Mechtronix World Corp., a Montreal-based maker of
flight simulator equipment, says it has received an initial $39
million equity infusion from Richardson Capital Ltd., a private
equity investor.
The money will help fund continued R&D, expansion of
manufacturing and broader market development efforts in the
Americas, Asia, Europe and the Middle East, Mechtronix said in a
release Monday.
David Brown, CEO of Richardson Capital, has been appointed to
the Mechtronix board, the Montreal company said.
"We are pleased to have the opportunity to partner with
Mechtronix, a growth oriented company with the entrepreneurial
vision and world class leadership we like to invest in,'' Brown said
in a release.
"We are impressed by Mechtronix World's ability to profitably
grow its business, continue to strengthen its worldwide brand, and
offer leading training solutions required by today's growing
airlines and flight training organizations".
Fernando Petruzziello, Mechtronix World's CEO and chairman, said
Richardson joins the Caisse de depot et placement du Quebec as major
outside shareholders in the company.
Mechtronix, and Montreal-based CAE Inc. (TSX:CAE), provide flight
simulator and pilot training services to airlines around the world.
Richardson Capital is the private equity division of Richardson
Financial, part of the James Richardson & Sons Ltd. group of
companies.
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