DIV is a multi-royalty corporation engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV’s royalty partners are Mr. Lube, AIR MILES®, Sutton, Mr. Mikes Nurse Next Door and Oxford Learning Centres, and have been in business for 19 to 60 years.
DIV’s six royalty partners are in different industries, and have different geographic exposure.
DIV intends to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties.
Board of Directors
Governance, Nominating & Compensation
Mr. Haber is currently a Private Adviser and Corporate Director. Mr. Haber has served as the Chair of DIV’s Board since June 2011. Mr. Haber served as President and Chief Executive Officer of DIV from June 2011 until August 2013. Mr. Haber was a securities lawyer and a senior partner in a Toronto law firm from 1985 to 2000. He then spent 10 years as a senior executive in the financial industry with National Bank Financial and Dundee Wealth Inc. Mr. Haber also serves on the board of directors of Eco-Oro Minerals Corp. Effective January 2018, was appointed as a Commissioner of the Ontario Securities Commission and in February 2019, he was also appointed as the Lead Director of the Ontario Securities Commission.
Mr. Ciampi is a co-founder and Managing Director of private equity firm, Maxam Capital Corp., which focuses on structured investments in both publicly traded and private companies. Prior to forming Maxam, Mr. Ciampi was the Executive Vice President and Chief Financial Officer of Gibralt Capital and a partner of Second City Capital Partners, Vancouver-based private equity groups. Mr. Ciampi also serves on the Board of Premium Brands Holding Corporation (TSX: PBH), Geodrill Limited (TSX: GEO) and Valdy Investments Ltd. Mr. Ciampi is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Professional Accountant, Chartered Accountant designation.
Ms. Rogers has over 20 years of experience working for Canadian-based international public companies in the areas of corporate governance, treasury, mergers and acquisitions, financial reporting and tax. Ms. Rogers has been an officer of several public companies including Vice-President, Treasurer of Goldcorp Inc. and Treasurer of Wheaton River Minerals Ltd. where she was responsible for the financing and tax structuring of several significant transactions during the companies’ remarkable growth. She also held various senior finance positions in corporate reporting, tax and treasury at Finning International Inc. over a period of nine years. Currently, Ms. Rogers is a Director and Chair of the Audit Committee of public companies and non-profit organizations. Ms. Rogers is a graduate of the University of British Columbia with a Bachelor of Commerce degree and holds a Chartered Professional Accountant, Chartered Accountant designation.
Mr. Herdler has over 25 years of finance, operations and capital markets expertise in several industries. Mr. Hedler was formerly the Senior Vice President and Chief Financial Officer of StoneMor Partners L.P. (NYSE: STON). From 2010 to 2016 and 2018 to 2019 he acted as a financial consultant and Chief Financial Officer for various private-equity owned companies as part of operational improvements, business integration, turnarounds and restructurings of such companies. Mr. Herdler was formerly the Chief Financial Officer of QuadReal Property Group. Previously, he was a Senior Director with Alvarez & Marsal Private Equity Performance Improvement Group, LLC. In addition, Mr. Herdler spent nearly ten years in investment banking, leveraged finance and equity capital markets at Deutsche Bank Securities, Bankers Trust and CIBC World Markets. He also spent over six years at KPMG in accounting and tax advisory. Mr. Herdler is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Professional Accountant, Chartered Accountant designation.
Ms. McLachlan is currently the President of the Oakville Milton District Real Estate Board (“OMDREB”), and has held senior leadership roles in trade associations and not-for-profit organizations for over 30 years. Prior to joining OMDREB, Ms. Mclachlan was the President and Chief Executive Officer of the Canadian Franchise Association (“CFA”), the authoritative voice of franchising in Canada, from October 2006 to May 2018. Prior to joining CFA, Lorraine served for 10 years as Vice President of the Canadian Marketing Association and also held senior fundraising roles for a number of social service agencies. Ms. McLachlan has also served as a director of several non-profit organizations. She is a graduate of the University of Toronto and holds an MBA from Royal Roads University in British Columbia.
