&rsquo;s common shares on the TSX as at\u00a0<span class=\"xn-chron\">December 9, 2020<\/span>.<\/p>\n<p><b>Advisors<\/b><\/p>\n<p>Canaccord Genuity has acted as financial advisor and Bennett Jones LLP has acted as legal counsel to Dye &amp; Durham on the transaction. Scotiabank has acted as financial advisor and McCarthy T\u00e9trault LLP has acted as legal counsel to the seller on the transaction. Goodmans LLP is legal counsel to Dye &amp; Durham on the Private Placement. Scotiabank is underwriting the committed debt financing package. DLA Piper is legal counsel to Dye &amp; Durham and BLG LLP is legal counsel to Scotiabank on the debt financing.<\/p>\n<p>This press release does not constitute an offer of any securities for sale in the United States.\u00a0 The common shares have not been and will not be registered under the United States Securities Act of 1933 (the \u00ab\u00a0U.S. Securities Act\u00a0\u00bb), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in\u00a0<span class=\"xn-location\">the United States<\/span>\u00a0except pursuant to an exemption from the registrations requirements of the U.S. Securities Act and applicable state securities laws.<\/p>\n<p><b>About Dye &amp; Durham<\/b><\/p>\n<p>Dye &amp; Durham Limited is a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye &amp; Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in\u00a0<span class=\"xn-location\">Canada<\/span>\u00a0and the\u00a0<span class=\"xn-location\">United Kingdom<\/span>, and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations.<\/p>\n<p>Additional information can be found at\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3009075-1&amp;h=1665918022&amp;u=http%3A%2F%2Fwww.dyedurham.com%2F&amp;a=www.dyedurham.com\" target=\"_blank\" rel=\"nofollow noopener\">www.dyedurham.com<\/a>.<\/p>\n<p><b>Forward-looking\u00a0Statements<\/b><\/p>\n<p>This press release\u00a0may contain forward-looking information\u00a0within the meaning of applicable securities laws,\u00a0which reflects the Company&rsquo;s current expectations regarding future events, including with respect to the Company&rsquo;s acquisition strategy, the impact of the acquisition, expected synergies, and timing and closing of the Private Placement. Forward-looking information is based on a number of assumptions\u00a0and is subject to a number of risks and uncertainties, many of which are beyond the Company&rsquo;s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors\u00a0discussed under \u00ab\u00a0Risk Factors\u00a0\u00bb\u00a0in the prospectus supplement of the Company dated\u00a0<span class=\"xn-chron\">November 18, 2020<\/span>\u00a0to the short-form base shelf prospectus of the Company dated\u00a0<span class=\"xn-chron\">November 18, 2020<\/span>. Dye &amp; Durham does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.<\/p>\n<p>SOURCE Dye &amp; Durham<\/p>\n<p>For further information: Adam Peeler, LodeRock Advisors Inc.,\u00a0Adam.peeler@loderockadvisors.com, 416.427.1235<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO,\u00a0Dec. 10, 2020\u00a0\/CNW\/ &#8211; Dye &amp; Durham Limited (\u00ab\u00a0Dye &amp; Durham\u00a0\u00bb or the \u00ab\u00a0Company\u00ab\u00a0) (TSX:\u00a0DND), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase&#8230;<\/p>\n","protected":false},"author":7,"featured_media":2316,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[1],"table_tags":[],"class_list":["post-2314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dye &amp; 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