Ontario Teachers Pension Plan and Public Sector Pension Investment Board (PSP Investments) are nearing a deal to acquire Loral Space & Communications Inc, Reuters reported. If the parties can reach a deal, the two pension funds will own Telesat Holdings Inc, the Canadian satellite communications company which Loral owns a 62.8 percent share of and derives almost of all its value from. A deal could be announced as soon as December.
1 min read · 25 November 2014
Specialty lending platform Callidus Capital Corp (TSX: CBL) has secured US$50 million in bridge loan financing from Canadian private equity firm Catalyst Capital Group. Further advances of up to US$150 million may be provided by Catalyst, for a total of US$200 million. Callidus, which earlier this year flagged the possibility of securing new funds, said the facility has been accessed to support growth in its loan book. As of November 4 2014, the firm's gross loans receivable stood at $684 million. Callidus went public in April 2014, however, Catalyst continues to be its majority investor, controlling or directing around 57.5 percent of its issued and outstanding common shares.
5 min read · 25 November 2014
Mullen Group Ltd (TSX: MTL) has agreed to buy Gardewine Group LP for $172 million. The deal, which is expected to close in early 2015, will provide an exit to Canadian mid-market private equity firm TriWest Capital Partners, which invested in the Winnipeg-based Gardewine in partnership with management in November 2008. Founded in 1952, the company provides regional less-than-truckload, truckload and specialized truckload services primarily in Manitoba and Ontario. Mullen, an Okotoks, Alberta-based owner of a network of independently operating businesses, said the purchase will increase trucking and logistics' share of its total revenue from 40 percent to around 50 percent in 2015.
7 min read · 25 November 2014
Reliance Comfort LP, a portfolio company of U.S. private equity firm Alinda Capital Partners, has closed its previously announced acquisition of National Energy Corp, which operates under the name National Home Services. The purchase price was $505 million. The seller in the transaction was Just Energy Group Inc (TSX, NYSE: JE). Reliance, a Toronto-based provider of heating, ventilation and air conditioning equipment, said the deal will help expand its product offering to new customers and strengthen services to existing customers. In July, the company sold Reliance Protectron Inc, a monitored security services business, to ADT Corp for $555 million.
2 min read · 25 November 2014
Toronto-based Q9 Networks Inc, a provider of outsourced data centre infrastructure, has hired Karen Sheriff as president and CEO. The appointment becomes effective on January 5, 2015. Sheriff is the former president and CEO of Canadian communications business Bell Aliant Inc. Q9 Networks is currently owned by an investor group that includes Ontario Teachers' Pension Plan, Providence Equity Partners and Madison Dearborn Partners. Update: The company was acquired by these investors in 2012 from U.S. private equity firm ABRY Partners for $1.1 billion.
3 min read · 25 November 2014
Canadian financial services firm Stonebridge Financial Corp has launched Stonebridge Infrastructure Debt Fund II LP with initial capital commitments totaling $201.5 million. Commitments were provided by Canadian institutional investors and the Business Development Bank of Canada (BDC). Like Fund I, Stonebridge's second investment vehicle will focus on long-term senior debt financings that support the construction, operation, ownership or maintenance of a range of social infrastructure assets, such as hospitals, schools and transportation facilities, and energy infrastructure assets.
3 min read · 24 November 2014
Canadian mining company Treasury Metals Inc (TSX: TML) has completed the second tranche of a $6 million funding facility provided by RMB Resources, the resource financing division of South Africa's FirstRand Group. The transaction, originally announced in 2013 and February 2014, is intended to support mine permitting and exploration activity concerning the company's flagship Goliath Gold Project in northwestern Ontario. Established in 2008, Treasury Metals is based in Toronto.
3 min read · 24 November 2014
Novacap TMT IV LP, a fund managed by Canadian private equity firm Novacap, has completed its previously announced buy of Dialogics Inc, a U.S. communications technology provider. The purchase price, totaling US$35.3 million, included a US$24.1 million payment to U.S. alternative investment firm Tennenbaum Capital Partners in exchange for around US$78.3 million of term loan debt, which will subsequently be cancelled and removed from Dialogic’s capital structure. With the deal's close, the company's shares will no longer trade on the OTCQB exchange. Novacap TMT IV LP raised $375 million in its final close in May 2014.
5 min read · 24 November 2014
Canadian private equity firm Onex Corp has agreed to invest in Advanced Integration Technology Inc (AIT), a provider of automation and tooling, maintenance services, and aircraft components to the aerospace industry. The transaction, the financial terms of which were not disclosed, is expected to be completed in December. The Plano, Texas-based AIT said the partnership with Onex will provide it with the resources and expertise necessary to support growth. The investment will be the first made by Onex Partners IV, which was closed in May with US$5.15 billion in total capital committed.
3 min read · 24 November 2014
Canadian department store operator Hudson's Bay Co outlined a US$1.25 billion refinancing plan on Monday, in a move to reduce debt taken on when it acquired U.S. rival Saks last year, Reuters reported. The retailer said it would take out a 20-year mortgage on the ground portion of its flagship Saks Fifth Avenue store in New York City. HBC was acquired by NRDC Equity Partners in 2008 and went public in late 2012.
2 min read · 24 November 2014
