Brad Meikle

SEC forms squad to examine private funds

The U.S. Securities and Exchange Commission has put together a dedicated group to examine private equity and hedge funds, after the 2010 Dodd-Frank law required the funds to be regulated, according to people familiar with the matter.

Portfolio companies - Apr 7, 2014

?Service providers

Need to Meet: John D. Cochran, Managing Director, Lovell Minnick Partners

Financial services have not been the easiest place to make money in these last five years.

Fund news in brief

Private equity firms

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Ressources Québec to invest $3 mln in Mason Graphite

Canadian mining company Mason Graphite Inc (TSX Venture: LLG) has increased the size of its previously announced private placement offering to $10 million. As part of the offering, Ressources Québec will subscribe for 4.6 million units for gross proceeds of $3 million. Mason Graphite, which is focused on the exploration and development of its Lac Guéret graphite property in Québec, said it is also negotiating an additional institutional investment of $4 million. Ressources Québec, a subsidiary of Investissement Québec, invests in mining and hydrocarbon industries.

Yellow Point Equity Partners acquires Bravo Oilfield Safety Services

Canadian mid-market private equity firm Yellow Point Equity Partners has purchased Bravo Oilfield Safety Services Inc, a provider of fire suppression, mobile medical treatment, well control and other safety solutions to the oil and gas industry. The financial terms of the deal, which was done in partnership with Bravo’s senior managers, were not disclosed. Co-investor Ray Brausen will remain in his role as company president, and will continue to lead the business alongside new CEO and co-investor Harvey Schott. The transaction was completed by Yellow Point Equity Partners III LP, which was closed by Vancouver-based Yellow Point in 2012. Bravo has its headquarters in Grande Prairie, Alberta.

Canada Bread shareholders OK acquisition by Grupo Bimbo

Investors in Canada Bread Co Ltd (TSX: CBY) have approved the previously-announced $1.83 billion acquisition of the company by Mexican bread maker Grupo Bimbo. Toronto-based Maple Leaf Foods Inc (TSX: MFI), which owns 90% of the manufacturer of value-added flour-based products, had earlier indicated an intention to vote in favour. The transaction is expected to be completed in the second quarter. Maple Leaf is a portfolio investment of Canadian private investment firm West Face Capital.