International Finance Corp (IFC), a member of the World Bank Group, has provided funding to Off Grid Electric, a Tanzanian solar leasing company. The IFC Cleantech Innovation Facility committed a US$4.5 million loan to the company. In addition, Cordiant Capital, a Canadian private equity and debt investor in emerging markets, committed a US$2.5 million loan. Off Grid Electric is a provider of home solar electric systems to consumers in rural and urban Tanzania. It plans to reach 200,000 households in the country by 2015.
4 min read · 06 February 2015
Third Eye Capital Corp has appointed Mark Horrox as a principal. Prior to joining the firm, Horrox was a vice president at Canadian distressed private equity firm Catalyst Capital Corp. He also previously worked at U.K.-based Bluecrest Capital Management. Third Eye Capital has also appointed Dev Bhangui as vice president of investments and promoted Algis Vaitonis and Jonathan Norris to principals. Based in Toronto, Third Eye Capital is provider of private secured loans for under-appreciated mid-market companies. It makes investments that typically range from $5 million to $50 million.
2 min read · 06 February 2015
Many private equity firms have reliable playbooks for creating value in their portfolio companies. But a new report from Deloitte suggests that there are things investors can still learn about active management. The report focuses on working capital and how businesses and their PE investors may be overlooking cash value hidden deep in an organization's financial management system.
3 min read · 06 February 2015
AdvancePierre Foods is interviewing investment banks to prepare for a sale that could value the private equity-owned protein and sandwich supplier at more than $2 billion, including debt, according to people familiar with the matter, Reuters reported.
1 min read · 05 February 2015
TORC Oil & Gas Ltd (TSX: TOG) has agreed to acquire oil assets which are complementary to its existing assets in southeast Saskatchewan. The total consideration is about $128 million, before adjustments, and is payable through the issuance of TORC common shares. The assets have been managed by an unidentified private oil and gas company. TORC said the deal is expected to close this month. Founded in 2010, the Calgary-based TORC is focused on high quality, tight, light oil resource plays. Its leading investor is Canada Pension Plan Investment Board (CPPIB), which provided the company with $170 million in funding in August 2013.
10 min read · 05 February 2015
DW Healthcare Partners (DWHP), a healthcare private equity firm with offices in Toronto and Park City, Utah, has sold its portfolio company Career Step Holdings LLC for an undisclosed amount. The buyer in the transaction was U.S private equity firm Revelstoke Capital Partners. Career Step is a provider of online, career-focused education and training programs in the healthcare industry. Based in Provo, Utah, the company has been backed by DWHP and BB&T Capital Partners since 2009.
2 min read · 05 February 2015
Apollo Global Management LLC said on Thursday its 2014 fourth-quarter profit fell by 79 percent, more than most analysts expected, as a big drop in crude oil prices weighed on the value of its private equity and credit assets, Reuters reported.
2 min read · 05 February 2015
CBS Corp Chief Executive Leslie Moonves is discussing ways to buy out the broadcaster’s controlling shareholder, National Amusements Inc, ahead of a potential deal with Viacom Inc, the New York Post reported, according to Reuters.
1 min read · 05 February 2015
Shares in Rexam Plc, the world’s second-largest beverage can maker by revenue, rose as much as 12 percent after two U.K. newspapers reported there was market chatter about U.S. private equity firms’ potential interest in the company, Reuters reported.
2 min read · 05 February 2015
Bank of America Merill Lynch has poached AJ Murphy from Goldman Sachs to be co-head of global leveraged finance, a role she is returning to after just a year, according to an internal memo and sources close to the situation.
1 min read · 05 February 2015
