New York buyout shop CCMP Capital Advisors LLC announced that it has closed its latest fund, the buyout and growth equity vehicle CCMP Capital Investors III LP, at $3.6 billion in commitments. Its predecessor closed at $3.4 billion in 2006.
3 min read · 11 September 2014
Killam Properties Inc, in a joint venture with Canadian real estate-focused private equity firm KingSett Capital and Alberta Investment Management Corp (AIMCo), has agreed to acquire a stake in Kanata Lakes Apartments II. A new 152-unit apartment building in Kanata, Ontario, the property is being sold to the joint venture for $48.7 million. The transaction is expected to be completed this month.
5 min read · 10 September 2014
The private equity group at Brookfield Asset Management has completed the previously announced sale of its remaining interest in Western Forest Products Inc (TSX: WEF), a Vancouver-based timberlands manager and wood producer. The bought deal secondary offering disposed of 92 million common shares, giving Brookfield gross proceeds of $230 million. The firm no longer holds any shares in Western Forest Products, which was founded in 2004 as a result of Brookfield’s acquisition of the bankrupt Doman Industries Ltd.
4 min read · 10 September 2014
WASH Multifamily Laundry Systems LLC, a portfolio company of U.S. private equity firm CHS Capital, has bought the multifamily laundry route division of Harco Co Ltd, a laundry service company based in Mississauga, Ontario. The financial terms of the acquisition were not released. WASH, a laundry facilities management service company located in El Segundo, California, said the deal will strengthen its presence in the greater Toronto area. The company's Canadian subsidiary, Coinamatic Canada, which undertook the acquisition, was bought by WASH in early 2013.
2 min read · 10 September 2014
Canadian private equity firm Onex Corp has sold its remaining 2.7 million shares of common stock in Allison Transmission Inc (NYSE: ALSN), a U.S.-based manufacturer of transmissions and hybrid-propulsion systems for commercial vehicles. Onex and U.S. private equity firm The Carlyle Group acquired the company from General Motors Co (NYSE: GM) in 2007, with each investor contributing approximately US$763 million to the deal. Onex said that it has since received aggregate proceeds of approximately US$2.4 billion, resulting in a multiple of capital invested of 3.2x and a return on investment of 21 percent per annum.
3 min read · 10 September 2014
It has been more than a year since the U.S. Securities and Exchange Commission published final rules allowing sponsors to broadly advertise and promote their funds. The main catch: Sponsors need to take steps to ensure that they accept money only from wealthy individuals who meet the definition of accredited investors.
3 min read · 10 September 2014
West Face Capital has obtained gross proceeds of $50.6 million from a previously announced secondary offering of common shares of Mandalay Resources Corp (TSX: MND). Following the transaction, West Face will hold around 91 million common shares in the company, representing approximately 26.6 percent of the total. Based in Toronto, Mandalay is a mining company with producing assets in Australia and producing and development projects in Chile. West Face is a Canadian alternative investment manager that combines control-through-distressed, high-yield, negotiated finance, proactive equity and private equity activity.
3 min read · 09 September 2014
Korea National Oil Corp, owner of Calgary-based Harvest Operations Corp, has agreed to sell Harvest's ownership in North Atlantic Refining Ltd (NARL) for an undisclosed price. The buyer is New York merchant bank SilverRange Financial Partners, which will take control of NARL's refining and marketing businesses in Newfoundland. The refining business comprises a 115,000 barrel-per-day crude oil refinery, while the marketing business includes gas stations and other assets that sell petroleum products. The transaction is expected to be completed in the fourth quarter.
4 min read · 09 September 2014
Sher-Wood Athletics Group Inc, an affiliate of the Gracious Living Group of Companies, has acquired all of the assets and liabilities of Sher-Wood Hockey Inc for an undisclosed amount. The Sherbooke, Québec-based Sher-Wood Hockey, a manufacturer and distributor of hockey gear and hockey licensed products, was bought from Callidus Capital Corp (TSX: CBL), a portfolio investment of Canadian private equity firm Catalyst Capital Group. Based in Toronto, Callidus is a specialty lending platform. The company completed an initial public offering in April.
2 min read · 09 September 2014
Thomson Reuters has put a package of specialty publications on the block, including peHUB, Buyouts and Venture Capital Journal, two sources told sister website peHUB.
2 min read · 09 September 2014
