Prairie Storm Energy Corp has received an equity financing commitment of up to $400 million from U.S. private equity firm Natural Gas Partners (NGP). The funds, which will come from the recently closed NGP Natural Resources XI LP, will support the launch of the Calgary-based company. Led by president and CEO Hugh Ross, Prairie Storm Energy is focused on acquiring, developing and exploiting large-scale oil and gas assets in regions of Western Canada. Its board of directors will include NGP senior managing directors Craig Glick and Christopher Ray, as well as NGP managing director Brian Minnehan.
3 min read · 05 February 2015
Financial services company Chesswood Group Ltd (TSX: CHW) has sold its Case Funding subsidiary for US$4.4 million. The buyer was an unnamed U.S. private equity firm. Based in New York, Case Funding is a provider of legal financing solutions, including litigation financing, lawsuit funding and pre-settlement loans. Update: Chesswood, which has its headquarters in Toronto, said the sale will allow both capital and management attention to be focused on the expansion of Chesswood's other businesses in Canada and the United States.
2 min read · 05 February 2015
Apollo Global Management LLC is in advanced talks to acquire Protection 1 in a deal that could value the U.S. home security company at close to $1.5 billion, including debt, according to people familiar with the matter, Reuters reported.
2 min read · 05 February 2015
Apollo Global Management LLC is exploring a sale or initial public offering of Great Wolf Resorts Inc, the largest U.S. operator of indoor water parks, according to people familiar with the matter, Reuters reported.
1 min read · 04 February 2015
Kevin Warn-Schindel has joined U.S. private markets specialist HarbourVest Partners as a managing director. He will be responsible for HarbourVest's real assets investment program, which is focused on energy, infrastructure, natural resources and real estate. Warn-Schindel was previously the group head and managing director of OPTrust Private Markets Group, the private equity and infrastructure investment arm of Canadian pension fund manager OPTrust. Prior to OPTrust, he worked for Macquarie Bank and RBC Capital Markets. Warn-Schindel was interviewed by peHUB Canada in August 2013 about OPTrust's private investment strategy.
3 min read · 04 February 2015
New reports by the Canadian Venture Capital & Private Equity Association (CVCA) found robust private equity and venture capital investment in Canada in 2014. Led by investor activity in energy and power sectors, private equity deals totaled 296 last year, and captured values of $41.2 billion, the CVCA found. Venture capital financings, located primarily in information technology sectors, totaled 379 and accounted for $1.9 billion invested. The reports also found Canadian private equity funds raised $12 billion in new commitments in 2014, while Canadian venture capital funds raised $1.2 billion. CVCA CEO Mike Woollatt said industry members expect to see continuing trend lines in 2015: "Despite the economic uncertainty in Canada, there are opportunities."
4 min read · 04 February 2015
Two jumbo M&A loans totaling $12 billion in the challenging retail sector are giving a volatile and cautious U.S. leveraged loan market its first test of the year, as increased government scrutiny makes it more difficult to syndicate riskier deals, Reuters reported.
2 min read · 03 February 2015
Caesars Entertainment Corp supports demands by creditors for an independent examiner to review recent deals by the casino company’s bankrupt operating unit, it said in court documents, Reuters reported.
2 min read · 03 February 2015
Canadian gold production and development company Timmins Gold Corp (TSX: TMM) has agreed to the re-financing of its existing credit facility by Sprott Resource Lending Partnership and Morgan Stanley Capital Group. The facility has a US$13 million value. Based in Vancouver, Timmins Gold owns and operates the San Francisco Gold Mine in Sonora State, Mexico.
3 min read · 03 February 2015
The U.S. subsidiary of NCSG Crane & Heavy Haul Corp has bought 100 percent of the equity in Energy Transportation LLC, a supplier of crane services, specialized rigging and heavy haul transportation in the United States. The financial details of the transaction were not published. Dan McGlade, Energy Transportation's founder, will continue to be an owner in the business following his purchase of a stake in NCSG. Based in Edmonton, NCSG is a crane and heavy haul company backed by Canadian private equity firm TriWest Capital Partners and U.S. investor NCA Partners. TriWest acquired a majority interest in the company in mid-2014. Last November, NCSG bought H&H Crane Service Inc.
4 min read · 03 February 2015
