U.S. distressed debt investor Cyrus Capital Partners has acquired indirect control over an additional 1.45 million common shares of Catalyst Paper Corp (TSX: CYT), a Canadian manufacturer of specialty mechanical printing papers, newsprint and pulp. Following completion of the transaction, Cyrus had indirect control over about 6.3 million shares, or approximately 43.3 percent of the company's total issued and outstanding shares. The Richmond, British Columbia-based Catalyst in October agreed to acquire the Biron paper mill in Wisconsin and the Rumford pulp mill in Maine for US$74 million.
4 min read · 04 November 2014
Penfund, a Canadian mid-market private equity firm specializing in providing junior capital, has made a US$39.9 million debt and equity investment in Mavis Discount Tire, a U.S.-based independent tire retailer. Penfund provided the funds in support of an undisclosed investment in the company by ONCAP, the mid-market private equity platform of Onex Corp. Based in Millwood, New York, Mavis operates over 150 retail locations in New York and several other states. It also operates two wholesale distribution centres which support its retail business.
2 min read · 03 November 2014
Sponsors and strategic acquirers may be battling one another for good companies and corporate divisions, driving up prices as never before. But they haven’t lost their moxie when it comes to negotiating a key element of purchase agreements with targets.
3 min read · 03 November 2014
Alternative asset manager Fifth Street Asset Management Inc withdrew its plan to go public, citing volatility for new issuers in equity markets, according to Reuters news service.
1 min read · 03 November 2014
A consortium of buyout firms that includes Advent International Corp and Avista Capital Partners is in advanced talks to acquire UCB SA’s U.S. generic drugs unit Kremers Urban Pharmaceuticals Inc, people familiar with the matter told Reuters news service.
2 min read · 03 November 2014
Concert Infrastructure Fund, an investment vehicle managed by Concert Infrastructure Ltd, has recapitalized with an additional $150 million in commitments from a group of Canadian pension funds. Founded in 2010, the fund invests in a diverse range of Canadian social and economic infrastructure, delivered primarily through public-private partnerships. An affiliate of the Vancouver-based Concert Properties Ltd, Concert Infrastructure currently oversees $355 million in investments and commitments.
2 min read · 03 November 2014
The Sentient Group, a private equity firm based in the Cayman Islands and with an office in Montréal, has agreed to sell a large portion of its debt and equity investment in Strateco Resources Inc (TSX: RSC) to Australian uranium business Toro Energy Ltd. The acquired assets included a 19.8 percent equity interest in Strateco, convertible notes, a senior secured loan and a 25 percent equity interest in Strateco subsidiary SeqUr Exploration Inc. Following the transaction, Sentient will retain an 8 percent stake in the company as well as convertible notes. With headquarters in Boucherville, Québec, Strateco is a uranium mining company with exploration projects in northern Quebec.
2 min read · 03 November 2014
BluEarth Renewables Inc, a renewable power producer focused on acquiring, developing and operating wind, water, and solar projects, has secured more than $81 million in follow-on equity funding. Investors in the round included Canadian private equity firm ARC Financial Corp and the Ontario Teachers' Pension Plan, which have previously invested in the company, as well as management. The Calgary-based BluEarth, which has raised over $250 million in equity to finance its growth strategy, said it has a target of $1 billion of operating assets by 2017. Among its recent acquisitions, the company in August bought Good Light, the second of four planned solar power asset purchases from Canadian Solar Inc.
3 min read · 03 November 2014
The Teachers’ Retirement System of the State of Illinois approved $330 million of commitments to private equity at its Oct. 30 meeting, including $230 million for managers based in Asia and Australia, according to a statement released by the retirement system.
1 min read · 03 November 2014
Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, has bought an approximate 40 percent stake in a portfolio of properties located in Denver, Colorado from Canada Pension Plan Investment Board (CPPIB) for over US$200 million. The properties, which include the US Bank Tower and the Tabor Center, were held by CPPIB as part of a joint venture since 2007. With the transaction's completion, Ivanhoé said it has assumed an ownership position of about 6 percent of Class A office inventory in downtown Denver.
3 min read · 03 November 2014
