Banyan Capital Partners had an especially active first week of June. On June 2, the Canadian private equity firm officially bid adieu to a long-standing portfolio company, Q’Max Solutions. And a day later, it welcomed a new portfolio entrant, Newcrete Investments. Banyan provided funding to the management buyout that launched Newcrete, the former concrete division of St. John's, Newfoundland-based Pennecon.
4 min read · 09 June 2014
Vic Neufeld, former president and CEO of vitamins, minerals and nutrition supplements wholesaler Jamieson Laboratories Ltd, has become the CEO and founding investor in Aphria Inc, a natural alternative health care provider and portfolio company of Canadian private equity firm Delavaco Group. Jamieson was acquired last January by CCMP Capital Advisors, a U.S. private equity firm. Founded in 2013 and based in Leamington, Ontario, Aphria is focused on the low-cost growth and distribution of medical marijuana. Delavaco also announced that it has completed an equity investment and $6.2 million private placement funding for the company.
3 min read · 06 June 2014
The Canada Pension Plan Investment Board (CPPIB) and U.K.-based real estate investor Hermes Real Estate, as part of their 50:50 London partnership, have agreed to buy the mixed-use development South Bank Tower. The acquisition of offices and retail elements, along with the residential ground rent income, of the property will occur by way of a forward commitment to purchase from joint venture owners, Jadwa Investment and British private equity real estate firm CIT Group. The financial terms of the transaction were not disclosed.
4 min read · 06 June 2014
Canadian alternative assets manager Brookfield Asset Management and its institutional partners have sold One&Only Ocean Club, a resort on Paradise Island in the Bahamas. The buyer is U.S. industrial group Access Industries Inc. The financial details of the transaction were not published. As part of the deal, Access also acquired additional beachfront property for future development. Kerzner International Holdings Ltd, a developer and operator of destination resorts, casinos and luxury hotels, will continue to be the resort's manager.
5 min read · 06 June 2014
Central City Brewers and Distillers, a craft brewery, liquor store and brewpub, has partnered with Canadian private equity firm First West Capital. The firm will assist Central City Brewers with expansion plans, including funding its newest brewery. The value of the transaction was not disclosed. Founded in 2003, the company is based in Surrey, British Columbia. The Vancouver-based First West Capital, an investment arm of First West Credit Union, focuses on providing customized subordinated loans and mezzanine financing to small businesses.
4 min read · 06 June 2014
Shareholders of Canadian medical isotope supplier Nordion Inc voted on Friday to support a friendly US$805 million takeover offer by U.S.-based Sterigenics International, clearing a major hurdle facing the deal, Reuters reported. More than 76 percent of votes cast by shareholders backed the offer. Sterigenics, a sterilization services provider owned by U.S. private equity firm GTCR LLC, has twice raised its buyout offer for Nordion from its original US$727 million bid in reaction to an unnamed third party's interest in buying the company.
2 min read · 06 June 2014
Transition Therapeutics Inc (NASDAQ: TTHI, TSX: TTH), a biopharmaceutical company based in Toronto, said Friday that it is raising up to US$30.8 million of equity in a private placement. The investors will include U.S. investment firm Oracle Investment Management, Jack W. Schuler, Larry N. Feinberg and other previous backers. According to details of the transaction, Transition Therapeutics will sell over 3.1 million units of its company at US$5.32 per unit. The private placement deal is expected to close on or about June 20, 2014.
3 min read · 06 June 2014
Wondering what your peers are targeting when it comes to returns? Curious how they plan to get there?
3 min read · 06 June 2014
Bregal Investments, the private equity investment arm of European holding company COFRA Holding AG, has completed the previously announced sale of Birchill Exploration LP to TriOil Resources Ltd, a Canadian energy company owned by PKN Orlen SA. The deal's value was approximately $256 million. FirstEnergy Capital Corp advised Birchill on the transaction. Based in Calgary, Birchill operates oil and gas fields in the Ferrier-Strachan area of Alberta. Update: The Calgary-based TriOil was acquired by PKN Orlen, a Polish petroleum and petrochemical business, in November 2013.
2 min read · 06 June 2014
Texas’s largest power provider, the bankrupt Energy Future Holdings, was cleared on June 5 to get final approval for about $4.5 billion in financing deals that it has said were important to maintaining its business.
2 min read · 06 June 2014
