Canadian private equity firm Mosaic Capital Corp has announced that its two subsidiaries First West Properties LP and First West Developments LP have agreed to partner with Harbour Equity Capital Corp on the development of the Parker Industrial Park near Regina, Saskatchewan. As part of the deal, Harbour Equity will commit $6 million for a 50 percent interest in the development project. Based in Toronto, Harbour Equity is a dedicated real estate private equity firm that provides financing to Canadian developers.
2 min read · 22 August 2014
The Caisse de dépôt et placement du Québec has appointed Édouard Merette to the position of managing director, Asia-Pacific. Working from a Singapore office to be opened before the end of 2014, Merette will responsible for developing and monitoring the Caisse's investments in Asia, as well as broadening its public and private sector relationships. Before joining the Caisse, he was CEO, Asia-Pacific, with human resources consulting company Aon Hewitt. Merette will assume his new position in October.
4 min read · 22 August 2014
Changepoint, a Canadian software company recently bought by U.S. private equity firm Marlin Equity Partners, has acquired Daptiv Solutions LLC, a provider of pure SaaS-based PPM software. The seller in the transaction was U.S. private equity firm Parallax Capital Partners, which acquired the Seattle, Washington-based Daptiv in 2010. Financial terms on the latest deal were not disclosed. Toronto's Changepoint, which specializes in professional services automation and project portfolio management software, was bought by Marlin in January from Compuware Corp. Compuware paid US$100 million in 2004 for its acquisition of the previously venture-backed company.
3 min read · 22 August 2014
Struggling department store chain Sears Canada Inc reported its ninth loss in 14 quarters as sales continued to decline, Reuters reported. Same-store sales fell 6.8 percent in the second quarter ended August 2nd. Same-store sales at Sears's home and hardlines business dropped 9.3 percent. Earlier this month, it was reported that U.S. private equity firm Sycamore Partners was considering a bid for Sears Canada. A possible deal could fetch up to US$2 billion.
2 min read · 21 August 2014
The private equity group at Brookfield Asset Management has agreed to sell its remaining interest in Western Forest Products Inc (TSX: WEF), a Vancouver-based timberlands manager and wood producer. Adding to a previously announced secondary offering, Brookfield will sell at least 80 million shares at a price of $2.50 per share, giving it minimum gross proceeds of $200 million. Concurrent with the offering, a syndicate of underwriters bought the outstanding portion of Brookfield's 29 percent stake in the company for resale. Western Forest Products was founded in 2004 as a result of Brookfield's acquisition of the bankrupt Doman Industries Ltd.
4 min read · 21 August 2014
BluEarth Renewables Inc has bought Good Light, a 10 megawatt AC solar power plant located in Ontario's Kawartha Lakes region, for more than $66 million. The seller in the transaction was Canadian Solar Inc, which earlier this year also sold its Little Creek solar power plant to BluEarth for $53 million. Good Light and Little Creek are two of four planned solar power asset acquisitions from Canadian Solar. Based in Calgary, BluEarth is a renewable power producer focused on North American wind, water and solar projects. It has been a portfolio company of Canadian private equity firms ARC Financial Corp and Teachers’ Private Capital and other investors since 2010.
4 min read · 21 August 2014
The Employees Retirement System of Texas approved a private equity tactical plan that allows for almost $1.2 billion in commitments for the fiscal year ending Aug. 31, 2015, according to a meeting recording available through its website.
2 min read · 21 August 2014
Silver Lake Partners LP and Bain Capital LLC are among the buyout firms vying to acquire Shutterfly Inc, an online photo-sharing services provider with a market value of $2 billion, according to people familiar with the matter.
2 min read · 21 August 2014
A special meeting of holders of common shares and debentures in Arcan Resources Ltd (TSX-V: ARN) failed to approve the proposed acquisition and recapitalization of the company by Aspenleaf Energy Ltd. As a result, the deal, which has been estimated to value $325 million, has been terminated. Founded in 2013, the Calgary-based Aspenleaf is backed by Canadian energy-focused private equity firm ARC Financial Corp, Ontario Teachers' Pension Plan and other investors. Led by CEO Bryan Gould, it is pursuing an acquisition and exploit strategy in Western Canada focused on light oil and liquids-rich gas opportunities.
4 min read · 20 August 2014
Brazilian miner Vale SA has completed the sale of a 26.5 percent stake in its cargo transportation division VLI SA to Canadian alternative assets investor Brookfield Asset Management. The transaction, which was first announced in late 2013, is valued at 2 billion reais ($971 million). Vale also sold a 20 percent interest in VLI to Japan's Mitsui & Co Ltd and a 15.9 percent interest to Brazil's Fundo de a do Tempo de Serviço-FGTS. Vale will retain 37.6 percent ownership in the business, which handles cargo operations not directly related to the movement of Vale's own output of iron ore and other minerals.
1 min read · 20 August 2014
