Paul Rivett
| Paul Rivett | |
|---|---|
| Born | Paul Rivett Scarborough, Ontario, Canada |
| 🏡 Residence | Pickering, Ontario, Canada |
| 🏳️ Nationality | Canadian |
| 🏫 Education | Dunbarton High School |
| 🎓 Alma mater | University of Toronto Queen's University |
| 💼 Occupation | Executive |
| 💵 Salary | $4 million (2017)[1] |
| 🌐 Website | www.fairfax.ca |
Paul Rivett was the President (from 2013 to 2020) of Fairfax Financial Holdings Limited (Fairfax), a global insurance and value investing focused company based in Toronto, Ontario, Canada and listed and publicly traded on the Toronto Stock Exchange.[2] Fairfax is one of Canada’s leading financial institutions and was founded by CEO and Chairman, Prem Watsa, referred to as the "Warren Buffett of the North". [3] Rivett retired from Fairfax Financial in 2020.[4]
He also serves as Vice Chairman on the Board of Fairfax Africa Holdings Corporation and Chairman of Recipe Unlimited.[5][6][7]
Early life
Rivett was born in Scarborough, Ontario, Canada and grew up in Pickering, Ontario. His father was an entrepreneur and small businessman and his mother was a school teacher.[8] He graduated from Dunbarton High School in Pickering, Ontario in 1986[9] and earned a Bachelor of Science from the University of Toronto in 1990, a Master of Industrial Relations from Queen's University in Kingston, Ontario in 1992 and a Law Degree from Queen's University in 1996.[10]
Career
Rivett was appointed Fairfax's President on July 19, 2013. Rivett joined Fairfax in 2004 and prior to becoming President worked in a variety of roles at Fairfax including Vice President, Operations and Chief Operating Officer.[11] Rivett began leading Fairfax's quarterly shareholder conference calls in November, 2018. [12] Rivett initiated Fairfax's innovation lab and FairVentures group, which has invested in several incubators and startups such as Hubdocs (sold to Xero (software)), EnCircle and Dozr,[13] and backed the sponsorship of an xPrize challenge to determine the cause and prevention of natural disasters. [14]
Prior to joining Fairfax, Rivett worked at Blake Cassels & Graydon and Sherman & Sterling.[15]
Rivett was involved in numerous acquisitions, investments and corporate turnarounds while working at Fairfax. Rivett invested on behalf of Fairfax in several forest products companies, including Tembec and the recapitalization of Eacom Timber founded by Rick Doman.[16] Rivett also sat on the Board of Directors of Resolute Forest Products, formerly Abitibi-Bowater. [17]
Mega Brands, a family company run by the Quebec-based Bertrand family was recapitalized and eventually sold to Mattel with Rivett's assistance.[18]
The Brick Furniture and Appliance business, originally established by Bill Comrie and turned around by Bill Gregson was recapitalized by Fairfax and eventually sold to the Leon's family.[19]
The Quebec-based Imvescor restaurant business recapitalization by Fairfax led by Rivett was eventually sold but resulted in Fairfax's subsequent acquisition of Prime Restaurants from John Rothschild and Nick Perpick and eventual partnership with the Phelan family to combine the business with Recipe Unlimited (formerly Cara Operations, owner of Swiss Chalet). Recipe continued to acquire The Keg restaurants from David Aisenstat[20] and St-Hubert from Jean Pierre Leger. [21]
Prem Watsa and Rivett of Fairfax rescued wireless device and application company Blackberry and supported the turnaround plan of John Chen.[22] and [23]
Rivett led many of Fairfax's private equity investments, including Boatrocker, formerly Temple Street Productions,[24] and the Sporting Life partnership with Brian McGrath, Patti Russell and David Russell. [25]
Rivett was involved in the acquisition of several iconic Canadian companies from bankruptcy, including Toys R Us,[26] [27] [28] Golf Town, [29] Carillion [30] [31] and, with the assistance of Paul Desmarais III and Power Corporation, Bauer Hockey and Easton Baseball. [32] [33]
After the financial crisis in 2009, Fairfax provided rescuing financing, often in the form of debt and warrants to other financial institutions, including GMP Securities, Canadian Western Bank and Bank of Ireland. Beginning again in 2016, Fairfax led a series of Fairfax debt and warrant investment transactions with Westaim, Chorus, operator of Jazz Airways for Air Canada, Mosaic,[34] AGT Foods, [35] and Seaspan. [36]