The Audit Committee is appointed by the Board and is responsible for the oversight of the Company’s financial reporting practices, internal controls, audits of financial statements and the independence and performance of the Company’s auditors.
The members of the Audit Committee are Ms. Paula Rogers (Chair), Mr. Garry Herdler and Ms. Lorraine McLachlan.
The Investment Committee is appointed by the Board for the purpose of reviewing and providing recommendations to the Board with respect to proposed acquisitions and dispositions, and relating financing and capital structure needs, as may be considered from time to time by the Company.
The members of the Investment Committee are Mr. Garry Herdler (Chair), Mr. Lawrence Haber and Mr. Johnny Ciampi.
Governance, Nominating and Compensation Committee
The Governance, Nominating and Compensation Committee is appointed by the Board, and is responsible for developing and recommending to the board corporate governance principles, overseeing the evaluation of the board and management, board and committee member selection, as well as compensation philosophy, policies and plans for directors and executive officers.
The members of the Governance, Nominating and Compensation Committee are Ms. Lorraine McLachlan (Chair), Mr. Johnny Ciampi and Ms. Paula Rogers.
Sean Morrison, President & Chief Executive Officer
Mr. Morrison is responsible for the overall business as well as royalty transaction identification and negotiation. Mr. Morrison developed the concept of the top-line royalty fund in 1998 and has over 20 years of experience with several of Canada’s leading franchisors and multi-location operators advising The Keg, lululemon, Aritzia, Boston Pizza, A&W and Colliers International.
Mr. Morrison is a co-founder and Managing Partner of the Maxam Opportunities Funds – private equity funds investing in debt and equity of private and public companies. Previously, Mr. Morrison was a partner at Capital West Partners, a Vancouver-based investment banking firm, where he advised companies across Canada with respect to capital raises, IPOs, debt restructuring, asset sales, acquisitions, valuations and fairness opinions.
In 2007, Mr. Morrison was selected by Business in Vancouver as one of Vancouver’s Top 40 Under 40.
In 2008, Mr. Morrison was selected as a member of a nine-person Economic Advisory Council that provided expert advice and recommendations to the BC government on maintaining and enhancing the province’s economic strengths during the economic crisis.
Mr. Morrison is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Professional Accountant, Chartered Accountant designation.
Mr. Morrison currently serves as a Director on the Board of goeasy Ltd.
Greg Gutmanis, Chief Financial Officer & VP Acquisitions
Mr. Gutmanis is responsible for royalty transaction execution and due diligence, as well as overall financial reporting. Mr. Gutmanis joined DIV from Maxam Opportunities Funds, a private equity firm where he served as Chief Financial Officer and Vice President. At Maxam, Mr. Gutmanis was responsible for transaction execution, due diligence, structuring and monitoring of portfolio investments (including previous appointments as a director and chair of the audit committee on portfolio investments).
Previously, Mr. Gutmanis worked at Capital West Partners, a Vancouver-based investment banking firm, where he was actively involved in advising public and private companies with respect to acquisitions, restructurings, divestitures, mergers, financings and fairness opinions.
In 2017, Mr. Gutmanis was selected by Business in Vancouver as one of Vancouver’s Top 40 Under 40, and in 2020 was a recipient of the BC CFO Awards from BIV and the Chartered Professional Accountants of BC. Mr. Gutmanis is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Professional Accountant, Chartered Accountant designation and a Chartered Business Valuator designation.
Mr. Gutmanis currently serves as a Director and Treasurer of the Lions Gate Hospital Foundation.
Abigail Meana, Corporate Controller
Ms. Meana is responsible for the accounting, tax and financial reporting of the Company, monitors royalty partner performance and assists with due diligence work on potential royalty transactions. Prior to joining DIV, Ms. Meana held financial reporting positions in real estate and gaming industries where she was responsible for public company compliance and reporting, debt compliance, tax and cash flow forecasting.
Ms. Meana is a graduate of the University of British Columbia with a degree in Commerce and holds a Chartered Professional Accountant, Chartered Accountant designation.