The previously announced $1.83 billion acquisition of Canada Bread Co Ltd (TSX: CBY) by Mexican bread maker Grupo Bimbo has been closed. Grupo Bimbo said the purchased company's integration would be reflected in its second quarter results. Based in Toronto, Canada Bread is a manufacturer of value-added flour-based products, and was 90% owned by Maple Leaf Foods Inc (TSX: MFI). Maple Leaf is a portfolio company of Canadian private investment firm West Face Capital.
2 min read · 27 May 2014
Texas’ largest power company, the bankrupt Energy Future Holdings Corp, was sued by a representative for noteholders who said they are owed $665 million in return for refinancing their securities, a key part of the company’s bankruptcy plan.
2 min read · 27 May 2014
The Blackstone Group is poised for a healthy 17 percent return on its new single-family rental (SFR) bond, even though it had to pay more than expected to get the nearly $1 billion deal over the line.
3 min read · 27 May 2014
Kohlberg Kravis Roberts & Co is calling on Japan’s public pension fund, the world’s largest, to start investing in private equity funds to boost returns and encourage other institutional investors to seek higher-yielding alternative investments.
2 min read · 27 May 2014
Apollo Global Management LLC co-founder Marc Rowan raised $72.8 million by selling shares in the private equity firm in mid-May, as limits restricting insiders from selling stock based on its IPO agreement are gradually lifted.
2 min read · 27 May 2014
Andrew J. Bowden, director of compliance inspections and examinations at the U.S. Securities and Exchange Commission, gave such a startling speech about the industry in early May—describing widespread instances of unlawful acts, deceptive practices related to fees and expenses, and games with valuations—that it is unlikely the industry will ever be the same.
4 min read · 27 May 2014
A senior Federal Reserve official warned banks that the central bank may have to take further action to ensure compliance with U.S. guidance on leveraged lending, in the clearest sign yet it is seeking to dispel a perception that it is lenient.
2 min read · 26 May 2014
Onex Credit Partners LLC, the credit investing arm of Canadian private equity firm Onex Corp, has priced its sixth and largest collateralized loan obligation (CLO), offering US$1 billion of securities and loans in a private placement transaction that includes up to US$92 million from Onex. Upon the close of the offering, Onex Credit Partners will manage over US$4.7 billion in senior secured loans and high yield bonds in a variety of strategies. Onex will have about US$200 million invested in the platform's CLOs.
2 min read · 23 May 2014
Global private equity firm TPG Capital Management LP has raised $3.3 billion in a new buyout fund, its sixth for Asia, a senior executive said, with a reshuffle of senior management nearly six months ago helping it to accelerate the fund’s closing.
2 min read · 23 May 2014
Canada's Venture Capital & Private Equity Association (CVCA) has extended its 21st annual Entrepreneur of the Year Award to Robert Deluce, founder, president and CEO of Porter Airlines Inc. Deluce founded Porter in 2006 with two Bombardier Q400 aircraft and one route between Billy Bishop Toronto City Airport and Ottawa. The company has expanded to 26 aircraft flying to 20 North American destinations today, and has plans for further growth. Porter is a portfolio company of EdgeStone Capital Partners, OMERS Strategic Investments, GE Asset Management and Dancap Private Equity.
3 min read · 23 May 2014
