When Gary Coleman sought to sell his Manitoba-based logistics business, he searched outside the province.
The best opportunity came in the United States. He sold Big Freight Systems, which his family founded in Steinbach, to large American transportation company Daseke Inc.
That was roughly six years ago.
Gary Coleman, former owner of Big Freight Systems, leads TriWest Opportunities Fund Manitoba
Now, Coleman is overseeing a fund aiming to keep Manitoba-based companies’ ownership and capital funding in Western Canada.
The TriWest Opportunities Fund Manitoba, which contains up to $375 million for investment, launched this week.
“If this fund would’ve been available when I was selling, I would’ve been chatting with them,” Coleman said Friday. “I understand the opportunity here.”
Provincial government-funded entity Manitoba First Fund has committed $25 million to TriWest Opportunities.
The Manitoba First Fund doesn’t directly invest in the province’s businesses; instead, it partners on new funds to facilitate local capital. It’s meant to draw private-sector investment to the keystone province.
TriWest Capital Partners, a private equity firm covering Western Canada, has at least $350 million available for the new Manitoba-based fund.
Coleman is the fund’s senior director. He expects investment deals to happen in three ways: the fund will reach out and “plant seeds” with businesses contemplating selling; the fund’s operators will receive inbound calls; and the fund will work with local merger-and-acquisition experts.
The TriWest Opportunities Fund will invest in Manitoba-based companies with annual cash flows between $2.5 million and $50 million.
“It’s the Manitoba-centric, centrally focused, access to capital business model,” Coleman said.
The former Progressive Conservative government funnelled $100 million into the Manitoba First Fund in 2022 and 2023.
Since those announcements, it has created partnerships with two other private equity firms.
The two previously announced partnerships, which account for $40 million of Manitoba First Fund’s money, have not yet used Manitoba First funding on investment deals with local businesses.
“We’re hopeful there will be (deals) soon,” said Ken Ross, chief executive of Manitoba First Fund. “When it comes to investments, it always takes time… People on both sides of the table have to feel comfortable.”
The Manitoba First Fund announced its initial $25-million investment with WestCap Management Ltd., a Saskatchewan venture capital money manager, in March 2023. WestCap dedicated $60 million and four Manitoba credit unions supplied another $30 million.
Manitoba First Fund’s second announcement was in August 2023. It committed $15 million to a fund run by PFM Capital, another Saskatchewan-based operator. PFM Capital matched the $15-million investment.
Both funds target businesses with revenue already in the $10-million range.
There’s $35 million waiting for use in the Manitoba First Fund. Ross said he’s been rallying support for the “early capital” end of the investment spectrum.
TriWest Opportunities is the biggest venture, to date, the Manitoba First Fund has joined.
Ross expressed confidence in TriWest, which is based in Calgary.
“They are a very successful fund,” he said. “The nature of their fund (and) the nature of their approach to supporting investments that they do make goes far beyond just the capital.”
TriWest’s portfolio history includes Landmark Cinemas, which it divested from in 2017, and Monarch Industries, which it’s currently invested in. It’s raised more than $1.6 billion during its 26-year lifespan, its website touts.
TriWest is enthusiastic about Manitoba.
“This is one of the most entrepreneurial and dynamic markets in Canada for building companies across multiple industries,” TriWest Capital Partners senior managing director Mick MacBean said in a statement.
Manitoba’s centrality allows for business growth, he added.
The goal is to have funds available in Manitoba for all stages of business growth, Ross said. Profits the Manitoba First Fund receives from its investments will be funnelled back into the funds it’s connected to, he explained.
gabrielle.piche@winnipegfreepress.com
Gabrielle Piché Reporter
Gabby is a big fan of people, writing and learning. She graduated from Red River College’s Creative Communications program in the spring of 2020.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
