Grenville Strategic Royalty Corp has agreed to advance up to $1.25 million in financing to BG Furniture Ltd, a Walkerton, Ontario-based builder of home and office furniture products. In exchange, Grenville will receive a royalty based on the company's gross revenue within Grenville's average royalty rate of between 1 percent and 4 percent. BG Furniture said the deal will help accelerate its growth strategy, expand its customer base and continue its product innovation. Since its inception in July 2013, Grenville has completed around $20.9 million in royalty financings in North America.
7 min read · 20 October 2014
Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has disclosed a proposal to acquire all of the outstanding shares of ShoreTel Inc (Nasdaq: SHOR) for around $540 million. ShoreTel, a Sunnyvale, California-based business communications solutions provider, has rejected the offer, Mitel said. Mitel president and CEO Richard McBee said his company's proposal will nonetheless remain open until November 20. Based in Ottawa, Mitel is a provider of business communications and collaboration software and services. It is backed by U.S. private equity firm Francisco Partners and other investors. Earlier this year, the company acquired Aastra Technologies Ltd for $400 million.
6 min read · 20 October 2014
Hub International Atlantic Ltd, a subsidiary of Hub International Ltd, has purchased a book of auto dealer business from Canadian independent broker Alliance Assurance Inc. The financial terms of the transaction were not published. Hub, a Chicago-based insurance brokerage with significant operations in Canada, has been a portfolio company of U.S. private equity firm Hellman & Friedman since 2013. Hub International Atlantic is based in Saint John, New Brunswick.
2 min read · 20 October 2014
Aqua Terra Water Management LP, a salt water disposal business backed by U.S. private equity firm Bregal Partners, has hired Mark Harris as its new CEO. Harris, who was president of Archer Wireline LLC prior to joining Aqua Terra, will also continue to serve on the company's board of directors. Aqua Terra, which frequently operates through its Canadian subsidiary, Four Winds Energy Services Ltd, has completed several Canadian and U.S. acquisitions since the beginning of 2014.
3 min read · 20 October 2014
Francisco Partners’ auction of financial software company eFront has attracted offers of around $400 million, according to two people familiar with the transaction.
1 min read · 17 October 2014
Cominar Real Estate Investment Trust (TSX: CUF.UN) has closed its previously announced purchase of Centre Rockland from Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec. The acquisition price was around $271.7 million. Centre Rockland is a 649,174 square-foot shopping mall located in the Town of Mount-Royal, Québec.
3 min read · 17 October 2014
Energy Future Holdings squared off against creditors in court on Friday as the bankrupt Texas power company sought approval to begin a multibillion dollar auction of its interest in Oncor, a power transmission business, according to Reuters news service.
2 min read · 17 October 2014
The University of Michigan Board of Regents approved a $10 million commitment to a co-investment fund managed by former HRJ Capital co-founder and ex-San Francisco 49er Harris Barton, according to documents released by the endowment.
2 min read · 17 October 2014
Billionaire investor William Ackman has turned up the heat on Allergan Inc, accusing the U.S. Botox maker’s board of misleading investors to fend off a hostile takeover bid from Canada's Valeant Pharmaceuticals, Reuters reported. Ackman's hedge fund Pershing Square Capital Management is Allergan’s biggest shareholder. Ackman has been working with Valeant for months to push the Botox maker into selling itself to Valeant. Allergan has steadfastly refused, calling Valeant’s offer too low.
3 min read · 17 October 2014
Stingray Digital Group has purchased Telefónica On The Spot Services' Pay TV music portfolio of clients in South America and Portugal. The financial details of the transaction were not disclosed. Stingray said the acquisition is an important milestone in its Latin America growth strategy. Earlier this year, the company also bought a Latin American digital music services business from Mood Media Corp. Based in Montréal, Stingray is a multi-platform music services provider. It is majority-owned by Canadian private equity firm Novacap, Telesystem and Boyko Investment Corp. Telefónica On The Spot Services is a subsidiary of Spain's Telefónica Group.
4 min read · 17 October 2014
