Private Equity
The Canada Pension Plan Investment Board (CPPIB) has acquired a 10.6 percent interest in a portfolio of logistics properties in the United States for US$350 million. CPPIB formed a joint venture with Global Logistic Properties Ltd (GLP) and three other institutional investors to own the portfolio at the same valuation GLP used when it bought its stake in February. The portfolio comprises 722 logistics assets, including warehouses, business parks and light industrial assets, located across the United States. Earlier this month, CPPIB entered into a partnership to invest in logistics assets in the United Kingdom.
2 min read · 27 October 2015
The Canada Pension Plan Investment Board, one of the country's largest pension fund managers, has opened an office in Mumbai as it scouts for investment opportunities on the Indian subcontinent, Reuters reported. CPPIB, which has already committed to invest more than US$2 billion in India, sees its long investment horizon aligning with the financing needs of India's economy.
1 min read · 27 October 2015
The Canada Pension Plan Investment Board (CPPIB), U.K.-based private equity firm BC Partners and co-investors have agreed to commit to about 30 percent of the equity in Altice's proposed US$17.7 billion acquisition of Cablevision Systems Corp, a U.S. cable operator. CPPIB and BC Partners said they are exercising their option to participate as part of an agreement to sell their majority interest in Suddenlink to Altice earlier this year. They will each fund 12 percent of the deal for about US$400 million each, with co-investors taking the balance. The transaction is expected to close in the first half of 2016.
3 min read · 27 October 2015
Canadian buyout and related private equity deal-making was robust in the first three quarters of the year, despite a slower Q3 2015, according to final data released by Thomson Reuters. Disclosed deal values hit $16.1 billion at the end of September, a result that exceeds full-year totals of six of the past seven years. In all, 306 deals were done in this period, on pace with the same time in 2014. Canadian private equity investors have also been increasingly active in international deals of late. To date this year, they have led or participated in 113 foreign deals with a total value of $125 billion. Fundraising in the domestic market collected $6.8 billion in the first nine months of 2015, which is down year over year.
4 min read · 26 October 2015
Canadian private equity firm Ironbridge Equity Partners recently agreed to purchase all of the assets of Advance Engineered Products Ltd, a designer and manufacturer of tank truck and trailer equipment. The source of the news was an August website post by Krohnert Industries Inc, a distribution partner to the company. No financial terms were noted. Ironbridge also agreed to acquire the shares of Dumur Industries, an Advance affiliate, the post said. Regina, Sask.-based Advance, founded in 1984, was granted protection under the Companies' Creditors Arrangement Act (CCAA) in April.
2 min read · 26 October 2015
PaperWorks Industries Inc, which in July bought CanAmPac ULC, said it plans to consolidate all of its Canadian folding carton production into a manufacturing facility in Kitchener, Ontario. The facility was previously a division of CanAmPac, a paperboard and consumer packaging supplier. PaperWorks said it will invest more than $11 million over the next year to expand operations in Kitchener. Based in Philadelphia, Pennsylvania, the company is backed by U.S. private equity firm Sun Capital Partners.
2 min read · 23 October 2015
Canadian mid-market private equity firm Birch Hill Equity Partners recently promoted Andrew Fortier to partner. Fortier, who joined Birch Hill in 2011, played a leadership role in three portfolio investments: Shred-it International Inc, GDI Integrated Facility Services Inc and Marsulex Environmental Technologies Corp. All three companies have been involved in liquidity events of late. Shred-it, for example, was acquired earlier this month by Stericycle Inc for US$2.3 billion, while GDI went public in May. Fortier was previously a vice president at U.S. private equity firm Audax Group.
2 min read · 22 October 2015
Corsa Coal Corp (TSX-V: CSO), a supplier of premium quality metallurgical coal, has entered into a private placement deal to generate gross proceeds of US$7.25 million. The investors include its majority backer, U.S. private equity Quintana Capital Group, as well as Canadian private equity firm Sprott Resource Corp, and two vehicles controlled by a trust settled by the late Adolf H. Lundin. Corsa also agreed to amendments to a US$25 million credit agreement with Sprott Resource Lending Corp. Based in Canonsburg, Pennsylvania, the company has an office in Toronto. Last year, Sprott Resource invested in Corsa's purchase of PBS Coals Ltd.
6 min read · 22 October 2015
Educational publisher Nelson Education Ltd has appointed a full slate of board directors, following the sale of the company to its financial investors, effective October 1st. As reported by PE Hub Canada in June, Nelson, which recently obtained creditor protection, agreed to yield control of the business to its first lien lenders. The new board reflects senior representatives of these lenders, which include Ares Management, Mudrick Capital Management and Sound Point Capital Management. Toronto-based Nelson and its U.S.-based affiliate Cengage Learning were bought by Apax Partners and OMERS Private Equity in 2007.
6 min read · 21 October 2015
Belleville, Ontario-based Strathcona Energy Group, a holding company focused on renewable energy solutions, has raised US$250 million in construction funding. The backer was 1784 Solar LLC, which is managed by U.S.-based solar investment firm 1784 Capital Holdings. Strathcona said the proceeds of the deal will help complete the construction and installation of commercial solar projects.
2 min read · 21 October 2015
