acasta enterprises

Acasta Enterprises Inc. was launched in 2015 as a Special Purpose Acquisition Company (SPAC) on the Toronto Stock Exchange (TSX). Its business model was to raise public capital to acquire private companies, with the intention of holding and managing them for long-term growth, differentiating itself from the typical private equity strategy of buying and selling within a few years. In 2017, it completed its qualifying acquisition by purchasing consumer products businesses JemPak Corporation and ECNG Ltd., and private aviation asset manager Stellarex Inc. However, the company subsequently faced significant financial distress, high debt levels, and a sharp decline in its market value. Following management disputes and continued poor performance, the TSX delisted Acasta in April 2019. In late 2019, the company's shareholders approved a plan of arrangement to wind up its operations, distribute its remaining assets to shareholders, and formally dissolve the corporation.