On February 21, 2020, Diversified Royalty Corp. (“DIV”) completed its royalty transaction with Oxford Learning Centres, Inc. (“Oxford”) to indirectly acquire the trademarks and certain intellectual property rights utilized by Oxford its pre-school, elementary and secondary school and post-secondary supplemental education business (the “Oxford Rights”) and to license the use of such intellectual property back to Oxford for a royalty payment equal to 7.67% of the gross sales of the 146 Oxford Learning Centres in Canada and the U.S. The total purchase price for the Oxford Rights was approximately $44 million.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

Founded in 1984, Oxford provides supplemental educational services to students in pre-school, kindergarten, grades 1 to 12 and post-secondary education. As at December 31, 2019, Oxford operated 3 locations corporately and 152 franchised locations.

DIV was represented by a Farris transaction team including members of our M&A and Corporate Finance & Securities groups.