- Noble Iron (NIR.H) has completed the sale of the preferred LP interest it held in BP Tex Parent to Banneker Partners Fund II
- The company acquired the preferred LP interest in connection with the sale of the Texada Software business to an affiliate of Banneker Partners
- The purchase price for the preferred LP interest was US$3,257,797.20 (C$4,200,000.00)
- Noble Iron Inc operates in equipment rental, equipment distribution, and enterprise asset management software
- Noble Iron Inc. opened trading at $0.24
Noble Iron (NIR.H) has completed the sale of the preferred LP interest held in BP Tex Parent to Banneker Partners Fund II.
The company acquired the preferred LP interest in connection with the sale of the Texada Software business to an affiliate of Banneker Partners, a US-based private equity fund, as previously announced by the company.
BP Fund, an affiliate of Banneker, is the majority holder of preferred LP interests of BP Tex LP. BP Tex LP is the parent of the entity that acquired the Texada Software business from the company.
The purchase price for the preferred LP interest was US$3,257,797.20 (C$4,200,000.00).
The sale resulted in the company receiving 100 cents on the dollar for its investment in the preferred LP interest in cash (less transaction expenses).
The sale of the Texada Software business constituted the sale of all of Noble Iron’s operating activities. Following the sale, Noble Iron returned a total of $27,267,479, or $1.00 per share, to its shareholder with the payment date of December 23, 2022.
The Board of Directors will assess the available options to return additional capital to its shareholders following the sale of the preferred LP interest.
Noble Iron Inc operates in equipment rental, equipment distribution, and enterprise asset management software for the construction and industrial equipment industry.
Noble Iron Inc. opened trading at $0.24.
