Private Equity
Brazil's OAS Investimentos SA, whose parent company is under creditor protection, agreed to sell a 24.4 percent stake in Invepar to Brookfield Asset Management, a source told Reuters, in a key step aimed at staving off bankruptcy. Creditors of the parent company approved the sale under the condition that Brookfield dropped a plan to extend a debtor-in-possession loan.
2 min read · 10 November 2015
The battle for Australian stevedoring and rail giant Asciano Ltd has escalated after ports business Qube Holdings Ltd made a US$6.3 billion offer that narrowly beats a rival bid from Brookfield Asset Management, Reuters reported. One of Qube's institutional partners is Canada Pension Plan Investment Board.
3 min read · 10 November 2015
G.C. Andersen Partners Capital LLC, an affiliate of New York investment bank G.C. Andersen Partners LLC, has provided a senior credit facility of $80 million to support G. Cooper Equipment Rentals Ltd's purchase of SMS Rents. The deal, announced last month, will see Cooper acquire the Canadian rental equipment services provider by the end of the year. G.C. Andersen is the exclusive financial advisor to Cooper on the deal. Toronto-based Cooper is a portfolio company of Canadian private equity firm SeaFort Capital.
3 min read · 09 November 2015
Canadian Natural Resources Ltd will sell most of its royalty assets to PrairieSky Royalty Ltd in a $1.8 billion (US$1.4 billion) deal, joining other oil producers in shedding assets to weather a slump in crude prices, Reuters reported. It was previously reported that Canadian Natural was in talks with Canada Pension Plan Investment Board, Ontario Teachers' and PrairieSky to offload its royalty assets.
2 min read · 09 November 2015
The Institutional Limited Partners Association (ILPA) has named Tanya Carmichael as chair of its board of directors. Carmichael is the director of global funds, private capital at Ontario Teachers' Pension Plan. Before joining Ontario Teachers in 2006, she was an executive director in CIBC World Markets' private equity funds group. Toronto-based ILPA is a member-driven organization focused on promoting the interests of private equity limited partners.
2 min read · 06 November 2015
Brookfield Asset Management shelved a US$6.5 billion buyout agreement with Australian port and rail giant Asciano and said it will launch a formal takeover offer instead, threatening a rival proposal and raising the antitrust regulator’s role in deciding the outcome, Reuters reported. Qube Holdings Ltd and its partners bought a 20 percent stake in Asciano in October.
2 min read · 06 November 2015
Canadian specialty finance firm Crown Capital Partners has added three senior professionals to its team. They include Tim Oldfield, formerly a partner at Grant Thornton LLP, who will serve as senior vice president and CIO. Additionally, Brian Mellum, co-founder and COO at Toscana Capital Corp, becomes senior vice president, energy. Finally, David Turnbull, formerly a vice president and head of private company advisory at Manulife Capital Markets, will serve as senior vice president, business development. Calgary-based Crown Capital, which went public in July, held an initial $100 million close for its fourth special situations debt fund in September.
3 min read · 05 November 2015
Canadian mining company Wellgreen Platinum Ltd (TSX: WG) has agreed to a financing package that will provide it with gross proceeds of about $11.4 million. The investors are U.S. mining-focused private equity firm Resource Capital Funds (RCF) and Alverstoke Group. The deal comprises equity and the sale by the company of a one percent net smelter returns royalty on future production from its Wellgreen property. Based in Vancouver, Wellgreen owns 100 percent of a platinum group metals and nickel project located in the Yukon. With the agreement, it has initiated the second phase of its 2015 exploration drilling program.
6 min read · 05 November 2015
The Public Sector Pension Investment Board (PSP Investments) announced that it has appointed David Scudellari as its senior vice president and head of principal debt and credit investments. Scudellari, who previously served as a managing director at Barclays Capital, will lead PSP’s new private debt affiliate, which is located in New York. André Bourbonnais, who earlier this year left Canada Pension Plan Investment Board to become PSP’s chief executive, said the initiative is “the first step in making PSP Investments a truly global pension investment manager with a local presence in select international markets.”
4 min read · 05 November 2015
Toronto-based Imperus Technologies Corp (TSX-V: LAB) has entered into an agreement to secure US$28 million from Third Eye Capital Corp. The funding, which comes in the form of a senior secured term loan facility, will help fund the company’s acquisition of Akamon Entertainment Millennium SL, a developer and publisher of social games. The deal was announced in September. Third Eye Capital is a Canadian provider of private secured loans for under-appreciated mid-market companies.
6 min read · 04 November 2015