In 2019, Fairfax led by Rivett partnered with AGT Foods and Murad Al-Katib, 2017 World Entrepreneur of the year, and numerous Manitoba First Nations and communities, with the support of the Government of Canada to to purchase and repair the vital rail-link to Churchill, Manitoba.[37] [38]
On May 26, 2020, Toronto Star publisher John Honderich announced the sale of Torstar to Nordstar Capital, controlled by Jordan Bitove and Rivett, for $52 Million.[39] Rivett and Bitove planned to make Torstar a private company with former Premier of Ontario David Peterson as vice chair of the board.[40] The company was experiencing financial issues, a situation described by Honderich as an "uphill struggle".[41] Weeks prior to the acquisition announcement, Torstar reported a $23.5-million loss for the first quarter of 2020.[42] The deal, with financing from Canso Investment Counsel Ltd., [43] was expected to close by the end of 2020. Since 2017, the largest shareholder in Torstar was Fairfax Financial, owning 40% of the company's non-voting shares.[44]
In a published statement, Rivett said that Nordstar would work to ensure the "long-term viability of the business" and to continue the Torstar publications' values."Torstar was formed around these values [the advancement of society], the Atkinson Principles, and I can assure you that if the agreement is approved, they will continue to serve as the organization’s intellectual foundation."[45] Rivett and Jordan Bitove of NordStar Capital launched acquisition of Torstar.[46] Rivett acknowledged Torstar in financial difficulty[47] and future of company depends on maintaining progressive reporting.[48] In a published statement, Rivett said that Nordstar would work to ensure the "long-term viability of the business" and to continue the Torstar publications' values."Torstar was formed around these values [the advancement of society], the Atkinson Principles, and I can assure you that if the agreement is approved, they will continue to serve as the organization’s intellectual foundation."[49]
Other Engagements
Rivett led the hiring of law firm Kasowitz and the filing by Fairfax of a New Jersey lawsuit exposing destructive abusive short-selling practices.[50] [51] Rivett also pursued legislative changes in the United States to restrict abusive short selling practices like naked short selling [52] and empty voting. [53]
Rivett participated in fund raising efforts for Covenant House,a charitable organization assisting homeless youth.[54]
References
- ↑ "Bloomberg Corporate Officers", Bloomberg, 2018-04-24, retrieved 2018-10-19
- ↑ Fairfax Website
- ↑ "Extreme Contrarian Warren Buffett of the North is now Investing in Newsprint", Forbes, 2012-09-07, retrieved 2018-01-19
- ↑ "Fairfax President Retiring as company earns record US$2 billion", Canadian Press Toronto Star, 2020-02-13, retrieved 2020-02-13
- ↑ Fairfax Africa Website
- ↑ Recipe Unlimited Website
- ↑ "Recipe Unlimited's Rivett Urges Landlords to play ball and help Tenants", BNN Bloomberg, 2020-05-27, retrieved 2020-05-27
- ↑ "Who are Torstar's new owners", Toronto Star, 2020-05-27, retrieved 2020-05-27
- ↑ Dunbarton High School
- ↑ "Company Officers", Reuters, 2018-06-24, retrieved 2018-11-19
- ↑ "Fairfax Names Paul Rivett as President of the Company", Financial Post, 2013-07-19, retrieved 2018-11-19
- ↑ "What's Next for Fairfax", Canadian Underwriter, 2018-11-02, retrieved 2018-11-19
- ↑ "Kitchener's Dozr takes 2.5 million seed investment for Heavy Equipment Marketplace", CanTech Letter, 2016-09-19, retrieved 2018-11-19
- ↑ xPrize Visioneers Design Challenge
- ↑ "Corporate Officers", Reuters, 2018-07-19, retrieved 2018-11-19
- ↑ "How Fairfax-Eacom Timber Deal was Struck", Corner of Berkshire and Fairfax Forum - Vancouver Sun, 2013-05-16, retrieved 2018-11-19
- ↑ Resolute Forest Products Website
- ↑ "One Battle Done, More to come for Mega Brands", Globe and Mail, 2009-11-10, retrieved 2018-11-19
- ↑ "Brick Deal a Pre-Emptive Strike for Cautious Leons", Globe and Mail, 2012-11-12, retrieved 2018-11-19
