News and Headlines

TerraVest Income Fund Announces June 2009 Distribution

The Fund announced today that it has declared a cash distribution of $0.0275 per Unit, effective with the distribution to be paid on July 15, 2009, to Unitholders of record on June 30, 2009. The ex-distribution date is June 26, 2009.

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TerraVest Income Fund Releases 2009 Q1 Financial Results, Announces Amended Credit Facility and May Distribution

The Fund today released its financial results for the 2009 first quarter.

For the 2009 first quarter, the Fund reported revenue of $55.3 million and net earnings of $5.6 million or $0.28 per Unit, compared with revenue of $57.2 million and net earnings of $5.7 million or $0.33 per Unit for the 2008 first quarter.

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Terravest at a Glance

TerraVest (TSX: TI.UN) is a publicly traded income trust with a portfolio of six diversified businesses. The Fund's stated objective is to provide stable and increasing cash returns to its unitholders. Its mandate is to build a diversified portfolio of high quality, mid-sized businesses for outstanding growth in per unit distributions and income stability.

The Fund pays monthly distributions on the 15th day of each month to unitholders of record at the end of the previous month

The Fund has invested in six businesses:

RJV is one of the largest providers of wellhead processing equipment for the natural gas industry in western Canada.
Stylus is one of Canada's leading made-to-order upholstered furniture manufacturers.

Don Park is one of Canada's largest manufacturers and suppliers of heating, ventilation and air conditioning (HVAC) products.

Diamond Energy Services is a market leader in providing well servicing to the oil and natural gas sector in south- western Saskatchewan, with a growing presence in Alberta.

Beco Industries is one of Canada’s largest designers, manufacturers and importers of home textile products.

Ezee-On manufactures heavy duty equipment for large acreage grain farms and livestock operations.

General criteria for new investments by TerraVest:

  • Annual revenues above $20 million
  • Demonstrated track record of generating stable cash flow
  • Durable competitive advantage in an attractive industry
  • Ongoing participation of key personnel post aquisition
  • Opportunities for organic growth under existing business practices
  • Accretion to distributable cash per unit