U.S. fast-food chain Del Taco, which specializes in Mexican cuisine as well as American favorites like burgers and fries, is in the early stages of exploring a sale that could fetch more than $500 million, people familiar with the matter said.
2 min read · 25 June 2014
William Egan, a Bank of America Merrill Lynch top investment banker for financial institutions, has resigned to join credit investment and private equity firm Oaktree Capital Group LLC, according to people familiar with the matter.
2 min read · 24 June 2014
Loral Space & Communications Inc's efforts to sell itself and its main asset, Telesat Holdings Inc, broke down after the company failed to agree on a potential US$7 billion deal with the buyer group, sources told Reuters. Loral rejected an offer from a consortium involving Ontario Teachers Pension Plan and another Telesat shareholder, Public Sector Pension Investment Board (PSP), which valued Loral at more US$80 per share. PSP, which has a 35.3 percent economic interest in Telesat and 66.7 percent of the voting power, was working with Teachers, which emerged as the preferred buyer after months of a sale process.
2 min read · 24 June 2014
The Institutional Limited Partners Association (ILPA), which represents the interests of global private equity limited partner organizations, has appointed Jennifer Choi to the role of managing director, industry affairs, and Nicole Caty to managing director, membership and events. Choi joins the IPLA after eight years as a vice president at the Emerging Markets Private Equity Association, while Caty joins after 18 years in roles within the banking industry, most recently at HSBC. The executive director of the Toronto-based ILPA is Kathy Jeramaz-Larson.
2 min read · 24 June 2014
Canso Investment Counsel Ltd has informed the board of directors of Tuckamore Capital Management that it will vote against the proposed take-private acquisition of the Toronto-based private equity firm. The deal, announced in May, would see Birch Hill Equity Partners and members of the firm's senior management team buy all of Tuckamore's shares for $0.75 per share, or an estimated $60 million. Canso, which owns or controls 14.6 percent of the common shares of Tuckamore, said the offer "significantly undervalues the company." Access Holdings Management Co has also issued a statement opposing the transaction, which will be voted on by shareholders in July.
2 min read · 24 June 2014
Alberta Investment Management Corp (AIMCo), the $80 billion provincial pension manager, is steering clear of investments tied to existing roads, bridges and transmission lines as their growing popularity squeezes returns, Reuters reported. AIMCo CEO Leo de Bever said the firm is pushing into late-stage venture capital and newly constructed infrastructure as it looks for above-market returns.
2 min read · 24 June 2014
Canadian private equity firm TriWest Capital Partners and the Alberta Teachers' Retirement Fund have agreed to acquire a majority stake in NSCG Crane & Heavy Haul Corp (NCSG) from its existing shareholders. TriWest led the undisclosed deal, which is expected to close before the end of the year. Goldman Sachs advised NCSG on the transaction. Based in Edmonton, NCSG is a provider of fully operated and maintained crane and heavy haul services in North America. It is also backed by U.S. private equity firm Northwest Capital Appreciation (NCA). Update: In 2006, NCA invested around $60 million in the company, which was then known as Northern Crane Services.
3 min read · 24 June 2014
Bahrain-based investment firm Investcorp Bank BSC is looking to sell Berlin Packaging LLC in a deal that could value the U.S. packaging distribution company at around $1.3 billion, according to people familiar with the matter.
2 min read · 23 June 2014
Creditors of Energy Future Holdings, Texas’s largest power company, are turning on each other in court over the bankrupt power company’s proposed refinancing plan.
2 min read · 23 June 2014
The Public Sector Pension Investment Board (PSP Investments) has appointed John Valentini as the organization's interim president and CEO. He took the position following the departure of Gordon Fyfe, who was recently named the new CEO and CIO of British Columbia Investment Management Corp. Valentini will lead PSP Investments until the the board of directors completes a search for a permanent president and CEO. Joining the pension fund manager in 2005, Valentini has most recently served as executive vice president, COO and CFO.
2 min read · 23 June 2014