- ↑ "Fairfax Sinks its teeth into The Keg", Globe and Mail, 2013-11-18, retrieved 2018-11-19
- ↑ "Fairfax's President Talks about the Company's new stake in foodservice", FoodService and Hospitality, 2014-06-05, retrieved 2018-11-19
- ↑ "Fairfax Ups Investment in Troubled Blackberry", Apple Magazine, 2014-01-14, retrieved 2018-11-19
- ↑ "BlackBerry Recovery", Reuters, 2017-06-09, retrieved 2018-11-19
- ↑ "Temple Street Productions lands Fairfax as new owner", Globe and Mail - Report on Business Magazine, 2015-07-17, retrieved 2018-11-19
- ↑ "Fairfax Continue son Magasinage en soffrant Sporting Life", La Presse, 2012-01-23, retrieved 2018-11-19
- ↑ "Fairfax Eyeing some US stores after Toys R Us Canada Purchase", BNN Bloomberg - Canadian Press, 2018-04-26, retrieved 2018-11-26
- ↑ "Fairfax Eyeing some US stores after Toys R Us Canada Purchase", Financial Post, 2018-04-26, retrieved 2018-11-26
- ↑ "Toys R Us still playing in Canadian Market as US stores close", The Spec, 2018-09-04, retrieved 2018-11-26
- ↑ "Golf Town names CEO President", Golf News Now, 2016-10-12, retrieved 2018-11-26
- ↑ "Fairfax Acquires some Carillion Canada Assets", Toronto Star, 2018-02-15, retrieved 2018-11-26
- ↑ "CBC Carillion Canada", CBC News, 2018-02-05, retrieved 2018-11-26
- ↑ "Ed Kinnaly New Bauer CEO", National Sporting Goods Association, 2017-05-31, retrieved 2018-11-26
- ↑ "Bankrupt Hockey Skate Manufacturer bought Canadian Investors", EDI, 2017-02-27, retrieved 2018-11-26
- ↑ "Fairfax Financial Holdings Ltd pulls a Buffett", The Motley Fool, 2016-12-28, retrieved 2018-11-26
- ↑ "AGT Food and Ingredients Secures Fairfax Investment", Just Food News, 2017-07-26, retrieved 2018-11-26
- ↑ "Fairfax to Invest another 250 million in box ship owner", Globe and Mail, 2018-02-26, retrieved 2018-11-26
- ↑ "Ottawa to provide Long Term Support for Churchill rail line and port", Winnipeg Sun, 2018-09-05, retrieved 2018-11-26
- ↑ "Churchill Port and Rail Owners", CBC News, 2018-09-05, retrieved 2018-11-26
- ↑ "Torstar to be sold, taken private in $52 million deal", Toronto Star, 2020-05-26, retrieved 2020-05-26
- ↑ "Torstar soldto NordStar Capital in $52 million deal, New owners to take company private", Financial Post, 2020-05-26, retrieved 2020-05-26
- ↑ "Media company Torstar to go private after sale to NordStar Capital in $52 M deal". FinancialPost. May 26, 2020. Retrieved May 27, 2020.
- ↑ "Torstar agrees to $52M sale to NordStar Capital". CBC. 2020-05-26. Retrieved 2020-05-27.
recommended by a special committee of Torstar's board of directors and has the support of the majority of its shareholders and its largest independent shareholder, Fairfax Financial Holdings Ltd.
- ↑ "Torstar buyers say they want to take the publisher private and 'build something that's very special'". Toronto Star. May 28, 2020. Retrieved May 29, 2020.
unsecured debt pays 10 per cent annual interest,
- ↑ "Torstar to be sold, taken private in $52-million deal". Toronto.com. 2020-05-26. Retrieved 2020-05-27.
- ↑ "Torstar buyers say they want to take the publisher private and 'build something that's very special'". Toronto Star. May 26, 2020. Retrieved May 27, 2020.
- ↑ "Torstar soldto NordStar Capital in $52 million deal, New owners to take company private", Financial Post, 2020-05-26, retrieved 2020-05-26
- ↑ ""Burning Cash for Years", pair acquiring Torstar eye growth while vowing to keep progressive values", Finacial Post, 2020-05-27, retrieved 2020-05-27
- ↑ "What will Torstar's future be? Jordan Bitove and Paul Rivett speak about their plans for the company", Toronto Star, 2020-05-28, retrieved 2020-05-28
- ↑ "Torstar buyers say they want to take the publisher private and 'build something that's very special'". Toronto Star. May 26, 2020. Retrieved May 27, 2020.
- ↑ SEC Filing (PDF), 2008-10-31, retrieved 2018-11-26
- ↑ "Hedge Fund SAC Capital Indicted for Fraud has been frequent foe of Canadian Companies", National Post, 2013-07-25, retrieved 2018-11-26
- ↑ SEC Filing (PDF), 2009-07-22, retrieved 2018-11-26
- ↑ "Shareholders should beware of Empty Voting", Globe and Mail, 2009-07-22, retrieved 2018-11-26
- ↑ Covenant House Website
