GlaxoSmithKline has invited private equity firms to consider making offers for a range of its older drugs sold in Western markets, according to three people with direct knowledge of the matter.
3 min read · 29 May 2014
Canadian consumer lender SNAP Financial Group has secured a $60 million investment from U.S. mid-market private equity firm FFL. The partnership with FFL is intended to assist SNAP in growing to meet market demand, expanding its services and exploring channels where it can provide new and effective financial solutions. Based in Vanvouver, SNAP is primarily focused on the home and auto finance segments. Since its founding in 2006, it has originated more than $600 million of consumer loans. Based in San Francisco, FFL specializes in investing in a range of sectors, including financial services.
3 min read · 29 May 2014
Harbour Equity Capital Corp has closed two new real estate developments through its Harbour Equity Joint Venture Development Fund. The developments are a 35-unit townhouse project in Toronto and a 72-unit condominium project in Halifax, Nova Scotia. The financial value of the investments was not disclosed. Based in Toronto, Harbour Equity Capital is a dedicated real estate private equity firm that provides financing to Canadian developers.
2 min read · 29 May 2014
Canadian education management company CIBT Education Group Inc (TSX: MBA) has received an undisclosed overseas investment in its serviced apartments project, a Vancouver-based property bought earlier in May for $44 million. CIBT has been appointed manager of the project, which is focused on providing affordable student housing. Founded in 1994, the company 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 · 29 May 2014
Imaginea Energy Corp has confirmed an earlier report of a US$300 million investment by U.S. energy-focused private equity firm Lime Rock Partners and a group of co-investors. The Calgary-based Imaginea, which is led by energy entrepreneur and CEO Suzanne West, will focus on the acquisition, development and optimization of conventional oil and gas properties in Western Canada. It will also put priority on sustainable oilfield development and the implementation of initiatives to both improve corporate profitability and lessen the company's environmental impact.
2 min read · 29 May 2014
Irving Place Capital has put PlayCore up for sale after a more than seven year hold, three sources said.
2 min read · 29 May 2014
Canadian drugmaker Valeant Pharmaceuticals International Inc raised the cash component of its unsolicited offer for Botox-maker Allergan Inc, but the increased bid fell short of expectations and the stock of both companies fell, Reuters reported. Valeant's sweetened offer on Wednesday, valuing the U.S. firm at US$49.44 billion, also included a contingent value right that could be worth an additional US$7.6 billion. Its previous offer with activist investor Bill Ackman was worth US$47 billion and was spurned by Allergan, which said the Canadian company had overstated possible savings.
3 min read · 28 May 2014
Ontario Teachers' Pension Plan has made a US$300 million investment in Flynn Restaurant Group LP, a U.S.-based restaurant franchise with 640 restaurants and US$1.4 billion in sales. The deal, done in partnership with Flynn's management team, acquired the interests previously held by U.S. private equity firms GS Capital Partners and Weston Presidio. The San Francisco-based Flynn, which the current transaction values at more than US$1 billion, said the Ontario Teachers' partnership would help it to grow through restaurant revitalizations, new restaurant development and potential new acquisitions.
4 min read · 28 May 2014
Orbite Aluminae Inc (TSX:ORT) has completed its $10 million equity financing with Ressources Québec, a subsidiary of Investissement Québec that invests in mining and hydrocarbon industries. Based in Montréal, Orbite has developed technology to cost-effectively produce alumina and other high-value products, such as rare earth and rare metal oxides. Funding proceeds will be used towards the current construction of Orbite's HPA facility in Cap-Chat, Québec.
3 min read · 28 May 2014
Canadian medical isotope supplier Nordion Inc said it would delay the company's shareholders meeting by a week to give it time to try to get more support for a US$758 million takeover offer by U.S.-based Sterigenics International, Reuters reported. An initial proxy vote on the takeover fell short of required shareholder support. Sterigenics, a sterilization services provider owned by private equity firm GTCR LLC, raised its buyout offer to US$758 million earlier in May from US$727 million after Nordion received a rival bid from an unnamed buyer.
1 min read · 28 May 2014
