Canada Cartage, a portfolio company of U.S. private equity firm Nautic Partners, has agreed to acquire D.J. Knoll Transport Ltd, an asset-based transportation provider based in White City, Saskatchewan. The deal, the value of which was not disclosed, is expected to close in February. The proposed acquisition follows Canada Cartage's buy of Vanguard Global Services Inc earlier this month. Based in Mississauga, Ontario, Canada Cartage is a provider of trucking services in Canada. It was taken private by Nautic Partners in 2007 for about US$173 million.
2 min read · 22 January 2015
Irish cement maker CRH and a consortium led by U.S. private equity firm Blackstone are battling for assets which Lafarge and Holcim must sell ahead of their planned merger, sources told Reuters. One source said CRH has bid almost 6 billion euros (US$6.8 billion), while the Blackstone group, which also includes Canada Pension Plan Investment Board (CPPIB) and Cinven, has bid 5.5 billion euros (US$6.3 billion).
2 min read · 22 January 2015
Canadian mineral exploration and development company TMAC Resources Inc has raised private placement funding of over $44.1 million. Of this total amount, $40 million was invested by U.S. private equity firm Resource Capital Funds. Net proceeds of the overall offering will be used by TMAC to finance the 2015 work program of its Hope Bay gold project, located in the Kitikmeot region of Nunavut. Resource Capital Funds, which has an office in Toronto, invested $65 million in the company in May 2014.
8 min read · 22 January 2015
Canadian Solar Inc (NASDAQ: CSIQ) has sold its 10 megawatt AC Glenarm solar power plant to Dutch Infrastructure Fund BV, a private infrastructure investment firm that is based in Amsterdam. The power plant, which reached commercial operation in Ontario last year, is valued at over $60 million. The sale's closing represents the first of four solar projects to be purchased by the Dutch firm. Headquartered in Toronto, Canadian Solar is a manufacturer of solar photovoltaic modules and provider of solar energy solutions.
4 min read · 22 January 2015
Total volume in the global secondary market hit US$49.3 billion last year, a 37 percent increase from 2013, according to a report from Toronto-based intermediary Setter Capital. A total of 1,270 deals were done, with an average size of US$37.7 million, Setter said. Deal size was up 34.6 percent from the prior year.
3 min read · 22 January 2015
Growth and Transition Capital, an investment arm of BDC Capital, has provided $3 million in equity funding to Budge Studios Inc, an applications developer and publisher of children's apps for smartphones and tablets. The investment gives BDC a minority position in the company and will help Budge to grow through key initiatives, such as evolving its current platforms and expanding its catalogue of applications. Headquartered in Montréal, Budge was co-founded by Noémie Dupuy, Michael Elman and David Lipes in 2010. BDC's Growth and Transition Capital was profiled by peHUB Canada in November 2014.
3 min read · 21 January 2015
Canadian fitness club chain GoodLife Fitness Centres Inc has expressed an interest in expanding into stores soon to be vacated by Target Corp. Target announced last week that it had decided to discontinue its operations in Canada. GoodLife founder and CEO David 'Patch' Patchell-Evans said the "spacious and convenient" Target locations fit the company's goal of growing its national chain from over 350 clubs at present to as many as 1,000 clubs. Based in London, Ontario, GoodLife is backed by Canadian private equity firms Penfund and Manulife Capital, as well as other investors.
3 min read · 20 January 2015
Radiant Logistics Inc (NYSE: RLGT) has agreed to purchase Wheels Group Inc (TSXV: WGI), a third party logistics provider headquartered in Mississauga, Ontario. The cash and stock transaction is valued at $95 million and is expected to be completed later this year. Radiant, a U.S. transportation and logistics company, said the acquisition will be funded in part by a US$25 million subordinated secured term loan from Alcentra Capital Corp and Triangle Capital Corp. Integrated Private Debt Fund IV LP, which is managed by the private debt group of Integrated Asset Management Corp, will also commit a $29 million senior secured term loan.
10 min read · 20 January 2015
Canadian gold producer IAMGOLD Corp has received regulatory approvals to sell its Niobic niobium mine to an investor group led by Canadian private equity firm Magris Resources. The transaction, which is valued at US$530 million in total, is expected to be completed before the end of January. As reported by Reuters last October, Magris is buying the asset in partnership with CEF Holdings Ltd and Temasek. The Niobic mine is located in the Saguenay-Lac-Saint-Jean region of Québec. Headquartered in Toronto, Magris is led by former Barrick Gold Corp president and CEO Aaron Regent.
6 min read · 20 January 2015
Ascensus, which failed to get sold two years ago, is paying a $100 million dividend to its owners, which include J.C. Flowers & Co.
2 min read · 19 January 2015
