Private Equity
A new study by The Boston Consulting Group (BCG) found that assets managed by Canada's 10 largest public pension funds currently total more than $1.1 trillion, or the equivalent of more than 45 percent of Canada's gross domestic product. BCG said assets managed by the top 10 funds tripled between 2003 and 2014, with 80 percent of the value driven by investment returns. Approximately one-third of the investments held by the top 10 funds are in alternative assets, such as infrastructure, private equity and real estate, the study found.
5 min read · 10 December 2015
MatrixCare, a portfolio investment of OMERS Private Equity, has agreed to acquire AOD Software, a Coral Springs, Florida-based healthcare software company focused on seniors. The deal's financial terms were not released. MatrixCare, which is headquartered in Bloomington, Minnesota, is an electronic health record provider for long-term care and senior living facilities. OMERS Private Equity Managing Director Lisa Melchior said the combined companies will create "the leading scale player across multiple care settings." Earlier this year, MatrixCare's parent, Logibec Inc, a Canadian healthcare information technology business, was sold to GI Partners.
4 min read · 10 December 2015
Canada Pension Plan Investment Board (CPPIB) has invested RMB 3.2 billion (US$500 million) in Postal Savings Bank of China (PSBC). The investment formed part of a US$7 billion raise by PSBC from a group of investors in advance of its initial public offering, expected next year. With the deal, which reportedly values PSBC at about US$41.5 billion, CPPIB and nine other investors, including JPMorgan, Temasek, Tencent and UBS, have taken a 17 percent interest in the bank. Founded in 2007, Beijing-based PSBC is a retail financial institution with more than 400 million customers and nearly 40,000 branches.
2 min read · 09 December 2015
Pelican International Inc, a Laval, Québec-based plastic boat manufacturer, has obtained a minority investment from the Fonds de solidarité FTQ, a Canadian private equity and venture capital firm. No financial terms were released. Pelican designs and makes kayaks, canoes, fishing boats, paddle boats, utility sleds and other crafts for the outdoor sports industry. Its products are sold and distributed in over 53 countries. The company said the partnership with the Fonds de solidarité FTQ will support its global growth plans, which include a second plant and the purchase of plastic extrusion and processing equipment to increase output.
3 min read · 08 December 2015
POZEN Inc (NASDAQ: POZN) and Tribute Pharmaceuticals Canada Inc (TSX-V: TRX) have amended merger plans to create a new parent company, Aralez Pharmaceuticals Inc. The changes to the previously-announced deal include moving the domicle for Aralez from Ireland to Canada. In connection with the transaction, an investment syndicate has confirmed its commitment of up to US$350 million in growth capital for the combined entity. The financing will be led by U.S. healthcare investment firm Deerfield Management with participation from QLT Inc, Broadfin Capital and JW Asset Management. The POZEN-Tribute merger is expected to close in the first quarter of 2016.
10 min read · 08 December 2015
Canadian cloud services provider WatServ has received an investment from the private equity group of Brookfield Asset Management. No financial terms were disclosed. Based in Waterloo, WatServ is a provider of cloud computing solutions for the operational management of hosted Microsoft Dynamics products. It said the partnership with Brookfield will provide the company with the necessary resources and guidance to expand at an accelerated pace. Founded in 2005, WatServ has offices in the United States and the United Kingdom.
2 min read · 08 December 2015
NXP Semiconductors NV (NASDAQ: NXPI) has closed its buy of Freescale Semiconductor Ltd (NYSE: FSL), a manufacturer of semiconductors based in Austin, Texas. The previously-announced deal valued Freescale at US$16.7 billion, including debt. NXP, which is based in Eindhoven, The Netherlands, said the deal has created the world's top maker of automotive electronics, with revenue of over US$10 billion. Taken private in 2006, Freescale was backed by Canada Pension Plan Investment Board and other private equity investors. Earlier this year, the company bought Ottawa's CogniVue Corp.
4 min read · 07 December 2015
OMERS Private Markets, a division of the Ontario Municipal Employees Retirement System, has agreed to invest in the refurbishment of six Bruce Power reactor units over the next 20 years. The nuclear facility's other backers, which include TransCanada Corp, the Society of Energy Professionals and the Power Workers Union, will also invest in the projects. No financial terms were disclosed. Based in Tiverton, Ontario, Bruce Power generates about 30 percent of Ontario's electricity supply. OMERS is one of its largest investors.
3 min read · 03 December 2015
Canadian private equity firm Novacap has purchased the remaining interest in Host.net Inc from a group of shareholders led by Jeffrey Davis, the company's co-founder and CEO. No financial terms were released. Boca Raton, Florida-based Host.net, a managed infrastructure services provider, was acquired by Novacap's technology, media and telecommunications group in early 2013. Davis, the company's head for nearly fifteen years, has retired. He has been replaced on an interim basis by CFO Jason Katz. Last month, Novacap made a new platform investment, acquiring Calgary's Onstream Pipeline Inspection Services Inc.
3 min read · 03 December 2015
Driven Brands Inc, bought earlier this year by U.S. private equity firm Roark Capital, has acquired CARSTAR Automotive Canada Inc, a Hamilton, Ontario-based collision and glass service company with an operational network of more than 230 locations in 10 provinces. No financial terms were released. Driven Brands, which previously bought the U.S. operations of CARSTAR, said the deal strengthens its position in North America's automotive aftermarket franchising industry. Based in Charlotte, North Carolina, Driven Brands was acquired by Roark from U.S. private equity firm Harvest Partners in April.
4 min read · 03 December 2015
