An affiliate of U.S. private equity firm Peak Rock Capital has acquired RCR International Inc, a Canadian manufacturer and distributor of more than 2,000 home improvement products in North America. The seller was U.S. private equity firm Southfield Capital Advisors, which bought a majority interest in the company in 2006. Financial terms of the deal were not disclosed. Founded in 1946, the Boucherville, Québec-based RCR said the partnership with Peak Rock will help increase the company's operational efficiency and expand its growth profile. With its headquarters in Austin, Texas, Peak Rock makes debt and equity investments in mid-market businesses.
3 min read · 17 June 2014
Chinook Energy Inc (TSX: CKE) has agreed to sell through a subsidiary all of its onshore and offshore Tunisian assets to Medco Tunisia Petroleum Ltd, an affiliate of Indonesian energy business PT Medco Energi Internasional Tbk, for US$127.7 million. The deal, which is expected to close by December, will allow Chinook to focus on oil and gas assets in Western Canada, and particularly its Montney and Dunvegan properties in the Grande Prairie and Peace River Arch areas. Based in Calgary, Chinook is a portfolio investment of U.S. private equity firm Lime Rock Partners. Another major investor in the company is Alberta Investment Management Corp.
8 min read · 17 June 2014
Mason Graphite Inc (TSX-V: LLG) has closed its previously announced private placement deal. The Montréal-based mining company raised a total of $4.15 million in convertible debenture financing from Sodémex Développement, an affiliate of the Caisse de dépot et placement du Québec, the Fonds de solidarité des travailleurs du Québec (FTQ) and the Fonds regional de solidarité FTQ Côte-Nord. Net proceeds of the transaction will be used by Mason Graphite to continue development of its Lac Guéret graphite property in Québec and for other purposes.
8 min read · 17 June 2014
Leonard Green & Partners LP and CVC Capital Partners Ltd are in advanced talks to acquire consumer marketing company Advantage Sales & Marketing Inc (ASM) for more than $4 billion, people familiar with the matter said.
1 min read · 17 June 2014
A TPG Capital Management-led consortium has agreed to buy the property arm of Australian engineering services firm UGL Ltd for A$1.215 billion (US$1.14 billion), a source told Reuters. UGL put the unit DTZ, a real estate services company, for sale to cut debt as its main engineering services division faces declining revenues due to a slowdown in the mining sector. TPG's consortium partners include Hong Kong private equity firm PAG Asia Capital and Ontario Teachers' Pension Plan.
2 min read · 16 June 2014
Aveda Transportation and Energy Services Inc (TSXV: AVE) has agreed to purchase the U.S.-based rig moving assets of Precision Drilling Corp (TSX: PD) for US$24.0 million. The transaction, which involves the purchase of rig moving equipment, including bed/tandem trucks, tractors, trailers, loaders and cranes, is expected to be completed by July 1. Based in Calgary, Aveda is a provider of oilfield hauling services and equipment rentals to the energy industry. The company's largest shareholder is Canadian family-owned private equity firm Werklund Capital, which first invested in Aveda in 2010.
5 min read · 16 June 2014
Canadian exploration and production company Journey Energy Inc said on Friday it plans to raise $198 million via an initial public offering and secondary offering on the Toronto Stock Exchange, Reuters reported. The Calgary, Alberta-based company is selling 14 million shares from its treasury, while its principal shareholder PSP Investments is selling 2.5 million shares that it controls. PSP will continue to retain a stake of about 30 percent in the company following the close of the offer.
1 min read · 16 June 2014
Perhaps it takes business professors to be surprised to learn that buyout pros don’t follow their MBA textbooks when it comes to real-world investing.
2 min read · 16 June 2014
1 min read · 16 June 2014
The chief executive of South Africa’s government pension fund has resigned, the fund said, following three years at the helm of the continent’s largest and most influential asset manager.
2 min read · 16 June 2014
