3 min read · 26 August 2014
Succession Capital, a subsidiary of Canadian private equity firm Lynx Equity, has acquired Sienna Sky Jewelry. No financial terms were disclosed. Based in Longmont, Colorado, Sienna Sky Jewelry is a manufacturer and distributor of fashion jewelry. Update: Sienna Sky is Succession’s second acquisition this month and joins its portfolio of over thirty-five companies including jewelry manufacturers JewelPop and H.J. Sherman. The Toronto-based Lynx is focused on acquiring small to medium-sized businesses from owners looking to retire.
2 min read · 26 August 2014
Burger King Worldwide Inc plans to buy coffee and doughnut chain Tim Hortons Inc in a cash and stock deal to create the world's third-largest fast food restaurant group, with sales of about US$23 billion, Reuters reported. The company is to be based in Canada, its largest market. New York-based private equity firm 3G Capital, Burger King's majority owner since 2010, is expected to retain about 51 percent of the combined business.
2 min read · 26 August 2014
Chevron Corp has been searching for up to US$1.5 billion of equity investment to help develop its Duvernay shale formation assets in Canada and contacted potential investors, including private equity firms, sources told Reuters. Chevron commenced an exploration program in the Duvernay in 2011 and, as of August 2014, had drilled 15 wells, completed 13 using multi-stage hydraulic fracturing, and tied in 10 wells to existing third-party processing facilities. The area is located northwest of Edmonton.
2 min read · 26 August 2014
EFT Source Inc, a provider of turnkey card programs and personalization services for ATM and debit cards, has agreed to be acquired by long-time partner CPI Card Group. The financial terms of the deal were not released. CPI, a manufacturer of financial payment cards and related products, said the acquisition will combine capabilities of the two businesses and increase its capacity to deliver more customized programs, superior card production and greater personalization services to the financial industry. Based in Littleton, Colorado, CPI has been a portfolio company of Canadian private equity firm Tricor Pacific Capital since July 2007.
3 min read · 25 August 2014
Canadian private investment firm Manitex Capital has sold the dermatology portfolio and several specialty product assets of its portfolio company Valeo Pharma Inc to Valeant Pharmaceuticals International Inc. The total consideration for the deal was $25.3 million, of which $18.3 million will be paid at closing and the balance over the next three years. Manitex, which has its headquarters in Kirkland, Québec, specializes in acquiring interests in emerging and established companies. At the time of the sale, it owned 40 percent of the Montréal-based Valeo.
2 min read · 25 August 2014
SCM Insurance Services, a portfolio company of Canadian private equity firm TorQuest Partners, has bought the property and casualty divisions of Granite Global Solutions Inc. The acquired businesses, Granite Claims Solutions, Granite Health Solutions, CKR Global and Rochon Engineering, were sold for an undisclosed price by U.S. private equity firm Genstar Capital, which bought Granite in 2010. With headquarters in Edmonton, SCM is a provider of claims management and outsourced services and has been backed by TorQuest since 2010. TorQuest was profiled by peHUB Canada last September following the close of TorQuest Partners Fund III at $535 million.
4 min read · 25 August 2014
Ontario Drive & Gear Ltd has been bought by U.S. private equity firms Aperion Management and Falcon Investment Advisors for an undisclosed amount. The deal, which was done in partnership with company management, was also joined by ORIX Corporate Capital and Ocean Avenue Capital Partners. The primary seller of Ontario Drive & Gear was U.S. private equity firm Stone Arch Capital, which acquired the business in January 2006. Based in New Hamburg, Ontario, Ontario Drive & Gear is a manufacturer of amphibious utility/extreme terrain vehicles for commercial and recreational use under the Argo brand. It was founded in 1962.
4 min read · 25 August 2014
Burger King is in talks to acquire coffee and doughnut chain Tim Hortons Inc in a deal that would create a fast food powerhouse with a market capitalization of roughly US$18 billion, Reuters reported. Burger King and Tim Hortons recently confirmed their merger discussions, saying the new Canada-based business would be the world's third-largest quick service restaurant. The companies said U.S. private investment firm 3G Capital, the owner of Burger King, would continue to own the majority of the shares in the new combined entity on a pro forma basis.
4 min read · 25 August 2014
There are more private equity funds in the market this year than ever before. And that has made for a busy summer for some GPs and LPs. There were 2,176 private equity funds, across all strategies, in the market as of July 2014 seeking to raise an aggregate US$743 billion, according to the second quarter private equity fundraising report from data provider Preqin. A more recent report puts the number of funds in the market at 2,199.
3 min read · 22 August 2014
