Canada’s private equity industry is poised to complete a second consecutive year of robust fundraising. Thomson Reuters’ data suggest that buyout, mezzanine and other PE funds have secured more than $14.4 billion in committed capital in 2014. While that’s down slightly from 2013, it represents the second largest annual raise by Canadian funds to date.
2 min read · 29 December 2014
TA Associates has put TwinMed up for sale, three sources said.
1 min read · 29 December 2014
We canvassed the private equity industry to get a sense of the biggest industry surprises of the year. Here are the top 10 topics that had people buzzing:
2 min read · 29 December 2014
Canadian alternative assets manager Brookfield Asset Management has agreed to buy the 30.6 percent of common shares of Brookfield Residential Properties Inc (TSX, NYSE: BRP) that it does not already own. The transaction, which is expected to be completed early next year, provides a total consideration to minority shareholders of Brookfield Residential of around US$871 million. The company's board of directors has recommended the deal to shareholders, who will vote on it on March 10, 2015. Based in Calgary, Brookfield Residential is a land developer and homebuilder with operations in eleven North American markets.
5 min read · 24 December 2014
Encana Corp will sell some natural gas gathering and compression facilities in British Columbia it owns jointly with a unit of Mitsubishi Corp to Veresen Midstream LP for $412 million plus costs, Reuters reported. Veresen Midstream, a joint venture of Veresen Inc and U.S. private equity firm Kohlberg Kravis Roberts & Co LP, will also invest up to $5 billion to support development in the Montney shale.
1 min read · 23 December 2014
Ontario Teachers' Pension Plan and the Public Sector Pension Investment Board (PSP Investments) have agreed to partner with Spanish financial institution Banco Santander SA in the purchase of a global portfolio of wind, solar and water infrastructure assets. The assets, which are valued at more than US$2 billion, are currently owned by Santander. The deal will see the assets transferred to a new company owned equally by Ontario Teachers, PSP and Santander. The three investors also plan to invest "significant additional amounts" in the new company over the next five years. It is expected that the transaction will be completed in the first half of 2015.
4 min read · 22 December 2014
ONICON Inc, a portfolio company of U.S. private equity firm Harbour Group, has acquired Greyline Instruments Inc. No financial terms were disclosed for the transaction. Based in Long Sault, Ontario, Greyline is a designer and manufacturer of ultrasonic flow meters and level sensors. Update: The company’s customers operate primarily in the water, wastewater, environmental, and industrial markets. ONICON, a U.S. flow measurement and hydronic energy business, was purchased by Harbour Group in January 2013.
3 min read · 22 December 2014
Clearford Water Systems Inc (TSX-V: CLI) has completed its previously announced purchase of a 90.7 percent interest in UV Pure Technologies Inc, a Toronto-based manufacturer and distributor of ultraviolet systems for the purification of potable water, grey water and wastewater. The acquisition price was $2.6 million. Going forward, UV Pure will operate as a subsidiary of Clearford, an Ottawa-based water management and sanitation systems company. UV Pure was a portfolio investment of Canadian private equity firm Investeco Capital Corp.
5 min read · 22 December 2014
Teachers' Private Capital has agreed to purchase PODS Inc (Portable On Demand Storage), a U.S. provider of container-based moving and storage solutions. The financial details of the acquisition were not disclosed. The company was sold by an investor group led by Bahrain-based private equity firm Arcapita, which acquired PODS for US$430 million in late 2007. The long-term equities group of Teachers' Private Capital, the private equity investment arm of Ontario Teachers Pension Plan, was responsible for the deal, which is expected to close in the first quarter of 2015. Teachers said it will run PODS as a standalone business operation under existing management.
2 min read · 22 December 2014
Canadian performance company Cirque du Soleil has hired investment bank Goldman Sachs Group Inc to help in its effort to find a strategic partner, Reuters reported. Cirque du Soleil will appeal to both private equity firms and large media companies that are looking to increase their exposure to live events, one of the fastest growing areas in media and entertainment. A deal may value the company as a whole at US$1.5 billion to US$2.5 billion.
2 min read · 22 December 2014
