Shares of ServiceMaster Global Holdings Inc rose about 3.64 percent in their debut, valuing the owner of Terminix pest control and American Home Shield brands at about $2.25 billion.
1 min read · 27 June 2014
Holders of shares in Royal Host Inc (TSX: RYL), a portfolio company of Canadian private investment firm Clarke Inc, have approved the previously announced acquisition of the company by Holloway Lodging Corp (TSX: HLC). The purchase of the Halifax, Nova Scotia-based hotel operator is priced at $23 million on an equity value basis and $157 million on an enterprise value basis. Holloway is a real estate company that also has it headquarters in Halifax.
3 min read · 26 June 2014
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, and its partner Callahan Capital Properties, have bought a 49 percent interest in 330 Hudson, a 16-storey office building in New York City. The deal, which was valued at US$150 million, was done through a joint venture with affiliates of Beacon Capital Partners. The transaction is Ivanhoé's fifth acquisition made with Callahan, bringing the partners' U.S. office platform investments to more than US$2.1 billion.
3 min read · 26 June 2014
FBC Holdings Sàrl and Cyrus Capital Partners, a U.S. distressed debt fund manager, have acquired common shares in Maudore Minerals Ltd (TSXV: MAO), a junior gold company based in Montréal. The transaction is in connection with Maudore's restructuring of its outstanding indebtedness to FBC. Upon the deal's closing, FBC will hold, and Cyrus will indirectly control, up to 54.8 percent of the outstanding capital of the company. In a separate release, Maudore said it also is considering a number of strategic alternatives. The company has more than 22 exploration projects located near the towns of Amos, Lebel-sur-Quévillon and Matagami, Québec.
4 min read · 26 June 2014
The Canadian Transportation Agency has issued a "certificate of fitness" to Central Maine & Québec Railway Canada Inc for railway operations in this country that result from the purchase of Montréal Maine and Atlantic Railway Inc. Montréal Maine and Atlantic Railway was the company involved in the train derailment disaster in Lac-Mégantic, Québec in 2013. Driving the management of the new railroad business is U.S. private equity firm Fortress Investment Group, which won the rights to the assets of Montreal, Maine and Atlantic Railway and its Canadian affiliate in January.
1 min read · 26 June 2014
Aluminum refiner Alcoa Inc expanded its aerospace business and took a step away from the light metal, announcing a $2.85 billion deal to buy a company that makes jet engine parts, largely out of nickel-based alloys and titanium.
2 min read · 26 June 2014
Parkit Enterprise, a private equity real estate firm in Vancouver, British Columbia, has named Simon Buckett as chief financial officer. Previously he worked at Wurldtech Security Technologies Inc where he served as vice president of finance. Update: Wurldtech, a provider of cybersecurity technology and services, was a portfolio company of Canadian venture capital firm Vanedge Capital and other investors. It was acquired by General Electric Co earlier this year.
2 min read · 26 June 2014
ComWest Enterprise Corp (TSXV: CWP) has agreed to buy a 100 percent equity interest in Unisync Group Ltd, a portfolio company of Canadian private equity firm Kilmer Capital Partners. The deal is valued at $13 million, including debt. Existing investors in Unisync may receive a further payment of up to $2 million subject to the award of business that Unisync expects to bid on in 2015. Upon completion of the deal, the company will be combined with ComWest's Peerless Garments LP. Based in Mississauga, Ontario, Unisync is a provider of uniforms, work wear, image apparel and related products. It was acquired by Kilmer in 2003. The Toronto-based Kilmer will continue to hold an interest in the business.
7 min read · 26 June 2014
Performance Sports Group Ltd (TSX: PSG), which recently changed its name from Bauer Performance Sports Ltd, has closed its previously announced public offering of common shares, raising US$126.5 million in gross proceeds. The company, a Canadian-born manufacturer of sports equipment and apparel, will apply net proceeds to reducing leverage and repaying US$119.5 million of the term loan facility used to finance its recent acquisition of Easton-Bell Sports Inc. Performance Sports has been a portfolio investment of U.S. private equity firm Kohlberg & Co since 2008.
5 min read · 26 June 2014
Heather Munroe-Blum has been appointed by the federal Minister of Finance as the new chair of the board of directors of Canada Pension Plan Investment Board (CPPIB). She succeeds Robert Astley, who has been chairman since 2008. Munroe-Blum was appointed as a CPPIB board director in 2011. She has more than 25 years of management experience in higher education, public policy, and research and development, and served for more than a decade as principal and vice chancellor at McGill University.
4 min read · 26 June 2014
