Brad Meikle

American Beacon may be too expensive for PE

American Beacon Advisors’s high price tag is causing some private equity bidders to back away, three sources told sister website peHUB.

WSP closes $400 mln financing for Parsons Brinckerhoff acquisition

WSP Global Inc (TSX: WSP) has completed its previously announced $400 million private placement financing involving Canada Pension Plan Investment Board (CPPIB) and the Caisse de dépôt et placement du Québec. Proceeds of the transaction will be used by the company to help fund its acquisition of Parsons Brinckerhoff, the U.S. professional services division of Balfour Beatty Plc. As reported by Reuters last month, the US$1.24 billion deal is intended to increase the Montréal-based WSP's footprint in the U.S. transportation segment.

Christopher Govan to becomes new CFO at Onex

Canadian private equity firm Onex Corp has named Christopher Govan as its new CFO, succeeding Donald Lewtas in March 2015. Govan, who joined the firm in 1998, currently serves as a managing director. Lewtas, who has managed Onex's finance, treasury, reporting and technology functions since 2008, will continue to oversee its group purchasing and shared services initiative. Based in Toronto, Onex has US$22 billion of assets under management, including US$6 billion of Onex capital, in private equity and credit securities.

Roark Capital seeks $2.5 bln for Fund IV

Roark Capital is seeking $2.5 billion for its fourth fund, according to a source and an SEC filing, as reported by sister website peHUB.

Arizona projects $72.5 mln in total PE fees for FY 2015

The Arizona State Retirement System projects it will pay $39.2 million in private equity management fees for the fiscal year ending June 30, 2015, according to a report included in its September meeting materials.

Brookfield bids for Atlantic City's Revel Casino: Reuters

An affiliate of Brookfield Asset Management has topped Florida real estate developer Glenn Straub's US$90 million bid for the bankrupt Revel Casino Hotel in Atlantic City, Reuters reported citing a recent Wall Street Journal story. Brookfield currently owns the Hard Rock Hotel & Casino Las Vegas.

Parkit Enterprise buys Expresso Airport Parking for $18.6 mln

Parkit Enterprise, a private equity real estate firm based in Vancouver, has acquired Expresso Airport Parking for US$18.6 million. Expresso is a 14-acre off-airport parking facility located in San Leandro, California servicing the Oakland International Airport. Parkit said that the Expresso transaction represents the first acquisition by platform company Parking Real Estate LLC.

Sentient to help fund Finnish gold exploration by Mawson Resources

Mawson Resources Ltd (TSX: MAW) has launched a $3.05 million private placement financing to support advanced exploration work on its Rompas-Rajapalot gold project in Finland. The Sentient Group, a resources-focused private equity firm based in the Cayman Islands and with an office in Montréal, will account for $1 million of the transaction. Mawson Resources, which is based in Vancouver, has been a portfolio company of Sentient since 2010.

NGP-backed Petrus Resources closes $155 mln private placement

Petrus Resources Ltd, a portfolio company of U.S. private equity firm Natural Gas Partners, has closed a private placement offering that generated gross proceeds of around $155 million. Sixty-eight percent of the total offering, representing gross proceeds of $105 million, involved insiders and other investors. The company said it has or will use the funds raised to pay for recent acquisitions of Arriva Energy Inc and Ravenwood Energy Corp. Based in Calgary, Petrus is an oil and gas company focused on property exploitation, acquisitions and risk-managed exploration in Alberta.

Arias to up investment stake in Canadian miner Largo Resources

Mining company Largo Resources Ltd (TSX-V: LGO) has announced plans to raise $30 million in a non-brokered private placement of units. Contingent on it securing $15 million from other investors, the company said that current backer U.S. private equity firm Arias Resource Capital Management is likely to provide an additional $15 million. Should the private placement offering be fully sold, the interest Arias holds in Largo will increase from approximately 25.8 percent of issued and outstanding common shares at present to as much as 33.6 percent. The Toronto-based Largo intends to use proceeds primarily for funding production at its Maracas Menchen vanadium mine in Brazil.