Canadian private equity firm Mosaic Capital Corp has closed its acquisition of a 75 percent interest in WBD Holdings Ltd, which operates as South East Construction (SECON). The transaction is valued at $15.2 million. Based in Esterhazy, Saskatchewan, SECON is a multi-trade industrial and commercial construction company that primarily serves the potash mining and milling industry. It was founded in 1999. Existing management of the company will remain in place with Mosaic's acquisition.
6 min read · 03 November 2014
Grenville Strategic Royalty Corp has agreed to provide US$2 million in funding to Medical Imaging Corp, with an option to advance an additional US$1 million. In exchange, Grenville will receive a royalty based on the company's gross revenue according to Grenville's average royalty rate of between 1 percent and 4 percent. Based in Toronto, Medical Imaging is a medical diagnostic imaging services business focused on the North American market. It used a portion of Grenville's investment to complete the acquisitions of three diagnostic imaging clinics in Florida.
7 min read · 03 November 2014
Underwriters are facing another problem when backing leveraged buyouts – and this time it’s not regulators but unpredictable debt markets, reports Thomson Reuters IFR magazine.
4 min read · 31 October 2014
(Reuters) - Whichever candidate wins the pitched battle for Illinois governor on Tuesday faces the prospect that the state supreme court next year could toss hard-fought changes to the woefully underfunded state pension system.
4 min read · 31 October 2014
ANC Power Inc and TransCanada Energy Ltd have acquired two 100 megawatt energy contracts from The Balancing Pool, an Alberta government agency set up to promote competition in the electric industry. The contracts commence on November 1st and expire in October 2017. The financial terms of the transactions were not disclosed. ANC Power is co-owned by West Fraser Timber Co Ltd and Whitecourt Newsprint LP, an affiliate of Canadian private equity firm Stern Partners. Earlier this year, the Vancouver-based Stern Partners acquired a majority interest in McRae’s Environmental Services Ltd.
2 min read · 31 October 2014
WSP Global Inc (TSX: WSP) has closed its previously announced acquisition of Parsons Brinckerhoff, a subsidiary of U.K.-based infrastructure business Balfour Beatty Plc. The final purchase price was US$1.31 billion, including preliminary working capital adjustments and cash retained by Parsons of US$85.5 million, but excluding debt. Acquisition funding totaling $400 million was provided by Canada Pension Plan Investment Board (CPPIB) and the Caisse de depot et placement du Quebec. With the close of the deal, CPPIB and the Caisse will own around 17.3 percent and 17.5 percent, respectively, of the issued and outstanding common shares of the Montréal-based WSP.
5 min read · 31 October 2014
Seven Generations Energy Ltd is poised to raise C$810 million ($724.31 million) via an initial public offering that priced at the lower end of a previously anticipated range, according to regulatory documents.
2 min read · 30 October 2014
A new report from Pyramis Global Advisors found that over 90 percent of institutional investors believe they can achieve their targeted performance over the next five years. The 2014 Pyramis Global Institutional Investor Survey said this improves on the 65 percent of institutions that felt similarly in 2012. The survey covered 811 institutional groups in 22 countries overseeing more than US$9 trillion in assets. Interest in alternative investments, such as private equity, was found to be still rising, thought there were regional variations in the data.
5 min read · 30 October 2014
One Earth Farms (OEF), an agri-food enterprise backed by Canadian private equity investors Sprott Resource Corp and CAPE Fund LP, has made more acquisitions in the past few months. The deals, involving Canadian Premium Meats and Heritage Angus, appear to be in line with OEF's restructuring strategy and goal of becoming a fully integrated "farm to fork" business.
2 min read · 30 October 2014
Seven Generations Energy Ltd is poised to raise $810 million via an initial public offering that priced at the lower end of a previously anticipated range, Reuters reported. The offering is set to value the company at over $5 billion. The Calgary-based company, which focuses on a liquids-rich natural gas property in northwest Alberta, is backed by Canada Pension Plan Investment Board (CPPIB) and Canadian private equity firms ARC Financial and KERN Partners, among other investors.
2 min read · 30 October 2014
