OneMove Technologies Inc, a Vancouver provider of online conveyance services facilitating the property transfer process, agreed in December 2014 to be bought by Information Services Corp (TSX: ISV). The deal is valued at $10 million, subject to working capital adjustments. OneMove is a portfolio company of Bahamas-based private equity firm Plantro, which took it private in June 2013 at a valuation of $5.3 million. Headquartered in Regina, Information Services Corp is a land registry and information services business.
4 min read · 16 January 2015
Ivanhoé Cambridge, the real estate investment subsidiary of the Caisse de dépôt et placement du Québec, and its partner Callahan Capital Properties, have bought a 100 percent interest in the Three Bryant Park office property in Manhattan. The acquisition's value was US$2.2 billion. Ivanhoé said Three Bryant Park represents a cornerstone of its expanding U.S. office real estate platform.
3 min read · 16 January 2015
Ember Resources Inc has closed its previously announced purchase of certain Clearwater natural gas assets in Alberta from Encana Corp. The final purchase price was $605 million. Based in Calgary, Ember is a coal-bed methane (CBM) producer. As reported by peHUB Canada in December, the Clearwater acquisition was Ember's second in 2014. Last May, it also bought Encana's CBM properties in Alberta’s Nevis region. Taken private in 2011, Ember is a portfolio company of the private equity group of Brookfield Assets Management.
5 min read · 16 January 2015
Teachers' Private Capital, the private equity investment arm of Ontario Teachers' Pension Plan, has increased its equity position in Shearer's Snacks, a U.S. manufacturer and private label supplier in the snack industry. Teachers bought the stake for an undisclosed amount from U.S. private equity firm Wind Point Partners, which partnered with the Canadian pension fund in purchasing the Massillon, Ohio-based company in 2012. Wind Point continues to hold a small interest in Shearer's. Over the past two years, Shearer's has completed two acquisitions, doubling the size the business and expanding its product offerings, Teachers said.
3 min read · 15 January 2015
U.S. discount retailer Target Corp (NYSE: TGT) has decided to discontinue operating its 133 stores in Canada. The company's domestic subsidiary, Target Canada Co, has also filed an application for protection under the Companies’ Creditors Arrangement Act with the Ontario Superior Court of Justice. The decision comes two years after Target officially launched its first Canadian stores. In a related initiative, the company in 2011 acquired most of the retail locations of Zellers Inc from Hudson's Bay Co and its U.S. private equity investor NRDC Equity Partners.
6 min read · 15 January 2015
Another China Investment Corp (CIC) private equity veteran has moved into the private sector. Olivia Ouyang, a former private equity executive at CIC, has joined the Ontario Teachers’ Pension Plan in Hong Kong as director of funds and co-investments, according to pension plan's website and a person with knowledge of the situation.
2 min read · 15 January 2015
Alfred Villalobos, the former CalPERS board member facing federal corruption charges, died on Tuesday, a California newspaper reported.
2 min read · 14 January 2015
Canadian private equity firm Onex Corp's buyout of U.K. safety and survival equipment maker Survitec will be backed with around 300 million pounds (US$457 million) of leveraged loans, banking sources said on Wednesday, Reuters reported. Onex agreed to buy Survitec this week from Warburg Pincus.
1 min read · 14 January 2015
Orbite Aluminae Inc (TSX: ORT) has received $3.025 million in bridge loan financing, which has been collateralized against its 2014 tax credits receivable. The funds were provided by Investissement Québec, which last May invested $10 million in the business through its subsidiary Ressources Québec. Based in Montréal, Orbite is a clean technology company focused on producing alumina and other high-value products, such as rare earth and rare metal oxides. It is currently finalizing its first commercial production facility in Cap-Chat, Québec.
3 min read · 14 January 2015
Kensington Power Income Fund LP, which is managed by Canadian alternative assets investor Kensington Capital Partners, has completed its final investment. The Kensington fund closed a deal with Genalta Power Inc that allowed the fund to take equity interests in 10 electrical generating plants with 70 megawatt of installed capacity in Alberta's Peace River District and Woodland County areas, and British Columbia's Crowsnest Pass region. The deal's financial terms were not disclosed. Based in Calgary, Genalta is a power producer that generates electricity from alternative energy sources.
2 min read · 13 January 2015
