U.S. private equity firm Skyview Capital, through its portfolio company NewNet Communication Technologies LLC, has bought NewPace Technology Development Inc, a Halifax, Nova Scotia-based provider of mobile and wireline telecom software for global carriers. The financial details of the transaction were not disclosed. NewNet said the acquisition will enable the company to provide enhanced messaging solutions and expand its development initiatives. The Arlington Heights, Illinois-based NewNet, a mobile technologies platform, was acquired by Skyview in 2007.
4 min read · 11 June 2014
Giyani Gold Corp (TSXV: WDG), an Oakville, Ontario-based pure play gold exploration company, has agreed to receive up to $25 million from U.S. private equity firm Lambert Private Equity. The investment, which will be made as required over several years, will allow Giyani Gold to evaluate and act on growth opportunities and pursue acquisitions. The company is currently focused on the Giyani Gold Project in South Africa and the Abbie-Lake-Keating Gold Project in the White River region of Ontario.
6 min read · 11 June 2014
Huldra Silver Inc, a Vancouver-based silver mining, exploration and development company, has entered into a restructuring agreement with Canadian private equity firm Waterton Global Resource Management and Concept Capital Management. Under the agreement's terms, Concept will subscribe or arrange for secured convertible debentures of up to $8 million. Huldra also will restructure its debt owing to Waterton, which has been the company's primary creditor, and restructure its existing debentures and other debt owing. Huldra said the deal is key to its exiting creditor protection under the Companies’ Creditors Arrangement Act (Canada).
6 min read · 11 June 2014
The battle for botox maker Allergan Inc heated up as the company officially rejected a sweetened US$53 billion takeover offer from Valeant Pharmaceuticals International and activist investor William Ackman, Reuters reported. Since Canadian drugmaker Valeant and Pershing Square Capital Management made a joint bid for the company on April 22, Allergan has stood firm against entreaties to sit down at the table and negotiate a deal.
2 min read · 11 June 2014
Mr. X Inc, a Toronto-based provider of visual effects to television and international film clients, has agreed to be acquired by Technicolor SA (Nasdaq: TCLRY), a global communications, media and entertainment company. The financial terms of the deal were not published. The acquisition, which is expected to close in July, adds to Technicolor's brand and complements its visual effects business, the company said. Based in Paris, Technicolor is a portfolio company of U.S. private equity firm Vector Capital. Vector became the company's largest shareholder through an investment made in 2010.
2 min read · 11 June 2014
Osum Oil Sands Corp has agreed to buy the Orion Oil Sands Project from Shell Canada Ltd, a division of Royal Dutch Shell PLC, for $325 million. The project, located in Alberta's Cold Lake oil sands region, produces 6,700 barrels per day of bitumen from 22 well pairs. Osum's acquisition, which will be financed by cash, shareholders and US$225 million in senior secured credit facilities from Barclays Bank PLC and Goldman Sachs Lending Partners LLC, is expected to close by July 31. The Calgary-based company was backed with $500 million in private equity investment in 2012. Canada's KERN Partners led the deal, with the participation of Blackstone Capital Partners, Warburg Pincus and other investors.
4 min read · 11 June 2014
Jane Mendillo, the first woman to run Harvard University’s investment arm, will leave at the end of 2014 after guiding the Ivy League school’s $32.7 billion endowment through the financial crisis and its aftermath.
3 min read · 11 June 2014
Integrated Asset Management Corp (TSX: IAM) and its real estate asset management arm, GPM Investment Management, have closed their 13th pooled real estate fund, GPM (13), raising $135 million in total. GPM (13) is a discretionary fund focused primarily on industrial properties, along with select retail and office opportunities, in Toronto, Ottawa, Edmonton, Calgary, Vancouver, Montréal and Halifax. The Toronto-based IAM has approximately $2 billion in assets and committed capital under management in private debt, real estate, private equity and managed futures.
2 min read · 10 June 2014
Bauer Performance Sports Ltd (TSX: BAU), a Canadian-born manufacturer of sports equipment and apparel, has launched a public offering of its common shares in the United States and Canada for estimated gross proceeds of US$110 million. The company has applied to list its shares on the New York Stock Exchange, as well as on the Toronto Stock Exchange. Bauer, which is a portfolio company of U.S. private equity firm Kohlberg & Co, also announced plans to change its name to Performance Sports Group Ltd. Offering proceeds will help reduce the company's leverage and repay part of the term loan facility used to finance its recent acquisition of Easton-Bell Sports Inc.
7 min read · 10 June 2014
Nautilus Solar Energy Canada Inc, the Canadian subsidiary of U.S.-based Nautilus Solar Energy LLC, has received an undisclosed investment in its solar electricity generation project portfolio. The investment was made by funds managed by U.S. energy and infrastructure investor GoldenSet Capital Partners and private equity firm North Sky Capital. The portfolio, located in Ontario, will consist initially of 28 projects totaling approximately 9.2 megawatts and is expected to grow to 24 megawatts. Nautilus said the deal provides the foundation for completing its current portfolio and the opportunity for expansion through acquisition of projects.
4 min read · 10 June 2014
