Private Equity
WSP Global Inc (TSX: WSP) has completed its previously-announced purchase of MMM Group Ltd, a Canadian engineering consulting business. The deal, valued at about $425 million, was financed in part by WSP's existing shareholders, the Canada Pension Plan Investment Board (CPPIB) and the Caisse de dépôt et placement du Québec. CPPIB and the Caisse invested a combined $144 million in deal. It was previously reported that the acquisition is intended to strengthen WSP’s presence in Canadian transportation and infrastructure sectors and enhance its expertise in public-private partnerships.
4 min read · 15 October 2015
SKY Leasing, a Dublin-based full-service aircraft leasing platform, has been launched with over US$250 million in funding. The investors are U.S. private equity firm ATL Partners and the private equity group of Canada's Public Sector Pension Investment Board (PSP Investments). As part of the deal, SKY Leasing will acquire some of Richard Wiley's assets in Sky Holding Co (SHC). Wiley and key members of SHC's management team will lead the new platform, which plans to operate as capital provider to commercial airlines globally for sale and leaseback transactions.
4 min read · 15 October 2015
Neiman Marcus Group Inc, the U.S. luxury specialty department store chain that registered with regulators in August for an initial public offering, has pushed back its stock market flotation to 2016, sources told Reuters. The Dallas, Texas-based company, which is owned by private equity firm Ares Management LP and the Canada Pension Plan Investment Board, was eyeing an IPO this year but stock market jitters have prompted it to put the plan on hold, the sources said.
2 min read · 14 October 2015
Knowlton Development Corp (KDC) has bought two Kolmar Labs Group companies: Kolmar Laboratories Inc and Acupac Packaging Inc. No financial terms were released. Based in Port Jervis, New York, Kolmar is a custom formulator and manufacturer of colour cosmetics, personal care and skincare products. Longueuil, Québec-based KDC, a contract maker of health and beauty products, said the acquisition is its first foray into the colour cosmetics segment. Last year, KDC was recapitalized in a $165 million deal led by Novacap and joined by the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec, Export Development Canada and Fondaction CSN.
6 min read · 14 October 2015
Labatt Breweries of Canada LP has bought Mill Street Brewery, a craft brewer headquartered in Toronto. The transaction's value was not disclosed. Established as an organic brewpub in 2002, Mill Street today has a portfolio of 70 unique beers. Labatt said it plans to support the company's continued growth with an investment of $10 million in its Toronto brewery, which includes a state-of-the-art brewhouse and packaging capabilities. Mill Street has been backed by HMW Capital, a Canadian private equity and investment banking firm. HMW's Herb Willer was part of the company's founder group and acted as its chairman.
4 min read · 13 October 2015
Aero 3 Inc, a portfolio company of U.S. private equity firm Weinberg Capital Group, has bought the Wheel & Brake Division (W&B) of Avianor Inc, an aerospace and rail equipment specialist based in Montréal. No financial terms were released. Avianor W&B is a wheel and brake maintenance facility with capacity to overhaul over 10,000 units per year. Aero 3, a U.S.-based holding company formed in 2012 to acquire AeroRepair Corp and Hemico Inc, will rename the acquired business AeroRepair Canada. Weinberg said the deal will enhance Aero 3's capabilities and geographic reach.
3 min read · 13 October 2015
Canadian royalty financing firm Grenville Strategic Royalty Corp has entered into a buyout deal with INOVx Inc, an Irvine, Calif.-based asset visualization software company that serves industrial process customers. The transaction, which forms part of a broader restructuring underway at INOVx, will facilitate the exit of Grenville from the company. Grenville will receive US$1.75 million for the buyout, which adds to US$400,000 in royalty payments to date. The firm invested in INOVx in July 2014.
6 min read · 09 October 2015
Excelsior Mining Corp (TSX-V: MIN) has agreed to buy all of the assets of Nord Resources Corp as they relate to the Johnson Camp Copper Mine, which is adjacent to Excelsior's Gunnison Copper Project in southeastern Arizona. The deal, expected to wrap up in November, has a total consideration of US$8.4 million. Excelsior, a Vancouver-based mineral exploration and development company, said it will also receive US$12 million in financing from its existing backer Greenstone Resources, a British private equity firm. The funding consists of a private placement and the sale of 2 percent of gross revenue royalty on the company's Gunnison project.
10 min read · 09 October 2015
U.K.-based private equity firm Change Capital Partners has agreed to sell its investment stake in Macduff Shellfish Group to Clearwater Seafoods, a Canadian vertically integrated seafood company. The transaction values Macduff at about £98.4 million ($196.2 million). Based in Mintlaw, Scotland, Macduff is a wild shellfish processor with a strong market presence in Europe. Change Capital invested in the business in 2011. KPMG and Burness Paull have advised Change Capital on the sale, which is expected to close at the end of October.
4 min read · 09 October 2015
Activist hedge fund Elliott Management Corp disclosed stakes in U.S. video-conferencing equipment maker Polycom Inc and Canadian telecommunications provider Mitel Networks Corp and pushed for a combination of the two, Reuters reported. The hedge fund disclosed a 9.6 percent stake in Mitel, which has a current market value of about $1.1 billion.
2 min read · 08 October 2015
