Stephen Dalby

Associate

Stephen Dalby

Stephen Dalby

Associate

Expertise
Bar Admissions
  • Ontario, 2018

Stephen is developing a broad corporate practice.

He has assisted clients on a variety of transactions, including private equity fund formation and investments, mergers and acquisitions, securities offerings and general corporate matters.

Prior to joining Davies, Stephen worked as a law clerk for the Honourable Justice Donald J. Rennie at the Federal Court of Appeal.

Stephen Dalby

Associate

Stephen is developing a broad corporate practice.

He has assisted clients on a variety of transactions, including private equity fund formation and investments, mergers and acquisitions, securities offerings and general corporate matters.

Prior to joining Davies, Stephen worked as a law clerk for the Honourable Justice Donald J. Rennie at the Federal Court of Appeal.

Define Capital Inc.

Acted for Define Capital Inc. in its C$20-million fundraising and subsequent acquisition of two Ontario-based software companies.

Blackstone Inc.

Acting for Blackstone in its US$3.5-billion take-private acquisition of Tricon Residential Inc., an owner, operator and developer of a portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto.

Plaza Ventures

Acted for Plaza Ventures in the formation of its PV Special Opportunity Fund II, which focuses on investments in high growth technology or technology-enabled companies pursuant to secondary transactions or treasury offerings. 

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in its acquisition and related financing of North American Produce Buyers Limited, a leading importer and distributor of premium fruit.

Enerflex Ltd.

Acted as Canadian financing counsel to Enerflex Ltd. in establishing a US$700-million revolving credit facility, a US$150-million term loan and a US$925-million bridge credit facility for its US$735-million business combination with Exterran Corporation to create a premier integrated global provider of energy infrastructure.

Enerflex Ltd.

Acted as Canadian counsel to Enerflex Ltd. in its U.S. and Canadian private placement of US$625-million high-yield senior secured notes.

Sprott Inc.

Acted for Sprott Inc. in the formation of Sprott Private Resource Streaming and Royalty Fund, which focuses on investments in commodity streams and royalties in the global natural resource sector. The fund raised US$701 million, which included syndication capital raised from a large institutional asset manager.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the restructuring of a previously formed evergreen credit fund established for two pension plan investors of Northleaf Capital Partners to facilitate the parties' commercial objectives in light of complex pension regulatory, tax and other challenges.

Generac Holdings Inc.

Acted as Canadian counsel to Generac Holdings Inc., a leading energy technology company, in its US$770-million acquisition of ecobee Inc., a leader in sustainable smart home solutions.

Ironbridge Equity Partners Management Limited

Acted for Ironbridge Equity Partners in the first and final closing of its fourth private equity fund, Ironbridge Equity Partners IV, LP, which raised $383 million from investors globally and surpassed its $325-million target.

WeCommerce Holdings Ltd.

Acted for WeCommerce Holdings Ltd. in establishing a US$80-million senior secured credit facility with a syndicate of lenders led by JPMorgan Chase Bank, N.A. to finance its acquisition of Stamped.io Pte. Ltd., a leading Software-as-a-Service (SaaS) platform.

Gluskin Sheff + Associates Inc

Acted for Gluskin Sheff + Associates Inc. in the merger of Blair Franklin Global Credit Fund with the GS+A Tactical Fixed Income Funds, and their restructuring and documentation to form Blair Franklin Global Credit Fund LP, an Ontario limited partnership; Blair Franklin Global Credit Fund (Delaware) LP, a Delaware limited partnership; Blair Franklin Global Credit Fund (Cayman), a Cayman Islands exempted company; and Blair Franklin Global Credit Fund (MFT).

Barrick Gold Corporation

Acted for Barrick Gold Corporation in its earn-in arrangement with Precipitate Gold Corp. (PGC), under which Barrick was granted the right to acquire a 70% interest in PGC's Pueblo Grande project in the Dominican Republic, and a related subscription for common shares of PGC.

FCF Co. Ltd.

Acted as Canadian counsel for FCF Co., Ltd. in its US$928-million acquisition of all the assets of Clover Leaf Foods and Bumble Bee Foods, North America's largest branded shelf-stable seafood companies, under a sale proceeding conducted under the Companies' Creditors Arrangement Act and the U.S. Bankruptcy Code.

Hostess Brands, Inc.

Acted as Canadian counsel to Hostess Brands Inc. in its $425-million acquisition of Voortman Cookies Limited from Swander Pace Capital.

Waratah Capital Advisors Ltd.

Acting for Waratah Capital Advisors Ltd. in structuring and documenting the Royalty Capital Funds I-II and II-II, parallel funds offering interests to investors globally, together with a co-investment arrangement in a fund asset.

Anson Advisors Inc. and Anson Funds Management LP

Acted for Anson Advisors Inc. and Anson Funds Management LP with the structuring and documentation of Anson North Star Tactical Equity Fund L.P., a Cayman Islands exempted limited partnership, with a Canadian feeder formed as a unit trust, a Canadian feeder formed as an Ontario limited partnership, a Cayman Islands feeder and potentially a U.S. feeder fund.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the formation of Northleaf Senior Private Credit, an open-ended credit fund formed to make senior secured loans to private-equity backed companies.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the formation of Northleaf Private Credit II, a closed-end credit fund focused on making loans to mid-market private equity backed companies.

Sprott Resource Lending Corp.

Acting as lead counsel for Sprott Resource Lending in the structuring and formation of Sprott Private Resource Lending II, a debt fund that provides credit facilities to, and invests in notes, bonds, debentures and other debt instruments of, companies or other entities in the natural resource sector on a global basis.

Speaking Engagement

Host, Four-Part Interview Series with Matthew Golden and Matthew Leibowitz, “Toronto Venture Capital”; Web

Jan. 23, 2023 - Watch Full Interview.

Bulletin

COVID-19: Considerations for Investment Funds

Mar. 24, 2020 - The COVID-19 pandemic will affect managers of hedge funds and other similarly structured open-ended private funds in a number of ways. The nature and extent to which any particular fund and its manager are affected by COVID-19 will depend on the stage and maturity of the fund, the investment...

Bulletin

COVID-19: What Private Fund Managers Need to Know Now

Mar. 24, 2020 - The COVID-19 pandemic will affect managers of private funds in several ways. The nature and extent to which any particular fund manager is affected by COVID-19 will depend on many factors, including the type of fund, the investor base of the fund and whether the fund is currently being marketed to...

Bulletin

ILPA Principles 3.0: Back to the Future?

Sept. 16, 2019 - In June 2019, the Institutional Limited Partners Association (ILPA) published a third version of principles that set out ILPA’s view of industry best practices (ILPA 3.0). ILPA 3.0 contains several recommendations regarding the ways in which fund sponsors should structure their funds to ensure a...

Bar Admissions

Ontario, 2018

Education

Osgoode Hall Law School, JD, 2017
University of Ottawa, MSc (Molecular Biology), 2013
Queen’s University, BSc (Hons) (Biology), 2009