Canada’s Venture Capital & Private Equity Association (CVCA) has announced that the 2014 Community Leadership Award, recently renamed the Ted Anderson Community Leadership Award, has been awarded to Sam Duboc, founder, president and managing partner of Canadian private equity firm Edgestone Capital Partners. Duboc was recognized for his many contributions to non-profits and community organizations, including his role in Pathways to Education Canada. The CVCA renamed its award in honour of Ted Anderson, former CVCA president and long-time partner at Ventures West Capital, who died last May.
5 min read · 23 May 2014
Canadian private equity firm Waterton Global Resource Management has extended its hostile offer to buy common shares of Chaparral Gold Corp (TSX: CHL) not already held by the firm. The offer price of $0.50 per share, totaling about $59 million, and other conditions of the previously announced bid remain unchanged. Based in Scottsdale, Arizona, Chaparral is a precious metals producer focused on projects in Nevada. The company's board of directors continues to recommend that shareholders reject the proposal. As reported by peHUB Canada, Waterton in April raised more than US$1 billion in the final close of its second fund, Waterton Global Precious Metals Fund II.
3 min read · 22 May 2014
U.S. private equity firm Carrick Capital Partners has made an undisclosed majority investment in Procura Group Of Companies. Based in Victoria, British Columbia, Procura is a software vendor for home care, hospice, private duty, community and aged care organizations, and serves more than 30,000 users at more than 2,600 customer sites to manage employees caring for 1.71 million clients and patients. Marc McMorris, a Carrick managing director, will join the company's board of directors, as will Carrick director Alex Mason and Michael Greenough, former CEO of SSA Global, who participated in the deal. Founded in 1989, Procura also has offices in the United States and Australia.
4 min read · 22 May 2014
Canadian pension fund PSP Investments is making a surprise comeback in the race to buy broadcasting masts group TDF's French unit, opening a new episode in a protracted selloff saga, said three sources familiar with the matter, Reuters reported. PSP Investments is taking advantage of rival bidder Dering Capital's difficulties in financing its bid, which sources previously said came at about 3.7 billion euros (US$5.07 billion). It is reviving hope among TDF's private equity owners of reaching a deal as they need to raise fresh money to repay TDF's 3.8 billion euro debt pile and avoid a costly restructuring.
3 min read · 22 May 2014
Telus Corp has withdrawn its bid to acquire struggling domestic wireless company Mobilicity, The Globe and Mail reported on Wednesday, citing a source it did not identify. The Western Canada-focused telecommunications company has made several bids for the much-smaller company, formally known as Data & Audio-Visual Enterprises Wireless Inc, despite federal government opposition. The Toronto-based Mobilicity has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.
1 min read · 22 May 2014
Canadian private markets investment firm Northleaf Capital Partners has closed its dedicated private equity secondaries fund, Northleaf Secondary Partners, at US$255 million. As exclusively reported this week by peHUB Canada, capital committed to the fund was 27% above the US$200 million target set for it. With the closing of Northleaf Secondary Partners, the firm now has approximately $600 million of capital available for investments in the global secondaries market. Based in Toronto, Northleaf manages over $5 billion in assets on behalf of pension funds, endowments, foundations, family offices and other institutional investors.
3 min read · 22 May 2014
Fulcrum Capital Partners and Brookfield Asset Management have both received the 2014 "Deal of the Year" award in the private equity category from Canada’s Venture Capital & Private Equity Association. Fulcrum won for last year's sale of Edmonton-based A&B Rail Services Ltd to a TorQuest Partners-led investor group, giving the firm total cash proceeds of $137 million, or 14.3x invested capital, and a 74.2% IRR. Brookfield was awarded for last year's sale of U.S.-based Longview Fibre Paper and Packaging Inc to KapStone Paper and Packaging Corp, giving the firm total proceeds of $1.1 billion, and generating an IRR of 69.6%, representing a 10.0x return on invested capital of $114 million.
6 min read · 22 May 2014
Shareholders of Canada Fluorspar Inc (TSX Venture: CFI) (OTC: CNDFF) have voted 99.8% in favour of the previously announced acquisition of the company by an affiliate of U.S. private equity firm Golden Gate Capital. Subject to court approval and other requirements, Canada Fluorspar will be bought for $0.35 per common share, or an estimated $38.8 million. The final close is expected to occur before the end of May. Based in St. John's, Newfoundland, Canada Fluorspar is a specialty mineral resource company engaged in the development of fluorspar deposits located in Atlantic Canada.
4 min read · 22 May 2014
Canadian private equity firm Sprott Resource Corp and portfolio company Long Run Exploration Ltd (TSX: LRE) have completed the previously announced secondary offering of 12.6 million common shares of Long Run by Sprott at a price of $5.35 per share. The offering generated gross proceeds of approximately $68 million, to be used by the firm for new investments. Sprott will retain minority ownership in the company. Based in Calgary, Long Run is an intermediate energy business focused on light-oil development and exploration.
4 min read · 22 May 2014
Clayton, Dubilier & Rice LLC is in advanced talks to acquire wound care company Healogics Inc from private equity peer Metalmark Capital Holdings LLC for around $1 billion, according to people familiar with the matter.
2 min read · 21 May 2014
