Private Equity
DIF, a Dutch infrastructure investment firm, has acquired the Illumination project, a 10 megawatt ground-mounted photovoltaic solar project located in Scugog, Ontario. The deal's financial terms were not disclosed. The seller was Canadian Solar Solutions Inc, a manufacturer of solar photovoltaic modules and provider of solar energy solutions. DIF said the Illumination project's funding was wrapped up in May, with construction and term financing provided by Natixis, Rabobank and Nord/LB, and subordinated construction financing provided by Macquarie Capital. The project began commercial operation in November.
2 min read · 16 December 2015
Canadian specialty finance firm Crown Capital Partners has provided a $25 million, 10-year term loan to PenEquity Realty Corp, a full-service real estate company focused on commercial shopping centres in Ontario. Toronto-based PenEquity, which specializes in large-scale destination retail-entertainment centres, as well as commercial and residential land development, currently has seven projects underway. Funding provided by Crown will be used to support its growth. PenEquity's loan is the first transaction completed under Crown's new long-term financing strategy. The strategy was a key part of the firm's initial public offering and fundraising activity earlier this year.
4 min read · 16 December 2015
Fresh Hemp Foods Ltd, a.k.a. Manitoba Harvest, acquired in July by U.S. private equity firm The Compass Group, has bought Hemp Oil Canada Inc. The purchase price was about $42 million. Based in Ste. Agathe, Manitoba, Hemp Oil Canada is a wholesale producer, private label packager and custom processor of hemp food products and ingredients. Compass said the deal will expand Manitoba Harvest's manufacturing capacity, build out its ingredients business, and grow and diversify its customer base. As reported by PE Hub Canada, the sale of Manitoba Harvest to Compass for $132.5 million gave an exit to its backer, Canadian venture capital firm Avrio Capital.
4 min read · 15 December 2015
Canadian rural Internet service company Xplornet Communications Inc has acquired Platinum Communications Corp, a Calgary-based provider of broadband services to remote locations. The deal's financial terms were not released. Xplornet said the Platinum acquisition increases its footprint in Alberta and supports its mission to "make affordable, fast and reliable broadband Internet services available to every rural Canadian." Based in Woodstock, New Brunswick, Xplornet has been a portfolio company of U.S. private equity firm Catalyst Investors and Canadian firm Werklund Capital Corp since 2010.
3 min read · 15 December 2015
Kahala Brands has bought Pinkberry, a global frozen yogurt franchise business based in Santa Monica, California. No financial terms were disclosed. Kahala said Pinkberry is an "excellent strategic fit" in its quick-service restaurant franchising platform. The brand's operations will be consolidated and managed from Kahala's headquarters in Scottsdale, Arizona, the company said. The Pinkberry deal follows other brand acquisitions made by Kahala this year, including Maui Wowi Hawaiian and Planet Smoothie and Tasti D‑Lite. Kahala is a portfolio investment of Canada's Serruya Private Equity and the Delavaco Group.
3 min read · 15 December 2015
The Canadian affiliate of Luxembourg's SAF-Holland Group SA has sold its agricultural equipment business, AerWay, to Salford Group Inc, a Canadian manufacturer and marketer of farming machinery. No financial terms were released for the deal, which closed earlier this month. SAF-Holland said the soil loosening and cultivation equipment in the AerWay product line did not represent a core activity to its commercial vehicle supply business. Based in Salford, Ontario, Salford is a portfolio company of U.S. private equity firm GenNx360 Capital Partners. In May, the company acquired Valmar Airflo Inc.
2 min read · 15 December 2015
Almost half of hedge fund firms plan to roll out a new hedge fund by the end of next year despite regulations challenging how they market, the Alternative Investment Management Association (AIMA) reported. The hedge fund trade body's study said 44 percent of managers planned to launch a hedge fund by the end of 2016. Managers with more than US$500 million were more likely to be preparing a new hedge fund than those with less than US$500 million.
2 min read · 14 December 2015
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and Samsung Renewable Energy Inc have formed a partnership to provide equity funding to the 50 megawatt Windsor Solar Project in Windsor, Ontario. The funding's value was not disclosed. The partners also announced that about $195 million in debt financing has been raised for the project. The Windsor Solar Project will produce energy for about 8,500 Ontario homes upon its completion in late 2016 or early 2017. CC&L Infrastructure is an affiliate of Canadian asset management firm Clark & Lunn Financial Group Ltd.
4 min read · 14 December 2015
The Fonds de solidarité FTQ has invested $3 million in Zinda Products Inc, an agri-food business that specializes in the production of regular and flavoured couscous. Founded in 1999 by President Majid Jamaleddine, Zinda has its headquarters in Candiac, Québec. The company plans to use the partnership with the Fonds to support its growth, which includes purchasing and installing a production line for pearl couscous, which Zinda is importing. The Zinda deal comes on the heels of the Fonds' investment in boat manufacturer Pelican International Inc.
3 min read · 11 December 2015
Canadian wireless provider Wind Mobile Corp has closed a new senior secured debt facility that will provide for up to $425 million of financing. The facility, backed by Canadian banks, included additional support from Finnish export credit agency Finnvera. It enabled re-financing of Wind's existing debt facilities and will support its plans for network enhancement and the deployment of LTE technology. In late 2014, Wind was acquired by Globalive Capital in partnership with a group of private equity investors. The latter included West Face Capital, Tennenbaum Capital Partners, LG Capital Investors and Serruya Private Equity.
2 min read · 11 December 2015
