[Dmajackson]

Bedford complex planned
Jodrey descendants to build office tower
By BILL POWER Business Reporter
Wed, Jan 5 - 4:53 AM

The Hennigar family, grandchildren of the late Hantsport business legend R.A. Jodrey, will begin construction in mid-March of a four-storey office building near the Bedford Common.

The 40,000-square-foot complex, to be called Thornridge Tower, will be home to Thornridge Holdings Ltd. and its wholly owned merchant bank, Hawthorne Capital Inc.

Other companies owned by Thornridge Holdings are also expected to operate out of the proposed development.

"We’ve applied for a building permit and engineering work is underway," Nick Betts, president of Thornridge Holdings, said in an interview Tuesday.

An information technology centre will be a major project component, Betts said.

Thornridge Holdings emerged as a result of a realignment of Jodrey family interests in November 2010, he said.

The company is 100 per cent owned by the Hennigar family of Nova Scotia.

Word of the office complex came with the announcement Tuesday that Hawthorne Capital had purchased a "significant interest" in Belmont Financial Services Inc., a news release said. Belmont Financial operates from Dartmouth and Saint John, N.B.

The value of the deal was not released.

Belmont Financial manages benefit programs for more than 300 clients and administers $500 million in assets, said the release.

"The intention is to build up business significantly," said Betts.

Hawthorne Capital and Belmont Financial will team up to provide exit strategies for owners of successful businesses preparing for retirement.

"Some of these businesses built up by Nova Scotians are excellent operations but lack assets that would interest traditional lenders," said Betts.

"As a result, potential buyers have a tough time obtaining financing."

He said one potential scenario would see Hawthorne Capital providing purchase capital for a successful transaction, with Belmont Financial providing financial services such as administration of group benefits for the new business owners.

Some details of Hawthorne Capital’s new equity stake in Belmont Financial were included in the release, circulated jointly by the companies Tuesday.

The release said Thornridge Tower is designed to accommodate predicted growth and will be ready for occupancy by the fall of 2011.

Through Thornridge, the Hennigar family holds major interests in High Liner Foods, Assisted Living Concepts, Envirosystems Inc., Annapolis Group Inc. and a number of public and privately held companies across North America.

http://www.thechronicleherald.ca/Business/1220246.html