Bermuda-based reinsurance company Till Capital Ltd (TSX-V: TIL) has agreed to acquire Omega Insurance Holdings Inc for around $15.4 million plus an additional amount of up to $3 million for any transactions in process at closing. The deal, which includes Omega subsidiaries Omega General Insurance Co and Focus Group Inc, will increase Till Capital's insurance and reinsurance capacity and assets, the company said. Based in Toronto, Omega is 77 percent owned by Integrated Partners LP I, a private equity fund affiliated with Canadian alternative assets manager Integrated Asset Management Corp (IAM). The fund invested in the company in 2004.
4 min read · 15 October 2014
Some of the world's largest pension funds and infrastructure investors are forming consortia to bid for the operator of an Indiana toll road that filed for bankruptcy last month, sources told Reuters. Different investor groups are said to include Brookfield Asset Management, Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System. A transaction will likely value ITR Concession Co LLC, the operator of the toll road, at between US$4 billion and US$5 billion.
3 min read · 15 October 2014
Women’s apparel retailer Ann Inc said it had entered into a confidentiality agreement with private equity firm Golden Gate Capital, a month after some hedge funds pushed the company to sell itself, according to news service Reuters.
1 min read · 14 October 2014
An investor group made up of Alberta Investment Management Corp (AIMCo), Allianz Capital Partners and Hastings Funds Management has agreed to purchase Porterbrook Rail Finance Ltd, a rolling stock leasing company based in the United Kingdom. The financial details of the acquisition, which is expected to close this month, were not published. Porterbrook said the partnership with AIMCo, Allianz and Hastings would support its next phase of growth in the rail industry. Based in Edmonton, Alberta, AIMCo manages an investment portfolio totaling $80 billion.
3 min read · 14 October 2014
British investment firm Melrose Industries Plc said on Saturday it had agreed to sell its Bridon division to the Ontario Teachers' Pension Plan in a 365 million-pound (US$587 million) deal, Reuters reported. Melrose said it expected the sale of Bridon, which supplies ropes used in mines, would be completed before the end of 2014, subject to anti-trust clearances.
1 min read · 14 October 2014
Dialogic Inc (OTCQB: DLGC) has agreed to be bought by Novacap TMT IV LP, a fund managed by Canadian mid-market private equity firm Novacap. The acquisition, which has been approved by Dialogic's board of directors, involves a cash consideration of US$35.3 million, to be divided among the company's investors, including U.S. alternative investment firm Tennenbaum Capital Partners. The deal is expected to be closed in the fourth quarter of 2014. Based in Parsippany, New Jersey, Dialogics is a communications technology business. Novacap TMT IV LP, which invests in technology, media and telecommunications companies, raised $375 million in its final close earlier this year.
8 min read · 14 October 2014
Horizon Occupational Health Solutions Inc, a company newly formed by Canadian healthcare private equity firm Persistence Capital Partners (PCP) has bought the occupational health clinical services business of Morneau Shepell Inc (TSX: MSI). The financial terms of the deal were not disclosed. The new company, which offers an array of occupational and emergency services through its network of clinics and onsite and remote staff, aims to lead its industry in Canada, said Stuart Elman, a managing partner at PCP. PCP made the investment from its second fund, Persistence Capital Partners II LP, which raised $90 million in an initial close in May 2013.
3 min read · 14 October 2014
Canada’s largest mid-market private equity firm is gearing up for its next billion-dollar fund, peHUB Canada has learned. Birch Hill Equity Partners, which this year celebrates its twentieth anniversary, plans to roll out its fifth fund, Birch Hill Equity Partners V LP, in coming weeks. While a target size has not yet been set, the firm said it will likely approximate the $1.04 billion raised by Fund IV in 2011.
4 min read · 14 October 2014
Birch Hill Equity Partners, Canada’s largest mid-market private equity firm, will start raising its fifth fund, Birch Hill Equity Partners V LP, in the coming weeks, Buyouts affiliate peHUB Canada has learned.
3 min read · 13 October 2014
Wayfair Inc’s shares rose as much as 27 percent in their market debut on Thursday, Oct. 2, valuing the online home furnishings retailer at about $3.06 billion, according to sister news service Reuters.
2 min read · 13 October 2014
