Gordon Brothers Group and Hilco Merchant Resources said that they began a process for going-out-of-business sales at all 95 Mexx retail locations in Canada on Friday, December 19th. The initiative is a result of the company's decision to file for bankruptcy due to competition from other retailers. Based in Amsterdam, the Netherlands, Mexx is a retail chain that sells men's, women's and children's clothing and accessories as well as home furnishings. The global business, including Mexx Canada, was acquired by U.S. private equity firm The Gores Group in October 2011.
3 min read · 22 December 2014
Carlyle Group LP and Warburg Pincus LLC said they would buy Canada's DBRS Ltd, the world's fourth-largest credit rating agency, in partnership with a consortium of Canadian investors including the firm's founder, Reuters reported. Reuters earlier estimated the deal's value at more than US$500 million. DBRS founder and controlling shareholder Walter Schroeder will remain an important investor, the companies said in a statement.
2 min read · 22 December 2014
While tapping into retail investors remains a popular topic among private equity firms, recently-launched InvestX Capital bills itself as the first crowdfunding marketplace to give individuals a way to invest directly in private equity deals.
2 min read · 22 December 2014
Download the latest “Ratings Wrap-Up 2014” table from the Related Files tab below to see what portfolio companies have gotten distressed ratings in 2014.
1 min read · 19 December 2014
Canadian private equity firm ReichmannHauer Capital Partners (RHCP) has achieved an exit on the recent sale of Allan Candy Co Ltd to The Hershey Company (NYSE: HSY). RHCP's Philip Reichmann said the firm saw an internal rate of return of 22 percent as a result of the deal, the financial terms of which were not disclosed. RHCP bought Allan Candy, a Mississauga, Ontario-based manufacturer of sugar confectionery and chocolate products, from Cadbury Adams Canada Inc in June 2007. The U.S.-based Hershey said the acquisition adds to its brands portfolio and manufacturing capacity.
1 min read · 18 December 2014
Australian infrastructure and real estate investor AMP Capital has secured US$200 million from Ontario Pension Board. The commitment, which comes with additional co-investment rights, will support AMP's global infrastructure strategy, which is focused on acquiring assets in transport, communication and utilities sectors in OECD countries. The global strategy has a target size of US$2 billion. Based in Toronto, Ontario Pension Board manages around $21 billion in assets on behalf of the province's Public Service Pension Plan.
2 min read · 18 December 2014
Canadian dairy cooperative Agropur has received $470 million from a group of Québec investors. The Caisse de dépôt et placement du Québec, National Bank of Canada, Fonds de solidarité FTQ, Investissement Québec, Capital régional et coopératif Desjardins and Fondaction CSN all contributed to the deal. The Longueuil, Québec-based Agropur plans to use the funds to support is growth strategy, as well as its acquisitions, which include recent buys of dairy processing assets from Davisco, Sobeys and Northumberland Dairy Cooperative. Founded in 1938, the company has 3,473 dairy producer members and reported sales of over $3.8 billion at the end of fiscal 2013.
6 min read · 18 December 2014
Fulcrum Capital Partners has raised C$180 million ($155 million) in a first close of its fifth partnership, Fulcrum Capital Partners V LP, earmarked mainly for investments in lower mid-market Canadian companies.
3 min read · 18 December 2014
IDI Gazeley, a.k.a. Brookfield Logistic Properties, has sold its Mexican industrial portfolio for US$302 million. The buyers of the 35 properties and 395 acres of land were Mexican real estate developer FINSA and an affiliate of U.S. real estate private equity firm Walton Street Capital. The U.K.-based IDI Gazeley, an investor and developer of logistics warehouses and distribution parks, acquired the Mexican assets in 2013. The company is owned by Brookfield Property Partners, an affiliate of Toronto-based Brookfield Asset Management.
3 min read · 17 December 2014
Canadian retailer Hudson's Bay Co (TSX: HBC) has named Gerald Storch as its new CEO as of January 6, 2015. Storch was previously chairman and CEO of Toys "R" Us Inc. The company's current CEO Richard Baker will continue as governor and executive chairman. He and Storch will also compose the office of the chairman. Hudson's Bay, which went public in 2012, is a portfolio investment of U.S. private equity firm NRDC Equity Partners.
4 min read · 17 December 2014
