Edgefront Real Estate Investment Trust (TSXV: ED.UN) has completed its acquisition of three Alberta industrial properties controlled by Canadian mid-market private equity firm TriWest Capital Partners through two portfolio companies. The transaction, previously valued at $36.7 million, involved the assets of Triple M Housing Ltd, which TriWest acquired last year, and of Northern Mat & Bridge LP, which has been backed by the firm since 2012. Calgary-based TriWest has raised $775 million in committed capital since its founding in 1998.
2 min read · 17 July 2014
Entertainment One Ltd (LSE: ETO) has bought Paperny Entertainment Inc, a producer of factual television programming. The acquisition price was not published, but has been estimated at $29.2 million. The Vancouver-based Paperny was sold by partners David Paperny, Cal Shumiatcher and Audrey Mehler. Entertainment One said the deal would contribute to its ramping up of unscripted television production across North America. The Toronto-based company, which specializes in the acquisition, production and distribution of film and television content, is a portfolio investment of British private equity firm Marwyn Investment Management.
4 min read · 17 July 2014
Canadian private markets investor Northleaf Capital Partners has closed its pooled infrastructure fund, Northleaf Infrastructure Co-Investment Partners. The fund raised a total of $520 million in commitments from new and existing investors, exceeding by 73 percent its $300 million target. With the final closing, Northleaf’s infrastructure platform, which invests directly in mature infrastructure assets in OECD countries, now has more than $900 million in capital committed. In May, peHUB Canada reported the final close of Northleaf Secondary Partners, a dedicated investment vehicle focused on the global secondaries market, which raised US$255 million.
3 min read · 17 July 2014
Canadian private equity firm Onex Corp has sold Cypress Insurance Group Inc, a U.S.-based provider of auto insurance, homeowners and business insurance and an Onex portfolio company since 1998. Cypress was sold to an unidentified group of private investors for US$63 million, of which US$43 million went to Onex. Including prior distributions, Onex has received aggregate proceeds of around US$116 million, resulting in a multiple of capital invested of 2.3x and a gross IRR of 17 percent. Onex this week acquired another insurance agency, York Risk Services Group Inc of Parsippany, New Jersey, for US$1.3 billion.
2 min read · 17 July 2014
Limited partners in U.S.-based private equity funds received the largest total of distributions last year in the history of the Cambridge Associates benchmark. Investors in U.S. venture capital funds also received the second largest payout since 2000. Cambridge’s private equity index rose 20.6 percent last year, while the venture capital index increased 27.2 percent, its best annual performance in 15 years.
7 min read · 17 July 2014
The Teachers’ Retirement System of Louisiana committed $150 million to a pair of firms that have returned to market only a short time after closing their previous flagship funds.
2 min read · 17 July 2014
Canadian private equity and venture capital firm the Fonds de solidarité des travailleurs du Québec FTQ has invested $3 million in Super Aqua Club. Based in Pointe-Calumet, Québec, Super Aqua Club is a recreo-tourist site that can accommodate up to 10,000 visitors a day and offers a wide range of water-based activities and access to a beach. Funding from the Fonds de solidarité FTQ has allowed the company's president to purchase the business from its founders, a process that began in March 2011. Last month, the Montréal-based Fonds de solidarité FTQ appointed Gaétan Morin as its new president and CEO, replacing Yvon Bolduc.
3 min read · 16 July 2014
K2 Principal Fund LP, an affiliate of Canadian hedge fund manager K2 & Associates Investment Management, has bought 9.2 million common shares and 4.7 million common share purchase warrants of Tribute Pharmaceuticals Canada Inc. Based in Milton, Ontario, Tribute is a specialty pharmaceutical company with a focus on the acquisition, licensing, development and promotion of healthcare products. As a result, K2 will own up to 14.05 percent of the company's issued and outstanding common shares. K2 has its headquarters in Toronto.
1 min read · 16 July 2014
Canadian private equity firm Onex Corp has confirmed that it plans to acquire York Risk Services Group Inc, a provider of risk management, claims management and managed care services, from U.S. private equity firm ABRY Partners. The deal, priced at US$1.325 billion, was anticipated in a report by Reuters earlier this week. Onex Partners III LP, certain limited partners as co-investors, including Onex, and York’s management team will contribute to an equity investment of approximately $560 million. ABRY made a majority investment in the Parsippany, New Jersey-based company in late 2010. In May, Onex wrapped up its fourth partnership, Onex Partners IV LP, at US$5.15 billion.
3 min read · 16 July 2014
Activist investor Bill Ackman urged Botox maker Allergan Inc to negotiate a possible takeover by Valeant Pharmaceuticals Inc and not delay a special shareholder meeting that could overturn most of Allergan's board, Reuters reported. Ackman's Pershing Square Capital Management hedge fund, Allergan's largest shareholder, is attempting to gain support of shareholders to call a special meeting, during which it would seek to remove six directors. Laval, Québec-based Valeant made a cash and stock bid for the company in April and has since raised its US$51-billion offer.
2 min read · 16 July 2014
