Iamgold Corp has agreed to sell its niobium mine in Québec to a group of companies led by Canadian investment firm Magris Resources Inc for US$500 million in cash, to focus on its core gold mining business, Reuters reported. The deal is one of a handful of private equity investments in the mining sector, and indicates that these firms are still keen on finding bargains in an industry that has been battered by a broad slide in metal prices.
2 min read · 03 October 2014
Goldman Sachs Group Inc is considering raising a new infrastructure fund, according to three people familiar with the matter, even as U.S. regulations threaten to reduce its profits from such endeavors.
3 min read · 03 October 2014
Mister Car Wash, a portfolio company of U.S. private equity firm Leonard Green & Partners, has closed a US$15.1 million debt and equity financing from Penfund, a Canadian provider of junior capital to North American middle market companies. Mister Car Wash is a Tucson, Arizona-based operator of car washes and lube centers in regional markets across the United States. Update: Leonard Green in August bought the company from ONCAP, the mid-market private equity investment arm of Onex Corp. ONCAP acquired Mister Car Wash in a management buyout in 2007.
3 min read · 03 October 2014
The value of Canadian mergers and acquisitions more than doubled to US$149.8 billion in the first nine months of 2014, fueled by robust deal activity in the energy sector, according to figures released by Thomson Reuters, Reuters reported. Rising levels of production, a weak Canadian dollar and strong earnings have driven growth in the oil and gas industry. RBC Capital Markets led the pack advising for M&A deals as well as debt issuance, league tables data showed.
2 min read · 02 October 2014
Canadian private equity firm Onex Corp has completed its previously announced acquisition of York Risk Services Group Inc, a provider of risk management, claims management and managed care services, for US$1.325 billion. The seller in the transaction was U.S. private equity firm ABRY Partners, which bought the Parsippany, New Jersey-based company in late 2010. Onex said it made the investment through Onex Partners III LP, but that going forward the firm will be investing from Onex Partners IV LP, which closed at US$5.15 billion in May.
2 min read · 02 October 2014
An affiliate of Brookfield Asset Management won the auction for Atlantic City's bankrupt Revel Casino Hotel with a US$110 million bid, but the losing bidder told Reuters he planned to fight the sale. The auction for the shuttered hotel and casino, which cost US$2.4 billion to build, concluded early Wednesday. Asked if he would challenge the result in court, Florida developer Glenn Straub said: "Absolutely."
3 min read · 02 October 2014
The $227 billion Canada Pension Plan Investment Board (CPPIB) expects to invest more in private equity funds this year as the pension system faces a challenging environment for returns and high purchase price multiples in the deal market. André Bourbonnais, senior managing director and global head of private investments, said CPPIB is trending between $4.5 billion to $5 billion in private equity investments this year with commitments to 12 to 15 funds, including a mix of new and existing managers in both developed and emerging markets.
2 min read · 01 October 2014
Frischkorn Audiovisual Inc, a portfolio company of Canadian mid-market private equity firm Ironbridge Equity Partners, has agreed to buy Mediaco AV Inc, an audiovisual and technical event specialist with offices across Canada. The financial terms of the transaction were not disclosed. Frischkorn, which following the acquisition will be known as Frischkorn-Mediaco, said the strategic union will enhance competitive positioning in an evolving audiovisual production landscape and create new growth opportunities, among other benefits. Based in Mississauga, Ontario, the company received an investment from Ironbridge in October 2013.
3 min read · 01 October 2014
Jupiter Resources Inc, a portfolio company of U.S. private equity firm Apollo Global Management, has completed the previously announced acquisition of Encana Corp's Bighorn assets in the Alberta Deep Basin. The purchase price was $2 billion, making it the largest energy transaction so far this year in Canada's private equity market, according to data provided by Thomson Reuters. Jupiter, a Calgary-based oil and gas exploration and production company focused on liquids-rich natural gas properties, last month proposed a private offering of US$1.125 billion in senior notes to help finance the deal.
1 min read · 01 October 2014
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, has partnered with Ontario urban transportation agency Metrolinx on an integrated office and transit development in downtown Toronto. The deal's value has been estimated at $2 billion. The large-scale project, which will feature an office complex at 45-141 Bay Street and related bus facilities, is expected to commence construction in early 2015.
4 min read · 01 October 2014
