Private Equity
Knowlton Development Corp (KDC), which earlier this year bought ChemAid and Kolmar, has acquired Cosmetic Technologies Inc, a U.S.-based maker of cosmetics and personal care products. The deal, the value of which was not disclosed, is being funded by Canadian private equity firm Novacap in partnership with the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec, Export Development Canada, Fondaction CSN and other investors. Longueuil, Québec-based KDC said its latest buy will increase capacity for personal care products manufacturing on the West Coast and allow it to serve local clients. Recapitalized last year, the company plans to double production by 2018.
6 min read · 21 October 2015
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, has partnered with the Blackstone Group to buy Stuyvesant Town and Peter Cooper Village (STPCV). STPCV is a moderate and middle-income housing enclave in Manhattan, New York. It comprises more than 11,000 apartments in 55 buildings. The value of the property's acquisition from CW Capital was not disclosed, however, a Bloomberg report estimated it at about US$5.3 billion.
8 min read · 20 October 2015
Canadian Oil Sands Ltd expects strong interest from a wide range of buyers, its top executive told Reuters, as the company asked shareholders to reject a $4.3 billion takeover offer by Suncor Energy Inc. CEO Ryan Kubik said potential buyers of Canadian Oil Sands may include private equity firms and pension funds.
2 min read · 20 October 2015
G. Cooper Equipment Rentals Ltd has agreed to acquire SMS Rents, a rental equipment services provider to building and infrastructure contractors, energy and resource developers, and industrial producers in central Canada. The transaction, the value of which was not disclosed, is expected to result in the transfer of SMS Rents from Sumitomo Corporation Group to Cooper by the end of 2015. Cooper, a full-service construction equipment rental company, said the acquisition will create a business "with considerable scale." Based in Toronto, it has been a portfolio investment of Canadian private equity firm SeaFort Capital since June 2013.
3 min read · 19 October 2015
The Institutional Limited Partners Association’s new template for reporting private equity funds’ fees and expenses itemizes a wide range of costs and details the amount of carried interest general partners collect and accrue, according to a draft of the template seen by Buyouts. ILPA is hopeful that the template will provide some common ground for limited partners, general partners and service providers moving forward.
2 min read · 19 October 2015
IAM Private Debt Group, the private debt platform of Integrated Asset Management Corp (TSX: IAM) has raised $385 million in the first close of its fifth private corporate debt fund. Investors in the fund included new and repeat limited partners, some of which have been in every fund since Fund I. Fund V, which will make fixed-rate, fixed-term loans to mid-market businesses and projects in Canada, is expected to see its second and final close in early November. Including Fund V's initial close, IAM Private Debt Group has raised over $2.1 billion in fund capital since 2004. Toronto-based IAM is an alternative assets manager.
2 min read · 19 October 2015
Campus Crest Communities Inc, a student housing real estate investment trust, said it agreed to be bought by privately held Harrison Street Real Estate Capital LLC for US$1.9 billion, including debt, Reuters reported. The deal, valued at US$7.03 per share, includes US$6.90 in cash and net proceeds from the company's sale of its evo Montréal joint venture, the company said.
2 min read · 19 October 2015
Canadian mid-market private equity firm TriWest Capital Partners has acquired a majority interest in Strike Group Inc. No financial terms were released. Based in Calgary, Strike Group is an energy service and construction company focused on servicing energy, transmission and distribution, pipeline and industrial sectors in Western Canada. Founded in 2004, it is led by President Stephen Smith. The deal, closed last month by TriWest in partnership with Strike Group's senior management team, is the first platform investment of TriWest Capital Partners Fund V LP, which raised $500 million in committed capital in February.
2 min read · 16 October 2015
Rifle Shot Oil Corp, a portfolio company of Canadian private equity firm ARC Financial Corp, has acquired energy assets in the Redwater area of Alberta. The assets include 550 barrels-of-oil-equivalent-per-day of high working interest, operated, low decline, high netback oil production and associated infrastructure. The seller in the deal and financial terms were not disclosed. Calgary-based Rifle Shot is focused on acquiring conventional oil reservoirs and applying the latest development technologies to increase production and oil recovery. It received initial financing from ARC Financial in January.
2 min read · 16 October 2015
HouseMaster LLC, a U.S.-based home and building inspection franchise company, has agreed to acquire HouseMaster Canada, an affiliate of Toronto-based Greensaver Home Energy Services Inc. No financial terms were released. As a result of the transaction, all of the HouseMaster Canada franchisees will become part of HouseMaster, creating a single North American operation that can better meet franchise owner needs. Based in Ewing, New Jersey, HouseMaster has been a portfolio investment of U.S. private equity firm Sopra Capital since 2008.
2 min read · 15 October 2015
