Private equity firm Northern Private Capital (NPC), based in Toronto, Canada, is to purchase a minority stake in Canadian sustainable plastics company Loop Industries, for $35m.
NPC’s purchase covers 4,093,567 shares of Loop's common stock at a price of $8.55 per share.
The move gives the investor a 10.5% stake and a place on Loop’s board of directors for voting purposes, for which NPC has nominated its CEO, Andrew Lapham, and the deal should close around 14 June but not later than 28 June.
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