Specialty lender Callidus Capital Corp (TSX: CBL) has completed its previously announced initial public offering of 18 million common shares, raising gross proceeds of $252 million. An over-allotment option, if exercised, may increase proceeds to nearly $290 million. Callidus also announced that it has entered into an agreement that provides for a revolving credit facility of up to US$200 million. The company continues to be owned by Canadian private equity firm Catalyst Capital Group, which holds close to 61% of all shares. Founded in 2003, Callidus provides financing to businesses that are unable to obtain adequate financing from conventional lenders.
4 min read · 23 April 2014
ICV Partners, which has been fundraising, has put Marshall Retail Group up for sale, two sources said.
2 min read · 23 April 2014
Thompson Valley Erectors Ltd has entered into an investment partnership with Canadian private equity firm Regimen Capital Partners. The deal was disclosed by corporate finance advisory firm Capital West Partners, which advised the company but did not disclose the terms. Based in Kamloops, British Columbia, Thompson Valley Erectors since 2005 has provided industrial construction and maintenance services to the mining, energy, pulp and paper and marine sectors. The partnership with Regimen will help drive further growth and expand the the company's service capabilities. Based in Vancouver, Regimen invests in service and distribution businesses in western North America.
2 min read · 23 April 2014
Revera Inc has completed its previously announced co-investment with Health Care REIT Inc (NYSE: HCN) in the manager of Sunrise Senior Living LLC. Under the terms of the deal, Revera holds a 76% stake in the McLean, Virginia-based Sunrise, with Health Care REIT owning the balance. Other financial terms were not disclosed. The sellers were U.S. private equity firms Kohlberg Kravis Roberts, Beecken Petty O'Keefe & Co and Coastwood Senior Housing Partners, which along with Health Care REIT bought Sunrise's manager for US$130 million in 2012. Based in Mississauga, Ontario, Revera is a provider of seniors' accommodations, care and services.
3 min read · 23 April 2014
U.S. private equity firm Hale Capital Partners, through an affiliate, has acquired substantially all the assets of United Mine Services Inc, a subsidiary of United Silver Corp, as part of consensual foreclosure process. United Mine Services was a guarantor on a loan provided by Hale to United Silver, a Vancouver, British Columbia-based company with interests in the Crescent Silver Mine project in Idaho's Silver Belt. With the appointment of a receiver in early 2014, the company's directors resigned and its shares have been delisted from the Toronto Stock Exchange and the Frankfurt Stock Exchange.
3 min read · 23 April 2014
Canadian Imperial Bank of Commerce, the fifth largest bank in Canada, and two private equity consortia are exploring offers for global asset manager Russell Investments, sources told Reuters. CVC Capital Partners Ltd and Silver Lake have teamed up to pursue Russell, as have Warburg Pincus LLC and TPG Capital LP. Northwestern Mutual Life Insurance Co, which owns Russell, is hoping to find a buyer for both the firm's investment management and indexes businesses for as much as US$3 billion.
2 min read · 23 April 2014
Canadian private equity firm Penfund has provided growth capital to Mevotech LP, a Toronto-based supplier of automotive products, including steering, suspension, and driveline replacement products. The financial details of the investment were not disclosed. Mevotech said the partnership with Penfund will help the company to continue to execute its initiatives and better serve its customers. With its headquarters in Toronto, Penfund specializes in providing junior capital to mid-market companies in North America. The firm is currently investing from Penfund Capital Fund IV, which closed at $460 million in 2012.
2 min read · 23 April 2014
The Canada Pension Plan Investment Board (CPPIB) has become something of a white knight for a few private equity managers with aging funds they can’t seem to close. CPPIB announced this week that it led the restructuring of J.W. Childs Associates’ third fund, a US$1.75 billion vehicle that closed in 2002. According to Yann Robard, CPPIB’s head of secondaries and co-investments, the pension fund will continue to look for more opportunities to restructure older PE funds as part of its “portfolio liquidity solutions” strategy.
3 min read · 23 April 2014
The Gores Group has put Sage Automotive Interiors up for sale more than two years after buying the company, three sources said.
1 min read · 22 April 2014
The Business Development Bank of Canada (BDC) has partnered with the Montréal chapter of the Turnaround Management Association to launch the BDC Entrepreneurial Resiliency Award. The award is intended to recognize a Canadian company that has bounced back successfully after undergoing a turnaround or other major transitional event. Nominations are open until June 20, and the winner will be announced in September. The resiliency award is one of four new entrepreneurship awards that BDC is unveiling this year. BDC offers risk financing and consulting services to more than 28,000 small and medium-sized companies.
3 min read · 22 April 2014
