Stornoway Diamond Corp (TSX: SWY) has closed its previously announced financing transactions with private equity firm Orion Mine Finance Group, Ressources Québec, an affiliate of Investissement Québec, and the Caisse de dépôt et placement du Québec. Funding will be applied to the construction of the Renard Diamond Project in the James Bay region of north-central Québec. In total, $946 million was committed through a combination of senior and subordinated debt, equity issuances and other facilities. The Montréal-based Stornoway said the deal represents the largest ever project financing package for a publicly listed diamond mining company.
8 min read · 08 July 2014
ADT Corp (NYSE: ADT) has closed its previously announced purchase of Reliance Protectron Inc, a Montréal-based monitored security services provider and portfolio company of U.S. private equity firm Alinda Capital Partners. The deal's value was $555 million. Formerly a subsidiary of Reliance Comfort LP, Reliance Protectron became a portfolio company of Alinda following the latter's acquisition of UE Waterheater Income Fund for $1.74 billion in 2007. With its headquarters in Boca Raton, Florida, ADT is a home security provider. The Toronto-based Reliance Comfort recently agreed to buy National Energy Corp from Just Energy Group Inc for $505 million.
3 min read · 08 July 2014
Box Inc has raised $150 million in funding from private-equity firm TPG Capital and hedge fund Coatue Management as the fast-growing online storage startup advances toward an initial public offering.
1 min read · 08 July 2014
Canadian private equity firm Waterton Global Resource Management has taken ownership of the Nixon Fork Gold Mine and Mystery Creek Resources Inc, the principal assets of Fire River Gold Corp (TSXV: FAU). The action was the result of default by the Vancouver-based mineral exploration company on a credit agreement with Waterton. As part of the deal, Waterton also agreed to pay to Fire River approximately $250,000 in cash and other obligations. The Nixon Fork Gold Mine is located in Alaska. As reported by peHUB Canada, Waterton in April raised over US$1 billion in the final close of Waterton Global Precious Metals Fund II.
2 min read · 08 July 2014
Canadian specialty pharmaceutical company Valeant Pharmaceuticals International Inc (TSX: VRX) has completed its previously announced purchase of PreCision Dermatology Inc, a developer and marketer of dermatology products. As reported by Reuters in February, the deal was valued at $475 million. Formed in 2010 as the result of the spin-out of Onset Therapeutics, a subsidiary of Collegium Pharmaceutical Inc, the Cumberland, Rhode Island-based PreCision was backed by U.S. private equity firms Boston Millennia Partners, Essex Woodlands, Frazier Healthcare and Westfield Capital Management.
1 min read · 08 July 2014
Z Capital Partners held a $750 million final close on its second special situations fund last week, surpassing its initial fundraising target by $250 million.
2 min read · 07 July 2014
Pentti Karkkainen, co-founder and general partner at Canadian energy-focused private equity firm KERN Partners, has assumed at new role at the firm. Karkkainen will transition from his management role and position on KERN's internal boards to become co-founder and senior strategy adviser. The new role will give him a spot on KERN's independent advisory board and allow him to continue representing the firm on the boards of directors of several portfolio companies. Founded in 2000, the Calgary-based KERN has $1.1 billion under direct management and an additional $1.5 billion in its co-investment program.
2 min read · 07 July 2014
Avison Young Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, has bought Roy et Tremblay Inc, a Montréal-based project management services company active in cultural projects and other areas. The financial terms of the deal were not published. Avison Young, which has been backed by Tricor since 2011, said the purchase grows its business-line coverage in Montréal and Québec. The Toronto-based commercial real estate services company has over the last five years expanded from 11 to 58 offices and from 300 to more than 1,500 professionals in North America and Europe.
6 min read · 07 July 2014
Gibson's Insurance Agency Ltd, an insurance brokerage with offices in Treherne and Notre Dame de Lourdes, Manitoba, has been acquired by Hub International Ltd. The financial details of the transaction were not disclosed. Hub, a Chicago-based insurance brokerage with significant operations in Canada, said the acquisition broadens its local market reach and specializations in Manitoba. In 2013, Hub was acquired by U.S. private equity firm Hellman & Friedman from its previous private equity owners for US$4.4 billion.
2 min read · 07 July 2014
Canadian uranium producer Energy Fuels Inc (TSX: EFR) has agreed to sell non-core uranium assets to a private investor group led by U.S. hedge fund manager Baobab Asset Management and George Glasier, a past president of the company. The sale, which involves Energy Fuels' Piñon Ridge mill license and related assets, as well as other mining properties located along the Colorado-Utah border, will be made for a cash consideration of US$2.05 million. Related transactions are expected to be completed in October. The Toronto-based company is selling assets as part of a cost reduction and rationalization strategy.
6 min read · 07 July 2014
