"Canadian Process & Control is a market-leading provider of automation solutions to process-based industries," said Jeff Goodrich, High Road Partner. "This acquisition solidifies Celco Controls' position as a leader in the automation marketplace in Western Canada by increasing its service offering and expanding its geographical reach."

"Combining the organizations will provide customers in the British Columbia region and beyond with greater access to high-quality integrated process control design, instrumentation, and calibration services," said Clay Derrett, Chief Executive Officer of Celco Controls. "The combined company will be able to better serve customers and execute larger, more complicated projects across Western Canada," he added.

Celco Controls' acquisition of Canadian Process & Control closed on January 29, 2014.  Transaction consideration was not disclosed.  Jeff Goodrich, Partner, led the transaction for High Road. Also working on the transaction from High Road were Jerry Anderson, Partner, and Paul Langley, Senior Associate.    

Since its inception in November 2011, Salus has provided more than $1.2 billion in loan commitments to over 50 companies across North America. The Company has strengthened its core competency in the retail and consumer space, while further diversifying across familiar sectors, including manufacturing and transportation. In 2013 alone, Salus completed 31 deals totaling more than $780 million in new loan commitments.

"We have continued to grow our business by developing credit solutions for the middle market," said Andrew H. Moser, president and CEO of Salus Capital. "With traditional sources of capital more difficult to come by in today's environment, we are pleased to be able to provide the financing our borrowers need to execute their business plans and achieve their potential."

"We believe our deep industry knowledge and experience, strong track record of execution, and the level of trust that we have fostered with key intermediaries and certain private equity sponsors has proven us to be a reliable business partner," said Marc S. Price, executive vice president, Loan Originations and Corporate Strategy.  "The valued and unwavering support of our parent company, Harbinger Group Inc., has empowered us to scale our business and quickly respond to market demands with creative financing solutions," added Price.

Phillip J. Gass, managing director of Investments at Harbinger Group Inc., said, "We are excited about the attractive long-term fundamentals for Salus Capital.  The demand for customized financing has grown as many traditional bank lenders have curtailed lending, and we believe Salus is well positioned to continue serving the needs of the corporate middle-market.  The market has certainly validated Salus' expansive lending platform, as evidenced by the Company's growth to date."

In September of 2013, Salus closed on an additional $300 million note issuance by Salus CLO 2012-1, Ltd. (the "CLO"), bringing the aggregate amount of notes issued by the CLO to $550 million.

"The upsizing of the CLO from both existing and new investors further demonstrates the continuing market support of the Salus direct loan origination platform and our ability to attract new capital to continue our profitable growth with safety and soundness top of mind," said Moser.

Salus continues to build its team of seasoned executives by expanding its information technology, risk management, diligence, originations, corporate development, relationship management and portfolio management capabilities.  

"The experience of our team and our ever-increasing investment in scalability and systems are critical aspects of providing best-in-class service to our borrowers and to effectively managing risk. We have built Salus from the ground up by leveraging the deep institutional knowledge and experience of our team, coupled with the support of our investors. Each member of the Salus team brings critical experience to our platform as we look to continue our prudent growth in serving the corporate middle-market, with a keen focus on preservation of capital," said Moser.