Canadian retailer Hudson's Bay Co (TSX: HBC) has reported financial results for the first quarter of 2014, showing sales totaling $1.85 billion, or more than double the $884 million of the prior year. This increase was primarily attributable to the inclusion of New York-based luxury retailer Saks Inc, which Hudson's Bay acquired last November in a deal valued at US$2.9 billion, including debt. The company also reported net earnings of $176 million in Q1 2014, compared to a net loss of $82 million the year before. Hudson's Bay is a portfolio investment of U.S. private equity firm NRDC Equity Partners.
10 min read · 03 June 2014
U.S.-based real estate investment trust Ventas Inc (NYSE: VTR) has agreed to acquire 29 independent living senior housing communities located in Canada for $980 million in cash. Ventas is buying the assets from Holiday Retirement Corp, a Lake Oswego, Oregon-based owner and operator of retirement living communities and a portfolio company of U.S. private equity firm Fortress Investment Group since 2007. Upon the deal's closing, which is expected in the third quarter, management of the acquired senior housing communities will be transitioned to Ventas' operating partner Atria Senior Living.
10 min read · 03 June 2014
The Caisse de dépôt et placement du Québec will open new offices abroad as part of strategy to expand its global presence and source new opportunities. Along with existing offices in New York and Beijing, the Caisse will open an office in Washington, D.C., as well as an office in Mexico to serve as a Latin American bridgehead. It also will open a regional office in Singapore that will serve as a hub for Asian activity and has plans eventually to open branches in Mumbai, India, and Sydney, Australia. The Caisse also said it will strengthen investment teams' expertise and global orientation and seek out new partners, both regionally and globally.
3 min read · 03 June 2014
Canadian retailer Hudson's Bay Co (TSX: HBC) has completed a previously announced secondary offering of 7.9 million common shares at a price of $17.80 per share, generating gross proceeds of about $140 million. The transaction sold stock previously held by U.S. private equity firm NRDC Equity Partners and an affiliate, which acquired the company in 2008. A short form prospectus issued by Hudson's Bay in May indicated that NRDC's interest in the company would be reduced to 38.8 percent of all outstanding common shares from 43.1 percent as a result of the offering. Hudson's Bay went public in late 2012.
5 min read · 03 June 2014
Canadian education management company CIBT Education Group Inc (TSX: MBA) has signed a purchase and sale agreement with a local developer for three Vancouver properties earmarked for student housing. The transaction's value is $32.4 million. The deal follows a comparable $44 million acquisition completed last month. Founded in 1994, CIBT Education owns and operates a network of business, technical and language colleges. It has been a portfolio investment of U.S. private equity firm Camden Partners since 2007.
4 min read · 03 June 2014
U.S.-based Sterigenics International has sweetened its takeover offer for Nordion Inc, the Canadian medical isotope producer, to US$805 million after a previous bid failed to attract enough shareholder support, Reuters reported. Nordion said the sweetened bid came after it received another unsolicited acquisition proposal from an unnamed third party. Last month, Sterigenics, a sterilization services provider owned by private equity firm GTCR LLC, raised its buyout offer to US$758 million from US$727 million. Nordion said its board has advised its shareholders to approve the latest Sterigenics offer.
2 min read · 03 June 2014
Kohlberg Kravis Roberts & Co said it would buy Internet Brands Inc, which operates CarsDirect and other websites, from private equity firms Hellman & Friedman and JMI Equity.
2 min read · 03 June 2014
HyperWALLET Systems Inc has received undisclosed growth equity financing from U.S. private equity firm Primus Capital. Raymond James & Associates advised the company on the transaction. Based in Vancouver, hyperWALLET Systems is a provider of online and mobile payment, international payments, card products and financial technology solutions to customers around the world. Update: The company plans to use funding proceeds to expand sales and marketing initiatives, extend an industry-leading product set, address additional end markets, and build upon its existing infrastructure and licensure portfolio.
3 min read · 03 June 2014
Warburg Pincus LLC and Vestar Capital Partners Inc are exploring an initial public offering of Triton Container International Ltd that could value the company at more than $6 billion, including debt, said three people familiar with the matter.
2 min read · 03 June 2014
After a failed attempt to sell in 2012, Stone Point Capital is exiting Genex Services.
2 min read · 02 June 2014
