Kathy Jeramaz-Larson, the Canadian executive director of the Institutional Limited Partners Association (ILPA), will step down from the organization as of June 30, 2015. Jeramaz-Larson joined ILPA in January 2007 and led the organization through what has arguably been the most transformative era in the global private equity industry for limited partners.
2 min read · 17 December 2014
The battle for the assets cement firms Lafarge and Holcim must sell to get the go-ahead for their merger will likely be between three groups, sources told Reuters. The three groups expected to hand in binding bids by a mid-January deadline include a consortium made up of Blackstone, Cinven and Canada Pension Plan Investment Board (CPPIB). The assets are seen fetching about 6 billion euros (US$7.5 billion), the sources said.
2 min read · 17 December 2014
Canadian oil and gas company Pacific Rubiales Energy Corp (TSX: PRE) has agreed to sell a portion of its Columbian pipeline and power transmission assets for US$320 million. A group of investors, which include International Financial Corp, a member of the World Bank Group, and IFC Global Infrastructure Fund, which is managed by U.S.-based IFC Asset Management Co, will acquire 43 percent of Pacific Rubiales' subsidiary Pacific Midstream Ltd. Pacific Rubiales will receive US$240 million in cash by year's end, US$80 in early 2015, and an additional US$60 million to develop future infrastructure projects.
5 min read · 17 December 2014
SHOEme, which is backed by Canadian merchant bank Hardy Capital Partners, has bought Shoes.com, an online retailer of footwear based in St. Louis, Missouri. The financial details of the transaction were not published. The acquisition follows the formation of the Vancouver-based SHOEme in July as a result Hardy Capital's merger of OnlineShoes.com and SHOEme.ca. Roger Hardy, the company's CEO and chairman of Hardy Capital, said SHOEme will "continue its aggressive growth in 2015." The purchase of Shoes.com increases the company's offering of shoe brands to 480 in total.
3 min read · 16 December 2014
Sage Gold Inc (TSX.V: SGX) has granted an option to Abbey Gold Corp to acquire Sage's 60 percent interest in the Clavos gold project in Timmins, Ontario. The asset purchase price is $4.3 million. The Toronto-based mineral exploration and development company said the proceeds will repay its senior secured debt facility with Canadian mining private equity firm Waterton Global Resource Management, with the balance being used for working capital. Going forward, Sage will focus on investing in its Lynx property in the Beardmore Geraldton Gold Camp, also in northern Ontario.
5 min read · 16 December 2014
Canadian energy private equity firm Annapolis Capital has closed its seventh partnership, Annapolis Energy Fund VII, at $300 million of capital commitments. The fund reached its hard-cap target with the help of Canadian and U.S. institutional and individual investors. As reported by peHUB Canada in March, the closed Fund VII is double the capitalization of Fund VI (2011) and brought in as much money as the combined raise of Annapolis’ previous six funds. Annapolis managing partner and CEO Peter Williams said the new fund will continue the Calgary-based firm's focus on Canadian upstream oil and gas opportunities, investing in a range of $15 million to $60 million.
3 min read · 16 December 2014
Institutional investors say they’re concerned that sponsors are applying too much leverage to companies, and many also believe exit conditions will deteriorate in the next two years. Nevertheless, a healthy percentage plan to raise their target allocation to private equity over the next year, according to the latest edition of Global Private Equity Barometer.
3 min read · 16 December 2014
Dwight Poler is managing director and head of Europe for Bain Capital, which recently closed on 3.5 billion euros for Bain Capital Europe Fund IV.
3 min read · 16 December 2014
The parent of Porter Airlines is nearing the sale of a passenger terminal it operates at Toronto's Billy Bishop Airport, sources told Reuters. One source said at least two separate bids are expected this week from pension fund manager Alberta Investment Management Corp (AIMCo) and Macquarie Group Ltd. Porter is backed by Edgestone Capital Partners, OMERS Strategic Investments, GEAMI and Dancap Private Equity.
2 min read · 16 December 2014
PhyMed Healthcare Group has received an undisclosed investment from Teachers' Private Capital, the private equity investment arm of Ontario Teachers' Pension Plan. Headquartered in Nashville, Tennessee, PhyMed Healthcare is a physician-led and owned anesthesia and pain management services provider. Update: The company said the partnership with Teachers will allow it to accelerate its business and market growth strategy. PhyMED Healthcare has been a portfolio investment of U.S. private equity firm Excellere Partners since 2012.
3 min read · 15 December 2014
