Energy services group Spie has pulled its plan to raise funds on the stock market, cancelling what would have been France's biggest listing since before the financial crisis as investor appetite wanes, Reuters reported. The company, owned by private equity firms Ardian and Clayton Dubilier & Rice and Canadian pension fund Caisse de dépôt et placement du Québec, had set a price range of 15-18.30 euros a share. New and existing shares for sale were worth up to 1.2 billion euros (US$1.5 billion).
2 min read · 09 October 2014
Rapid Rod Service Ltd, a portfolio company of U.S. private equity firm Pelican Energy Partners, has acquired rod rig equipment and related assets from the service rig division of Essential Energy Services Ltd (TSX: ESN). Essential has reported the purchase price to be $6.1 million. Based in Calgary, Rapid Rod is an oilfield service business established in 2008. Pelican made a control-stake investment in the company in June 2013.
2 min read · 09 October 2014
U.S. precious metals producer Chaparral Gold Corp (TSX: CHL) has agreed to be bought by Goldrock Mines Corp (TSX-V: GRM) with the backing of Canadian private equity firm Waterton Global Resource Management. The transaction, which is valued at about $73.4 million, and related arrangements will see Waterton provide financing, buy 11.1 million in Goldrock shares, and obtain certain assets, including Chaparral's Goldfield property in Nevada. Wateron will also be a strategic capital partner to Goldrock in the Converse property and other activity. The acquisition deal, which resolves earlier bids, is expected to be closed in December.
9 min read · 09 October 2014
Avison Young Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, has reported some decline in commercial real estate transacting in Canada's six major markets in the first half of 2014. The company's Fall 2014 review counted over $13 billion worth of deals in this period, down 10 percent from the first half of 2013. However, Avison Young said private equity firms and pension funds were more than filling a market gap left by some real estate investment trusts (REITs). Canadian institutional investors also played a major role in growth trends in the United States.
10 min read · 08 October 2014
French energy services firm Spie is struggling to attract investors for its Paris listing amid tough market conditions, sources told Reuters. The company is planning to sell up to 1.2 billion euros (US$1.5 billion) of new and existing shares on the Euronext Paris exchange. It is currently backed by private equity firms Ardian and Clayton Dubilier & Rice, as well as the Caisse de dépôt et placement du Québec.
2 min read · 08 October 2014
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, plans to invest up to US$500 million in mixed-use urban communities across Mexico. Ivanhoé's strategy, which already reflects an investment of more than US$100 million in a residential development project in Mexico City, is being done in partnership with U.S. real estate private equity firm Black Creek Group. The two groups will invest jointly in assets through MIRA Companies, an investment and development platform founded by Black Creek in 2007.
3 min read · 08 October 2014
Encana Corp (TSX, NYSE: ECA) has agreed to sell most of its Clearwater natural gas assets in Alberta to Ember Resources Inc for around $605 million. The transaction, which involves 1.2 million net acres of land and over 6,800 producing wells, is expected to be completed in the first quarter of next year. For Ember, a coalbed methane producer, the deal follows a series of acquisitions, including its purchase last year of oil and gas-producing properties owned by Apache Corp. Based in Calgary, Ember was taken private in 2011 by an investor group that included Brookfield Asset Management, ARC Financial Corp and KERN Partners. Since the Apache deal, Brookfield has been its sole shareholder.
6 min read · 08 October 2014
Insight Equity will provide at least 20 percent of the investment capital for its third fund, which is expected to hold a final close before the end of the year, Managing Partner and Chief Operating Officer Victor Vescovo told Buyouts. The target is $750 million.
2 min read · 07 October 2014
Onex Credit Partners LLC, the credit investing arm of Canadian private equity firm Onex Corp, will establish its platform in Europe by opening an office in London. It was also announced that Stephen Baker, previously a senior portfolio manager at global asset management firm CQS, will join the group. Onex Credit Partners manages approximately US$4.7 billion through several debt strategies. It recently completed its largest collateralized loan obligation to date, offering US$1 billion of securities and loans in a private placement transaction.
3 min read · 07 October 2014
Irish cement maker CRH has teamed up with Mexican rival Cemex to explore a bid for all the assets Lafarge and Holcim must sell to get the go-ahead for their planned merger from competition watchdogs, sources told Reuters. They will compete against other strategic investors and at least four consortia of private equity firms, sources said. Canada's Onex Corp and Canada Pension Plan Investment Board were said to be part of different investor groups.
3 min read · 07 October 2014
