Lululemon Athletica Inc founder Chip Wilson said he is quitting the board of directors of the yogawear retailer, hit nearly two years ago by a major recall, because the company was back on track with a strong management team, Reuters reported. In 2014, Wilson sold about half of his interest in the Vancouver-based company to U.S. private equity firm Advent International for US$845 million. A spokesman for Wilson said he has no plans to trim his remaining 13.75 percent stake.
2 min read · 03 February 2015
Kanetix Ltd, a portfolio company of U.S. private equity firm Monitor Clipper Partners, has bought Rates.ca, a Canadian financial services and insurance rate comparison platform. The financial terms of the deal, which was closed in late January, were not released. Rates.ca was sold by VerticalScope Inc. Kanetix, a Toronto-based provider of online quoting technology, said the acquisition broadens its reach and strengthens its position in the domestic market. Founded in 1999, the company was acquired by Monitor Clipper Partners in September 2011.
2 min read · 03 February 2015
Advanced Drainage Systems Inc (NYSE: WMS), a portfolio company of U.S. private equity firm American Securities, has purchased Ideal Pipe of Canada for about $56.8 million. Based in Thorndale, Ontario, Ideal Pipe is a manufacturer of high-density polyethylene pipe and related accessories. Advanced Drainage, a maker of high-performance thermoplastic corrugated pipe, said the deal increases its size and scale in the Canadian market and enhances its manufacturing, marketing and distribution capabilities. American Securities acquired its ownership interest in the Hilliard, Ohio-based company from U.S. private equity firm Berkshire Partners in 2010.
5 min read · 02 February 2015
Canadian real estate private equity firm KingSett Capital and InnVest Real Estate Investment Trust (TSX: INN.UN) have completed their previously announced purchase of a majority stake in Toronto’s Fairmont Royal York Hotel. The deal, which is priced at $186.5 million, gives the two investors a joint 80 percent interest in the property. KingSett, the managing partner of the joint venture, took the largest share. The selling party, Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, will retain a 20 percent investment stake in the hotel.
4 min read · 02 February 2015
Teachers’ Private Capital has completed its acquisition of PODS Inc, a Clearwater, Florida-based provider of moving and storage solutions. The value of the deal, which was not published when it was announced in December 2014, was identified at the close as being in excess of US$1 billion. The long-term equities group of Teachers’ Private Capital, the private equity investment arm of Ontario Teachers Pension Plan, bought PODS from an investor group led by Bahrain private equity firm Arcapita. PODS said the new partnership will help the company execute its strategic growth plan.
2 min read · 02 February 2015
Canada Pension Plan Investment Board (CPPIB) has agreed to invest A$525 million ($518.2 million) to help build and operate a new tolled tunnel motorway near Sydney, Australia. CPPIB is making the investment as part of a consortium that also includes Transurban Group and Queensland Investment Corp (QIC). CPPIB will take a 25 percent ownership interest in the A$2.9 billion project, which will be funded by consortium partners and Australian governments. Construction of the tunnel is expected to be completed in 2019.
3 min read · 02 February 2015
CRH has agreed to pay 6.5 billion euros (US$7.4 billion) for assets from rivals Lafarge and Holcim, in a deal that will transform the Irish company into the world's third-biggest building materials supplier, Reuters reported. CRH beat a consortium led by Blackstone, according to people familiar with the matter. Reuters previously reported that Canada Pension Plan Investment Board (CPPIB) was part of Blackstone's bidding group.
3 min read · 02 February 2015
(Reuters) - A Delaware judge ruled on Friday that Permira Advisors paid a fair value of $32 per share to acquire Ancestry.com Inc and rejected hedge fund claims the price should have been as high as $47 per share.
2 min read · 30 January 2015
Calgary-based oil and gas company Coral Hill Energy Ltd announced that it has received written notice from Aspenleaf Energy Ltd that the latter is terminating its previously announced plans to acquire Coral Hill. The deal, which had been approved by the boards of directors of both companies, would have given Coral Hill shareholders the option of a cash payment or shares in Aspenleaf. Coral Hill said it "does not believe Aspenleaf has valid grounds for the termination" and intends to pursue "all remedies available to it." Calgary's Aspenleaf is backed by Canadian private equity firm ARC Financial Corp, Ontario Teachers’ Pension Plan and other investors.
2 min read · 30 January 2015
(Reuters) - Republican Mitt Romney opted out of the 2016 presidential race on Friday after considering whether to run for a third time, telling supporters it is time for the next generation of Republican leaders to seek the White House.
2 min read · 30 January 2015
