Canadian private equity firms Delavaco Residential Properties Corp (TSXV: DVO.U) and York Plains Investment Corp have completed their acquisition of H60 Canada Inc for US$6.24 million. The company indirectly owns 19 residential properties located in New Jersey, consisting of 96 rental units. Based in Toronto, Delavaco invests in the U.S. residential real estate sector. Also based in Toronto, York Plains invests in both private and public securities.
4 min read · 07 May 2014
Pattern Energy Group Inc (NASDAQ: PEGI) (TSX: PEG) will commence an underwritten public offering of up to US$400 million of shares by the company and selling shareholder Pattern Energy Group LP. The offering's underwriters have the option to buy up to an additional 15% of that amount from the selling shareholder to cover over-allotments. The company will use the proceeds for working capital and general purposes, including acquisitions. Based in San Francisco and with an office in Toronto, Pattern Energy owns interests in 11 wind power projects located in the United States, Canada and Chile. Pattern Energy Group LP is backed by U.S. private equity firm Riverstone Holdings.
4 min read · 06 May 2014
Life sciences research company Warnex Inc (TSXV: WNX.H) has agreed to merge with a wholly-owned subsidiary of Diagnos Inc (TSXV: ADK). Warnex's majority investor, Canadian healthcare-focused private equity firm Persistence Capital Partners, has indicated that it will support the deal, which when closed is expected to see security-holders of Warnex with around 27.96% of the issued and outstanding shares of Diagnos, and the shareholders of Diagnos with around 72.04% of the issued and outstanding shares. Persistence achieved a partial exit from the Laval, Québec-based Warnex in December 2012.
4 min read · 06 May 2014
GFL Environmental Inc, a portfolio company of U.S. private equity firm Roark Capital Group, has agreed to buy for an undisclosed sum assets owned by Waste Management of Canada Corp in Nova Scotia, New Brunswick and Newfoundland and Labrador. GFL said the deal gives it an opportunity to secure a customer base and assets with six hauling yards and three landfills. The Vaughan, Ontario-based company provides diversified environmental services. Last week, GFL agreed to purchase two subsidiaries of Contrans Group Inc. Waste Management of Canada is an affiliate of Houston, Texas-based Waste Management Inc.
3 min read · 06 May 2014
The Caisse de dépôt et placement du Québec has appointed a new executive vice president, private equity and infrastructure. Andreas Beroutsos, who previously has served at One Point Capital, Navigos Capital and Eton Park Capital Management, will oversee the Caisse's private equity activity outside Québec. It was also announced that an executive vice president position has been created for Québec-based private equity activity. Luc Houle, who has served as senior vice president, private equity, and has been with the Caisse for more than 30 years, has assumed this role until a recruitment process is completed.
4 min read · 05 May 2014
Asset International, which is backed by Austin Ventures, is up for sale, four sources said.
1 min read · 05 May 2014
U.S. private equity firm Swander Pace Capital has made an undisclosed investment in Recochem Inc, a producer, formulator, contract packager and wholesale distributor of household chemical products and automotive fluids. The deal is aimed at facilitating further growth of the Montréal-based Recochem and providing financial support for infrastructure and technology enhancements, as well as strategic acquisitions. The investment is Swander Pace’s 10th Canadian acquisition over the last decade. The firm, which has its Canadian office in Toronto, recently closed its fifth fund, SPC Partners V LP, at US$350 million.
3 min read · 05 May 2014
Hotel operator Royal Host Inc (TSX: RYL), a portfolio company of Canadian private investment firm Clarke Inc, has agreed to be bought by Holloway Lodging Corp (TSX: HLC) for about $23 million on an equity value basis and $157 million on an enterprise value basis. The acquisition of the Halifax, Nova Scotia-based Royal Host will result in one Canada's largest hotel companies, according to Holloway. Royal Host's board of directors have unanimously recommended the deal to shareholders. Holloway is a real estate business that also has it headquarters in Halifax.
10 min read · 05 May 2014
Tuckamore Capital Management Inc (TSX: TX) has agreed to taken private by Canadian private equity firm Birch Hill Equity Partners in partnership with members of Tuckamore's senior management team. A Toronto-based private equity firm with a portfolio of seven business holdings, Tuckamore will be bought for $0.75 per share. Voting control of a new entity will be held by the firm's CEO Dean MacDonald and CIO Adrian Montgomery. The deal, which must be approved by two thirds of votes cast by shareholders at an upcoming meeting, has received the unanimous recommendation of Tuckamore's board of directors. Founded in 2003, the firm went public in 2005. Update: One source has estimated the value of the Tuckamore acquisition to be $60 million.
8 min read · 05 May 2014
Stornoway Diamond Corp (TSX: SWY) has entered into an agreement with Agnico Eagle Mines Ltd under which Agnico will vote its Stornoway shares in favour of a diamond project financing deal announced in early April. The $944 million transaction will see Orion Mine Finance Group, Ressources Québec and the Caisse de dépôt et placement du Québec help fund Stornoway's construction of the Renard Diamond Project in Québec. Agnico Eagle owns about 9.7% of the outstanding common shares, and about 8.4% of the outstanding common shares and non-voting convertible shares, of the company.
8 min read · 05 May 2014
