KIK Custom Products Inc, one of North America's largest manufacturers of household cleaning and personal care products, is exploring a sale that could value it at more than US$1.5 billion including debt, sources told Reuters. The Concord, Ontario, company, owned by U.S. private equity firm CI Capital Partners LLC since 2007, is working with Morgan Stanley on a sale process that is expected to kick off early next year.
1 min read · 13 November 2014
Avison Young Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, has bought Orlando, Florida's MCRE LLC, which does business as Morrison Commercial Real Estate. The deal's value was not published. The acquisition of MCRE follows Avison's announcement earlier this week that it had agreed to purchase Colliers International South Florida. The Toronto-headquartered Avison, which now operates 61 commercial real estate offices in 50 markets, has been backed by Tricor since 2011. Tricor made a follow-on investment in the company in September.
8 min read · 13 November 2014
Dutch electronics group Philips has attracted bids from several private equity groups for the majority of its lighting components business, up for sale as it focuses on higher-margin activities, several sources told Reuters. Buyout groups including Bain, CVC, CD&R, KKR and Canada's Onex Corp handed in offers earlier this week valuing the business at between 2.5 billion euros (US$3.1 billion) and 3 billion, the sources said.
2 min read · 13 November 2014
U.S. telecommunications provider ShoreTel Inc rejected Canadian peer Mitel Networks Corp's higher bid, saying it "significantly undervalued" the company, Reuters reported. Mitel on Monday raised its offer to $8.50 per share in cash and stock, from $8.10 per share in cash. The revised offer valued ShoreTel at about $574 million.
1 min read · 12 November 2014
Kili Technology Corp has bought DeviceFidelity Inc, a U.S. provider of plug-and-play near field communication and mobile security solutions. The value of the acquisition was not disclosed. Kili, a Toronto-based payment processing business, said the deal creates a complete portfolio of mobile payments, security and acceptance products. Established in 2013 as carve-out of SecureKey Technologies Inc, Kili is backed by Blue Sky Capital and Rouge River Capital. Founded in 2007, DeviceFidelity has been venture-backed since 2012. Its investors include Dallas Venture Partners and Datacard Group.
3 min read · 12 November 2014
Shred-it International Inc, a portfolio company of Canadian private equity firm Birch Hill Equity Partners and other investors, has agreed to acquire the international shredding assets of Iron Mountain Inc (NYSE: IRM) in the United Kingdom, Ireland and Australia. The purchase price, disclosed by Iron Mountain, is about US$29.8 million. Additionally, Iron Mountain said it has agreed to acquire Securit Records Management Inc, a Shred-it affiliate, for about US$29 million. Both deals are expected to close in 2014. Earlier this year, Shred-it bought U.S.-based Cintas Corp‘s document destruction business. Birch Hill, which is currently launching its fifth fund, led the acquisition of Toronto-based Shred-it in 2009.
3 min read · 12 November 2014
Private equity firms Bain Capital and Apax Partners have launched a bid worth 7.075 billion euros ($8.8 billion) to buy the Portuguese operating business of Portugal Telecom from Brazil’s Oi, rivalling last week’s offer from telecoms group Altice, news service Reuters reported.
2 min read · 12 November 2014
CalPERS committed 350 million euros ($434.7 million) to Bridgepoint Europe V in September, according to November investment committee meeting materials.
1 min read · 11 November 2014
Civica Group Ltd, a portfolio company of OMERS Private Equity, has through a subsidiary purchased Asidua Holdings Ltd, a software consultancy and services business based in Belfast, Northern Ireland. The acquisition's value was not disclosed. Civica, a London, U.K.-based provider of specialist information technology systems and business process services, said the deal will help broaden its support to customers. OMERS last year bought Civica from British private equity firm 3i Group in a transaction valued at 390 million pounds (US$604 million).
4 min read · 11 November 2014
Wynnchurch Capital, a U.S. mid-market private equity firm with offices in Toronto and Montréal, has closed its fourth partnership, Wynnchurch Capital Partners IV LP, raising US$1.2 billion in total. The fund, which was launched in September with a target of US$900 million, was oversubscribed. Wynnchurch has made a number of investments in Canada, including current portfolio companies Calyx Transportation Group Inc, Groupe Moreau and Pro-Fab Group Inc. In 2013, Wynnchurch sold Saskatoon, Saskatchewan-based NSC Minerals Ltd to Altas Partners.
3 min read · 11 November 2014
