Cartesian’s investment includes four tranches.
Willkie represented Cartesian Capital Group LLC, a private equity fund managing more than $5 billion with a focus on emerging markets, in its investment in Westport Innovations Inc. (TSX: WPT / Nasdaq: WPRT), a Canadian company engineering the world's most advanced natural gas engines and vehicles, a long-term Willkie client.
The investment by Cartesian includes four different tranches:
- $17.5 million immediately, in consideration for an income streaming facility pursuant to which Cartesian is entitled to payments based on a percentage of amounts received by Westport on select HPDI and joint venture products.
- $17.5 million in convertible debenture notes, expected to close upon completion of the Fuel Systems Solutions (FSYS) merger scheduled for mid-February.
- $16.3 million purchase of certain Westport assets, expected to close by May 30.
- $20 million commitment by Cartesian to support two or more product development ventures.
The Willkie team included partners Kirk Radke, Richard Reinhold, Thomas Meloro and Leonard Klingbaum; and associates Robert Rizzo, Rachel Dooley, Kapiljeet Dargan, Joseph Antignani, Frances Dales and Timothy Porter.