Jamieson Laboratories Ltd, a Windsor, Ontario-based vitamin maker acquired by U.S. private equity firm CCMP Capital Advisors last January, has bought Lorna Vanderhaeghe Health Solutions Inc. The deal's financial terms were not published. Based in Vancouver, Lorna Vanderhaeghe is a women's health and wellness company. As part of the transaction, company founder Lorna Vanderhaeghe has become a key shareholder of Jamieson and a member of its board of directors. In March, peHUB Canada interviewed CCMP managing directors Joe Scharfenberger and Rich Zannino and executive adviser Doug Cahill about their growth plan for Jamieson Labs.
3 min read · 13 June 2014
The Sentient Group, a resources-focused private equity firm based in the Cayman Islands and with an office in Montréal, has increased the size of its existing minority investment in Strateco Resources Inc. Upon completion of its purchase of 28 million common shares, valued at $1.4 million, Sentient will hold approximately 25.22 percent of total outstanding shares in the company. Based in Boucherville, Québec, Strateco is a uranium mining company with exploration projects in northern Quebec.
2 min read · 13 June 2014
Crocotta Energy Inc (TSX: CTA) has agreed to be bought by Long Run Exploration Ltd (TSX: LRE) in a $357 million deal that is expected to close in August. Under the agreement, each common share of Crocotta will be exchanged for 0.415 of a common share of Long Run, plus one share of a new Montney exploration and production business, and 0.2 of a common share purchase warrant of that business. Based in Calgary, Crocotta is a junior oil and gas company and portfolio investment of Canadian private equity firm JOG Capital. A Calgary-based intermediate oil and natural gas company, Long Run is backed by Canadian private equity firm Sprott Resource Corp.
10 min read · 13 June 2014
Canadian mid-market private equity firm Novacap has completed its acquisition of Oxford County Telephone and Telegraph Co, a provider of fiber optic, data center and cloud-based services based in Lewiston, Maine. Financial terms were not disclosed. The deal was featured earlier this year in a report by peHUB Canada. As a result of its investment, Novacap now holds a majority of the company’s equity. The Oxford Networks acquisition is the last investment by Novacap Technologies III LP. The firm's new technology-focused investment vehicle, Novacap TMT IV LP, closed last month at $375 million in capital commitments, surpassing its target of $350 million.
3 min read · 13 June 2014
Bain Capital is suing EY in a United States court, claiming that the auditing firm cost it roughly $60 million by advising it to invest in Lilliput Kidswear, a children’s clothing company in India.
2 min read · 13 June 2014
A new oilfield services provider, Nine Energy Service Inc, has been officially launched as a result of a merger of several U.S. and Canadian companies. The Houston-based Nine Energy Service, which is backed by U.S. private equity firm SCF Partners, combines four different service businesses, including Integrated Production Services Canada, a Calgary-based provider of production enhancement technologies to oil and gas producers. Integrated Production Services Canada was itself a portfolio company of SCF, which invested in it alongside management in February 2012.
3 min read · 12 June 2014
U.S. multi-industrial company Johnson Controls Inc, which in April agreed to buy Air Distribution Technologies Inc from Canada Pension Plan Investment Board (CPPIB), has launched a public debt offering to help pay for the deal. The company expects to receive approximately US$1.68 billion of net proceeds from the offering of fixed rate senior notes. CPPIB acquired the Dallas-based Air Distribution from Tomkins Plc in 2012 for US$1.1 billion, of which about US$500 million was funded with equity from CPPIB. It anticipates proceeds of around US$1 billion from the company's sale to Johnson Controls.
3 min read · 12 June 2014
Canadian private equity and venture capital firm the Fonds de solidarité des travailleurs du Québec FTQ has invested $5 million in Produits alimentaires Viau Inc, an independent producer and distributor of deli products. The deal allowed Viau to open new facilities in Laval, Québec, optimize its Montréal-Nord plant, and acquire technology that uses safe natural water to eliminate potential pathogens in its finished products. Established in 1977, the company is based in Laval. Since their inception, the Fonds de solidarité FTQ and its Fonds régionaux de solidarité FTQ have invested more than $504 million in 108 companies in the agrifood sector.
3 min read · 12 June 2014
Goldman Sachs Group Inc will pay $67 million and Bain Capital Partners LLC will pay $54 million to settle their portions of a lawsuit accusing several big private equity firms of conspiring not to outbid each other in takeovers.
3 min read · 12 June 2014
Coller Capital this week published its Coller Capital Global Barometer – Summer 2014, which surveyed 115 private equity investors globally. An interesting point in the survey is that a large portion of LP respondents said they would be willing to reset terms on an underperforming fund not likely to hit its preferred return.
3 min read · 11 June 2014
