Impax Capital Corp. and Fairway Capital Management Corp. announced today that Impax has acquired all of the issued and outstanding shares of Fairway.

Fairway is the manager of four closed-end investment funds that trade on the Toronto Stock Exchange. The four funds are: Fairway Diversified Income and Growth Trust (FDT.UN); Global Preferred Securities Trust (GPT.UN); Fairway Investment Grade Income Fund (FGF.UN); and Nuveen Senior Floating Rate Income Fund (FSL.UN).

Impax said it will continue the Fairway business and brand with a focus on creating new and innovative investment products in both traditional and alternative asset classes.

“We are excited about teaming up with the principles at Impax who have an exceptional track record in the financial services industry,” said Andrew McKay, CEO of Fairway, in a release. “This partnership with Impax creates significant growth opportunities for Fairway.”

Concurrent with the acquisition of Fairway, Impax announced that McKay will assume the role of CEO Officer of Impax.

This latest acquisition closely follows Impax’s agreement to purchase Medical Discoveries Management Corporation, manager of the Canadian Medical Discoveries Fund Inc. and Canadian Medical Discoveries Fund II Inc., and Canadian Venture Capital Management Corp., manager of the BC Medical Innovations Fund Inc.

“By adding Fairway to our growing family of financial service companies, it allows Impax the opportunity to build on a recognizable name in the retail structured product market and work with Fairway to become a leading producer of high quality financial products.” said Gord McMillan, chairman of Impax.