Alberta Investment Management Corp (AIMCo), one of Canada's largest pension funds, said on Friday that it has begun searching for a replacement for Chief Executive Officer Leo de Bever, who is retiring, Reuters reported. AIMCo, which manages about $70 billion of government and retirement funds from Alberta public servants, said it will take as long as necessary to replace de Bever, who has been CEO since April 2008. De Bever will stay on the job until his successor is found.
1 min read · 28 April 2014
U.S. private equity firm The Blackstone Group has appointed Andrew Lapham as an executive adviser. Formerly a senior investment professional at Onex Corp, Lapham will focus primarily on sourcing and evaluating new investment opportunities in Canada for the New York-based Blackstone. He will operate from Toronto. Blackstone agreed earlier this month to acquire Gates Corp, a maker of a wide range of industrial products, from Onex and Canada Pension Plan Investment Board for US$5.4 billion.
2 min read · 28 April 2014
Franchise Services of North America Inc (TSX-V: FSN) has announced that Canadian private equity firm Catalyst Capital Group has been named the prevailing purchaser in an auction of assets held by Advantage Rent A Car in the Simply Wheelz LLC insolvency proceedings. Catalyst has confirmed that it will assume 41 U.S. airport concession agreements used in the business. Pursuant to the agreement approved by court authorities, the consideration will be a credit bid of US$46 million against the debtor-in-possession facility provided by Catalyst to Simply Wheelz, plus the assumption of certain liabilities. Franchise Services bought Advantage-Simply Wheelz from Hertz Global Holdings Inc in 2012.
6 min read · 28 April 2014
Peter J. Nolan has decided to become a senior adviser at Leonard Green & Partners, stepping back from his managing partner role to spend more time doing charitable work and managing his family office.
2 min read · 28 April 2014
A fresh breeze has been blowing in North America’s fundraising market of late, bringing relief to many investors with new offerings. But it takes more than that to explain the success that Canadian private equity firm Clairvest Group has recently had marketing its fifth fund, Clairvest Equity Partners V LP (CEP V).
3 min read · 28 April 2014
Ontario Teachers' Pension Plan has agreed to sell its 50% ownership position in Northern Star Generation LLC. The buyer in the transaction is GulfSun Power Holdings LLC, an affiliate of U.S.-based Harbert Management Corp, which manages private equity and other alternative investment funds. The price of the acquisition, which is expected to close in the second quarter, was not disclosed. Based in Houston, Northern Star owns or has an interest in eight electric generation facilities with a combined net capacity of approximately 1,235 MW.
2 min read · 25 April 2014
Leading Texas power company Energy Future Holdings is expected to file for bankruptcy as early as Monday evening, sources close to the situation said on Friday, as it struggles to pay its hefty debt load of more than $40 billion because of cheap electricity prices.
2 min read · 25 April 2014
Timber conglomerate Weyerhaeuser Co's first-quarter profit rose 27 percent as its acquisition of Longview Timber began paying off, Reuters reported. Weyerhaeuser bought Longview Timber Holdings from Brookfield Asset Management Inc last June for US$2.65 billion, including assumption of debt. Net profit rose to US$183 million in the quarter ended March 31.
1 min read · 25 April 2014
Fiera Axium Infrastructure, an affiliate of Montréal-based investment management firm Fiera Capital Corp (TSX: FSZ), and Alterra Power Corp (TSX: AXY) have agreed to share ownership of the Jimmie Creek hydroelectric project, a provider of 62 MW of power capacity to British Columbia that will become operational in 2016. Alterra will hold a 51% interest in the project and Fiera Axium will hold 49%. The financial terms of the transaction were not published. With more than $970 million in managed assets, Fiera Axium invests in energy, transportation and social infrastructure.
3 min read · 25 April 2014
Teachers' Private Capital, the investment arm of Ontario Teachers' Pension Plan, and U.S. private equity firm Swander Pace Capital have agreed to sell Insight Pharmaceuticals LLC to Prestige Brands Holdings Inc (NYSE: PBH) for US$750 million. According to Prestige Brands, the deal is expected to close later this year. Swander Pace has been a primary investor in Insight since 2009, while Teachers made its initial investment in 2011. The Trevose, Pennsylvania-based company specializes in over-the-counter health and personal care products. Canadian law firm Torys LLP is representing Teachers in the sale. Swander Pace last month agreed to sell another portfolio company, Ancaster, Ontario-based Pineridge Bakery Inc.
2 min read · 25 April 2014
