Capital West Advises The Keg Royalties Income Fund on sale to Fairfax

The Keg Royalties Income Fund (the “Fund”) (TSX:KEG.UN) was acquired by Fairfax Financial for a cash price of $18.60 per Unit, representing a 35% premium to its 20-day volume weighted average price prior to announcement and a transaction value of $324 million.

The Fund was established in 2002 to receive a recurring royalty linked to the revenues of Keg Restaurants. With over 100 restaurants in operation, Vancouver-based Keg Restaurants is the leading operator and franchisor of steakhouse restaurants in Canada with a substantial presence in select markets in the United States.

Fairfax Financial (TSX:FFH) is a holding company with a market capitalization of over $50 billion, primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Fairfax also has a substantial presence in the restaurant sector through its controlling interest in Recipe Unlimited Corporation, Canada’s largest full-service restaurant company, with restaurant brands including Swiss Chalet, Harvey’s, Montana’s, Kelseys, East Side Mario’s, New York Fries, Bier Markt, Original Joe’s, and Elephant & Castle, among others.

Capital West acted as financial advisor to the Fund and provided a fairness opinion on the transaction. See the Fund’s announcement here.

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About Capital West Partners

Capital West Partners is a leading independent transaction advisory firm based in Vancouver, BC. As mid-market M&A specialists, we deliver focused financial advice and transaction expertise to Western Canadian companies across a range of transaction situations, including:

• Divestitures
• Mergers & Acquisitions
• Strategic Financings
• Valuations & Fairness Opinions
• Financial Advisory Assignments

Capital West has a proven track record of 30+ years of completing transactions that maximize value for our clients. Since inception, we have completed deals worth over $11 billion in total value.

Capital West is also a proud partner in IMAP (International Mergers and Acquisitions Partnership), a global organization of highly experienced mid-market advisory firms in over 40 countries with a track record of 50 years. Through IMAP, we maximize our global reach to bring industry and country expertise to every one of our assignments, and to find our clients the best buyers and investors in North America and beyond. www.imap.com