Shoreline Energy Corp (TSX: SEQ) has agreed to sell royalty interests in its Canadian land base to PrairieSky Royalty Ltd (TSX: PSK) for $9 million. The transaction, which is expected to close in August, will improve Shoreline’s balance sheet and allow it to reduce debt. Based in Calgary, the company engages in the exploration, development and production of petroleum and natural gas. Last October, Shoreline entered into a joint venture with U.S. private equity firm Acceleration Resources that includes plans for a long-term investment in the company's Niobrara assets in Colorado. Shoreline recently announced it is undertaking a strategic alternatives process.
3 min read · 25 July 2014
Spectral Diagnostics Inc (TSX: SDI) has secured gross proceeds of $13.2 million in the closing of Tranche A of its previously announced private placement offering. The financing was arranged with existing investors, including Toray Industries Inc, a Japanese manufacturer. The deal gave Toray 18.8 percent of the company's shares. Spectral's other leading investors are Canadian private equity firm Birch Hill Equity Partners and Medwell Capital Corp, a Birch Hill portfolio company. The Toronto-based company will use the funds to complete the trial of its septic shock treatment and plan for commercialization in the North American market.
5 min read · 25 July 2014
The Sentient Group, a resources-focused private equity firm based in the Cayman Islands and with an office in Montréal, has acquired securites in Tinka Resources Ltd (TSX-V: TK). Based in Vancouver, Tinka is a junior exploration company focused on two mining projects in the silver-lead-zinc belt of central Peru. Sentient's private placement was followed by an additional investment related to Tinka's acquisition of Darwin Resources Corp. As a result of the two transactions, Sentient will have potential ownership of up to 26.45 percent of the company's outstanding shares.
2 min read · 25 July 2014
Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit.
2 min read · 25 July 2014
The Pennsylvania State Employees’ Retirement System re-upped with two alternative investment managers at its July 23 meeting, according to a statement released through its website.
2 min read · 25 July 2014
Diagnos Inc (TSXV: ADK) has named Lloyd Segal and Michael Singer as directors of the company. Segal is a managing partner at Canadian private equity firm Persistence Capital Partners (PCP), while Singer is a former chairman of the board of directors at Warnex Inc. Headquartered in Brossard, Québec, Diagnos is a provider of healthcare technical services. Update: Earlier in July, PCP became an investor in the company following Diagnos' merger with Warnex, a PCP portfolio company.
2 min read · 25 July 2014
The Boyd Group, a Winnipeg, Manitoba-based operator of non-franchised collision repair centres in North America, has been approached for takeover by private equity firms, according to a report by the Wall Street Journal. Boyd, the report notes, is the only large auto-body repair chain that is currently not owned by private equity investors. Auto-body repair shops have been a source of intense dealmaking of late, in part because of the fragmented nature of the industry.
2 min read · 24 July 2014
Avison Young Inc has bought Aguer Havelock Associates Inc, a U.S. commercial real estate brokerage company. Financial terms of the transaction were not released. Avison said the deal adds brokerage services to its current property management and lease administration offerings in Sacramento, and further expands the company's business-line coverage in northern California. A portfolio company of Canadian private equity firm Tricor Pacific Capital since 2011, Avison has completed at total of 20 add-on acquisitions over the past three years.
9 min read · 24 July 2014
GenNx360 Capital Partners officially closed its second fund on more than $535 million, according to Carmen Rojas, investor relations manager at the firm.
2 min read · 24 July 2014
The Blackstone Group will likely exit its large portfolio of single-family rental properties through a public offering, the asset management firm’s Global Head of Real Estate Jonathan Gray said.
2 min read · 23 July 2014
