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Miralta  
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Over the 30 years of its existence and through a series of funds, Miralta has consistently generated a 4X return of capital and gross internal rates of return in excess of 22% for investors in each of Innocan, Altamira/Almiria and Miralta Capital, by focusing on attractive business opportunities and providing crucial “hands-on” guidance to management teams of portfolio companies.

Below are just a few of the successful investments Miralta has made and realized:


AES Data Ltd. was a pioneer in word processing technology. Innocan purchased the division out of receivership in 1973 and provided growth capital. Five years later, AES was sold for $52 Million, a 20.8x multiple of invested capital.


Altamira Management Ltd., an investment counselling company, grew from $300 Million under management to over $16 Billion during the eight years in which Altamira/Almiria was the predominant shareholder. Altamira/Almiria helped Altamira Management expand through a combination of internal growth, acquisitions and strategic alliances. Altamira Management is now recognized as one of Canada’s leading mutual fund companies. After investing $6 Million in 1988, $128 Million in cash and shares worth $107 Million were transferred to Altamira/Almiria investors in 1997 for a total net return of $229 Million.


Altamira/Almiria helped transform Memotec Data Inc. from a small telecommunications equipment company into an international communications carrier. In addition to assisting in Memotec’s internal growth, Altamira/Almiria was instrumental in structuring a series of small acquisitions. In 1987, Altamira/Almiria demonstrated its skills in engineering large buyouts by completing a $600 Million leveraged purchase of the assets of Teleglobe Canada through a Government of Canada auction, using the much smaller Memotec as the acquisition vehicle. Altamira/Almiria’s $10 Million investment in Memotec returned a gross amount of $63 Million to fund investors over a four-year period.


Miralta Capital first invested in Teranet Inc. in 1993. Teranet is a successful e-commerce company that is the monopoly provider of land registry services in the Province of Ontario. Teranet generated an EBITDA of $157 Million in the fiscal year ended March 30, 2006. In addition to its financial strength, the company has developed world class technology which can be exported globally. Miralta Capital has been very active in the success of Teranet.

As a result of its investment of approximately $36 Million and the buyout of the Ontario Government’s interest in Teranet, Miralta Capital and its investors controlled 77% of Teranet. In June 2006, Teranet completed a $700 Million income trust IPO which put a value of $2.1 Billion on the whole company. This was one of the largest income trust IPOs ever done in Canada. The $36 Million invested by Miralta Capital and co-investing Miralta Capital shareholders returned over $720 Million in the form of liquid securities.


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