Canada Pension Plan Investment Board (CPPIB) said it will purchase a 45 percent interest in 1455 Market Street, an office property in San Francisco, for US$219.15 million. The transaction results from a joint venture CPPIB has formed with Hudson Pacific Properties Inc (NYSE: HPP), the property's owner since 2010. Hudson will retain majority ownership and continue to oversee management and leasing. CPPIB said the acquisition is its first direct investment in San Francisco office real estate, "one of the best-performing U.S. office markets."
5 min read · 08 January 2015
Teachers' Private Capital, the private equity investment arm of the Ontario Teachers' Pension Plan, has acquired PetVet Care Centers, an operator of specialty and general practice animal hospitals in the United States. The financial terms of the deal were not released, however, The Wall Street Journal reported the value at about US$440 million. Teachers bought its stake in the company from U.S. private equity firm Catterton Partners, which invested in PetVet in 2012. Catterton will retain a minority interest along with the Westport, Connecticut-based company's CEO. Teachers said it will continue building PetVet through acquisitions and organic growth.
2 min read · 08 January 2015
Canadian private equity firm Lynx Equity has bought an unidentified fabricator and installer of structural steel products based in Eastern Ontario. The deal's financial terms were not disclosed. Lynx said the business offered potential synergies with its other portfolio companies, which total 40 following the close of the latest acquisition. Nine of these companies were purchased in 2014, including Port-Style Enterprises Inc and Winfield Wood & Lath Ltd. The Toronto-based Lynx is focused on buying small businesses from owners looking to retire.
2 min read · 08 January 2015
Canadian transportation services provider Canada Cartage has closed its previously announced purchase of Vanguard Global Services Inc. The financial terms of the transaction were not published. The company said the addition of Vanguard brings supplementary transportation management expertise and technology to its logistics portfolio. Based in Mississauga, Ontario, Canada Cartage has been backed by U.S. private equity firm Nautic Partners since 2007.
3 min read · 08 January 2015
Goldman Sachs Group Inc led investment banks advising on mergers and acquisitions in Canada in 2014, a year in which big international oil and gas deals were hot before oil prices turned cold, Reuters reported. According to data released by Thomson Reuters, the total value of M&A deals in Canada in 2014 jumped to US$203.1 billion from US$147.2 billion in 2013, with Goldman and its international peers enjoying a banner year.
2 min read · 08 January 2015
Rifle Shot Oil Corp, a Calgary company focused on acquiring and developing conventional oil reservoirs, has secured initial financing from Canadian private equity firm ARC Financial Corp. The investment's value was not disclosed. Rifle Shot, which was founded by president and CEO Bruce Hall, said it is looking to deploy approximately $100 million of equity and purchase quality assets. It is currently evaluating numerous asset sales, farm-in opportunities and joint ventures. Last October, ARC led a $100 million investment in Deltastream Energy Corp.
2 min read · 08 January 2015
The U.S. subsidiary of Hayward Gordon Ltd has acquired Sharpe Mixers Inc, a Seattle, Washington-based provider of mixing solutions in the chemical, industrial and sanitary markets. The value of the transaction was not published. Hayward Gordon, a Canadian manufacturer and distributor of mixers, pumps, and engineered systems for challenging fluid handling applications, said the deal will strengthen and expand its product offerings and technical capabilities. Based in Toronto, the company was acquired by U.S. private equity firm Element Partners in September 2013.
3 min read · 07 January 2015
Ontario Teachers' Pension Plan has appointed Jean Turmel as the new chair of its board of directors. Turmel, president of Perseus Capital Inc, and previously the president of financial markets, treasury and investment banking at the National Bank of Canada, replaces Eileen Mercier, who retired from the board after 10 years of service. Based in Toronto, Ontario Teachers manages and invests $140.8 billion in net assets on behalf of Ontario educational professionals.
2 min read · 07 January 2015
21st Century Oncology Holdings Inc has formed a joint venture with Northwest Cancer Clinic LLC in which 21st Century will own an 80 percent interest. The financial details of the transaction were not disclosed. 21st Century, a physician-led provider of integrated cancer care services, said the partnership with Northwest Cancer Clinic will allow it to enter a new market in the Northwestern United States. Last September, the U.S. company received a $325 million investment from Canada Pension Plan Investment Board (CPPIB). It is also backed by U.S. private equity firm Vestar Capital Partners.
4 min read · 07 January 2015
Knowlton Development Corp (KDC) has bought ChemAid Laboratories Inc, a manufacturer of skincare, hair care and bath and body products based in Saddle Brook, New Jersey. The deal's financial terms were not released. The acquisition is KDC's first disclosed since its $165 million recapitalization last October by Canadian private equity firm Novacap in partnership with the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and other investors. KDC, a Knowlton, Québec-based provider of health and beauty goods, said the purchase of ChemAid is in line with its goal to double production by 2018 and become the leader in its industry. The company has been owned by Novacap since 2003.
5 min read · 07 January 2015
