Saint Jean Carbon Inc (TSX-V: SJL) has agreed to receive $14.6 million in convertible debenture and bridge loan financing from Pala Investments, a Swiss private equity firm focused on the mining sector. Under the terms of the agreement, three representatives of Pala will be appointed to the company's board of directors. Funding proceeds are intended to support Saint Jean's closing of property transactions and starting work on the properties with the goal of moving to future production. Based in Calgary, the company has graphite mining exploration properties in Québec and Sri Lanka.
6 min read · 02 May 2014
Shred-it International Inc has completed its merger with U.S.-based Cintas Corp's document destruction business. The combined company, which will operate under the Shred-it brand, will be 58% owned by existing investors in Shred-it, which include Canadian mid-market private equity firms Birch Hill Equity Partners, Manulife Capital and Westerkirk Capital. Cintas will own 42%. The company will be headquartered in Oakville, Ontario, and have its U.S. head office in Cincinnati, Ohio. Going forward, Shred-it is expected to have revenues in excess of US$600 million, and operate in more than 140 markets in 18 countries. Birch Hill and an investor group acquired the company in June 2009. Financial terms of the Cintas deal were not disclosed.
3 min read · 02 May 2014
Private equity firm Kohlberg Kravis Roberts & Co is working with a money manager to launch a closed-end fund that accepts commitments as small as $10,000 and may make shares available on a platform operated by Nasdaq Private Market, a regulatory filing showed Thursday.
1 min read · 02 May 2014
The Jordan Company LP has raised $3.2 billion for its third private equity fund, people familiar with the matter said, highlighting investor appetite for the so-called middle market sector involving buyouts of midsize companies.
1 min read · 02 May 2014
Auto parts maker Visteon Corp said it would sell most of its automotive interiors business to private equity firm Cerberus Capital Management LP as it focuses on its fast-growing climate control and electronics operations.
1 min read · 02 May 2014
2014 started off strong for U.S.-based buyout shops, with over $39.1 billion raised in capital commitments from institutional investors.
1 min read · 02 May 2014
Canadian private equity firm Clairvest Group has completed the first closing of Clairvest Equity Partners V (CEP V), raising $518 million, or 86% of its $600 million hard-cap target. That share is even higher than the 75% recently reported by peHUB Canada. The first close included a $180 million commitment from Clairvest itself, though the firm has reserved the right to increase this to $200 million prior to the end of the fundraising period. Clairvest co-CEO and managing director Jeff Parr told peHUB Canada that the firm would not increase CEP V's hard cap, ensuring that investment activity continues to focus on partnerships with entrepreneurial, mid-market companies.
2 min read · 01 May 2014
Franchise Services of North America Inc (TSX-V: FSN) has completed its sale of 41 U.S. airport concession agreements used by Advantage Rent A Car (a.k.a. Simply Wheelz LLC) to Canadian private equity firm Catalyst Capital Group. As reported by peHUB Canada earlier this week, the consideration was a credit bid of US$46 million against the debtor-in-possession facility provided by Catalyst to Advantage-Simply Wheelz, plus the assumption of certain liabilities. Franchise Services bought the company from Hertz Global Holdings Inc in 2012.
3 min read · 01 May 2014
Long Run Exploration Ltd (TSX: LRE), a portfolio company of Canadian resource-focused private equity firm Sprott Resource Corp, has agreed to a secondary offering by Sprott of 12.6 million common shares at a price of $5.35 per share. The offering will generate gross proceeds of about $67.7 million, to be used by the firm for new investments. Upon completion of the offering, Sprott will hold approximately 18.3% of total common shares in the company. Based in Calgary, Long Run is an intermediate energy business focused on light-oil development and exploration.
5 min read · 01 May 2014
Fibre Noire Internet Inc (Fibernoire), a telecommunications company specializing in fiber optic connectivity services for businesses, has bought Pixel Web for an undisclosed amount. Based in Boucherville, Québec, Pixel Web provides Internet access technology and telecommunication services. Fibrenoire said the deal grows its presence in Montréal by adding more than 150 new clients to its existing portfolio. The company is a portfolio investment of Canadian private equity firm Novacap Technologies. Last May, Novacap backed Fibrenoire's purchase of Société des Réseaux Dédiés et Privés Inc and Réseau du Haut-Richelieu Inc, both of which also operate in Montréal.
2 min read · 01 May 2014
