Canadian private equity firm Lynx Equity soon will open its second office in the United States. The firm, which operates as Succession Capital in the U.S. market, plans to open an office in Kansas City in July. Its first U.S. office, in San Diego, opened in January. Nathaniel Broughton and Brandon Laughridge are heading up Succession's offices as managing partners, along with President Brad Nathan. Earlier in 2014, Lynx also opened an office in Calgary led by Mathew Burpee, vice president, Western Canada. The Toronto-based Lynx is focused on acquiring small to medium-sized businesses from owners looking to retire.
3 min read · 05 June 2014
Spirit AeroSystems Holdings Inc (NYSE: SPR) has priced a previously announced secondary offering of 8.2 million common shares at US$32.45 per share. The shares are being offered by Canadian private equity firm Onex Corp and current and former members of management. Following completion of the transaction, Onex will no longer maintain voting control of Spirit AeroSystems, which it acquired in 2005. Based in Wichita, Kansas, the company is a global supplier of large component parts and assemblies for commercial aerostructures. It went public in November 2006.
3 min read · 05 June 2014
Wall Street banks are bracing for a clampdown and even fines if regulators determine they have violated guidelines aimed at stamping out reckless underwriting on leveraged buyout debt.
4 min read · 05 June 2014
American Securities LLC has announced an agreement to acquire specialty chemicals company Emerald Performance Materials LLC from private equity peer Sun Capital Partners Inc. People familiar with the matter put the value of the deal at more than $1 billion.
2 min read · 05 June 2014
Texas power giant Energy Future Holdings is set to square off against creditors in bankruptcy court over a key question: will borrowing billions of dollars prop up the business or deepen its insolvency?
2 min read · 05 June 2014
Canadian specialty finance firm Difference Capital Financial and portfolio company Benev Capital Inc (TSX-V: BEV) have reached an agreement regarding the election of directors to Benev's board. Vancouver-based Benev has agreed to expand its board to seven members from its current four and support three Difference Capital nominees so long as the investor continues to own at least 15 percent of its outstanding common shares. Difference Capital had previously forwarded several prominent board nominations to influence Benev's recent changes in strategic direction.
4 min read · 04 June 2014
Canadian private equity firm Fulcrum Capital Partners has bought a majority stake in Weatherhaven Global Resources Ltd. No financial terms were disclosed. Headquartered in Burnaby, British Columbia, Weatherhaven is a supplier of soft-wall and container-based shelter systems for key military, commercial, government and medical applications. Update: In connection with the deal, Weatherhaven's founders will be assuming an advisory role, while the senior management team has reinvested and will continue to lead the company. Fulcrum recently won Canada's Venture Capital & Private Equity Association's 2014 "Deal of the Year" for its sale of A&B Rail Services Ltd.
3 min read · 04 June 2014
Larry Puddister, CEO of Pennecon Ltd, a heavy civil construction, energy and real estate company, has led the management buyout of Pennecon's concrete division. The deal was was supported with undisclosed funding from Canadian mid-market private equity firm Banyan Capital Partners. Going forward, Pennecon Concrete will operate under the name Newcrete Investments LP. Led by Puddister, it will produce and supply ready-mix concrete, precast concrete and masonry products for the construction industry in Newfoundland and Labrador. Banyan is partnered with Canadian asset manager Connor, Clark & Lunn Financial Group.
3 min read · 03 June 2014
U.S. private equity firm Palladium Equity Partners has acquired Q'Max Solutions Inc, a Calgary-based oilfield services company focused on providing drilling fluids and solids control services to the domestic and international energy industry. The financial terms of the transaction were not disclosed. Founded in 1993, Q'Max Solutions was a portfolio company of Canadian mid-market private equity firm Banyan Capital Partners, which is partnered with Toronto-based asset manager Connor, Clark & Lunn Financial Group. Palladium has its headquarters in New York.
2 min read · 03 June 2014
Kinaxis Inc trimmed the expected offer price of its initial public offering on June 3, in a sign that market demand for the Canadian software company’s equity issue may not be as hot as originally expected.
2 min read · 03 June 2014
