RedBird Capital Partners, a new investment fund managed by former Goldman Sachs and BDT Capital Partners executive Gerald Cardinale, picked up $500 million from a single investor, according to a Form D filed with the U.S. Securities and Exchange Commission on Oct. 28. The filing did not name the investor.
1 min read · 28 October 2014
Canada's Competition Bureau has approved Burger King Worldwide Inc's acquisition of Canadian coffee chain Tim Hortons Inc. The agency said the combination is unlikely to result in a substantial lessening or prevention of competition. The $12.64 billion cash-and-stock deal, which is backed by Burger King majority investor 3G Capital, was announced in August. Data provider Preqin recently called it the largest private equity transaction so far in 2014.
2 min read · 28 October 2014
Shareholders of Balfour Beatty Plc have given their approval to the sale of the company's subsidiary Parsons Brinckerhoff to WSP Global Inc (TSX: WSP). As reported by Reuters in September, the US$1.24 billion deal is intended to increase the Montréal-based WSP's footprint in the U.S. transportation sector. The Caisse de dépôt et placement du Québec and Canada Pension Plan Investment Board (CPPIB), which are long-time investors in WSP, are providing $400 million to fund the acquisition. It is expected to close in the fourth quarter.
3 min read · 28 October 2014
The New York State Teachers’ Retirement System has finalized roughly $350 million of commitments across four private equity funds in August and September, indicating an appetite for both European and U.S. buyout funds, according to October 29-30 meeting materials.
2 min read · 28 October 2014
Buyout group Advent International has sold a unit of its German books-to-cosmetics retailer Douglas to rival private equity firm 3i, making headway in a revamp ahead of a planned exit from the investment, according to Reuters news service.
1 min read · 28 October 2014
Alternative investment management group Oaktree Capital Management LP has purchased Hess Corp’s share of proprietary energy trader HETCO, and will inject $500 million to fund the New York-based outfit’s expansion into new commodity markets, according to Reuters news service.
3 min read · 28 October 2014
Canadian real estate private equity firm KingSett Capital and InnVest Real Estate Investment Trust have agreed to acquire an 80 percent interest in Toronto's Fairmont Royal York Hotel for $186.5 million. The transaction is a joint venture with existing investor Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, which will retain a 20 percent interest in the property. The partners, led by KingSett with a 60 percent interest in the joint venture, said they plan to invest over $50 million of additional funds for renovations following the completion of the acquisition, which is expected to occur in January 2015.
6 min read · 28 October 2014
Canada Pension Plan Investment Board (CPPIB) plans to invest about US$396 million in commercial property in Brazil, a few months after it opened an office in São Paulo, Reuters reported. The investments include the purchase of warehouses, land and stakes in development projects in the logistics and retailing industries, adding to the fund's portfolio of more than 100 properties in Latin America's largest economy.
2 min read · 28 October 2014
The Blackstone Group, the world’s largest private equity investor in real estate, is preparing to seek around $13 billion for its next flagship global real estate fund, in line with its predecessor fund, people familiar with the matter told Reuters news service.
2 min read · 28 October 2014
The Fonds de solidarité des travailleurs du Québec FTQ has invested $20 million in Tremcar Inc, a manufacturer and seller of aluminium and stainless steel tanker cars for food, chemicals, dry products and petroleum products industries in North America. Tremcar said that proceeds of the deal will be used to support its growth strategy, which includes construction, equipment purchases and the acquisition of sales and service centres in the United States. Concurrent with the funding announcement, the business indicated that it will be hiring new employees. With its headquarters in Saint-Jean-sur-Richelieu, Québec, the family-owned Tremcar was founded in 1962.
3 min read · 27 October 2014
