Canada Cartage, a portfolio company of U.S. private equity firm Nautic Partners, has agreed to purchase Vanguard Global Services Inc, a third-party logistics business based in Mississauga, Ontario. The deal, the financial terms of which were not released, is expected to be closed in January. Canada Cartage, a provider of trucking services in Canada, said the acquisition will bring additional transportation management expertise and technology to its logistics portfolio. Founded in 1914, the company was taken private by Nautic Partners in July 2007 for approximately US$173 million.
3 min read · 15 December 2014
Sarona Asset Management has secured $150 million in the final close of its second private equity fund of funds, Sarona Frontier Markets Fund II. The fund received commitments from a wide number of institutional investors, family offices and high net-worth individuals. Fund II, which is also supported by U.S. and Canadian government agencies, will target returns-generating investments in local private equity funds that back companies in frontier and emerging markets. The fund currently has investments in countries in Africa, Asia and Latin America. Sarona has its headquarters in Kitchener, Ontario, and in Amsterdam, the Netherlands.
2 min read · 15 December 2014
U.S. pet supply retailer PetSmart Inc succumbed to calls from some shareholders for a sale with an agreement to be bought by a private equity consortium led by BC Partners Ltd for US$8.7 billion, Reuters reported. Some of BC Partners' fund investors, including the Caisse de dépôt et placement du Québec, have signed an agreement to buy the company for US$83 per share, PetSmart said.
2 min read · 15 December 2014
U.S. private equity firm Mill Road Capital has sold a majority stake in Vision7 International Inc to BlueFocus Communications Group Inc, a Chinese brand management solutions company. The deal's financial terms were not published, however, it was noted that Vision 7's senior management will have increased ownership as a result. Vision 7, a Québec City-based marketing communications specialist, and owner of such agency brands as Cossette and Citizen Relations, said the partnership with BlueFocus will support its global growth plans. Mill Road acquired Vision 7 in late 2009. Earlier this year, it said it was exploring strategic alternatives for the company.
5 min read · 15 December 2014
Thoma Bravo LLC and the Ontario Teachers' Pension Plan said they would buy U.S. network equipment maker Riverbed Technology Inc for US$3.6 billion, just over a year after the company's biggest shareholder started agitating for a sale, Reuters reported. Riverbed, whose products boost data speeds on networks, said in October it would explore strategic alternatives.
1 min read · 15 December 2014
The Caisse de dépôt et placement du Québec has agreed to buy 15 percent of a subsidiary of AES Corp (NYSE: AES) that owns 100 percent of IPALCO Enterprises Inc, a U.S. utility holding company. The acquisition price is US$244 million. The Caisse also plans to invest around US$349 million in IPALCO through 2016, in exchange for a 17.65 percent equity stake. Proceeds will fund current growth and environmental projects at Indianapolis Power & Light Co. Following the close of the deals, expected in the first half of 2015, the Caisse will have direct and indirect interests in IPALCO totaling 30 percent.
5 min read · 15 December 2014
Who Was Hiring in Q4 2014
1 min read · 15 December 2014
Canadian private equity firm Onex Corp has promoted senior investment professionals Matthew Ross and Manish Srivastava. Ross and Srivastava have been named managing directors in recognition of their contributions to Onex and to strengthen its senior team. Ross joined Onex in 2006 after working at Brown Brothers Harriman & Co and DB Capital Partners, while Srivastava joined in 2004 after working at Greenhill & Co and J.P. Morgan. Earlier in December, the Toronto-based Onex raised its commitment to Onex Partners IV, increasing its final close size to US$5.66 billion.
2 min read · 15 December 2014
Cott Corp (TSX: BCB) (NYSE: COT) has closed its previously announced buy of DSS Group Inc, the parent company to DS Services of America Inc, a water and coffee direct-to-consumer services provider in the United States. The final purchase price was US$1.25 billion. The deal gives an exit to U.S. private equity firm Crestview Partners, which invested in DS Services last year. Cott, a producer of beverages with offices in Toronto and Tampa, Florida, said the acquisition extends its portfolio into new and growing markets and broadens its distribution platform.
5 min read · 15 December 2014
A private equity consortium of Carlyle Group LP and Warburg Pincus LLC is in advanced talks to acquire privately held Canadian credit rating agency DBRS Ltd for more than US$500 million, according to people familiar with the matter, Reuters reported. The auction has also attracted Canadian private equity firm Birch Hill Equity Partners Management. Toronto-based DBRS is the world's fourth-largest credit rating agency.
3 min read · 15 December 2014
