Encana Oil & Gas (USA) Inc, a subsidiary of Encana Corp, has agreed to sell certain natural gas assets in Wyoming's Jonah field to U.S. private equity firm TPG Capital for approximately US$1.8 billion. Evercore and Davis Graham & Stubbs advised Encana on the transaction, while Vinson & Elkins advised TPG. Headquartered in Calgary, Encana Corp is a North American energy producer of natural gas, oil and natural gas liquids. Update: Encana's Jonah field comprises a total productive area of about 24,000 acres and over 1,500 active wells. Its acquisition by TPG is expected to close in the second quarter of 2014, with an effective date of December 1, 2013.
3 min read · 31 March 2014
Web search provider Blucora Inc is set to challenge Spencer Spirit Holdings Inc’s bid for consumer electronics retailer Brookstone Inc, according to people familiar with the matter.
2 min read · 31 March 2014
Sterigenics, a portfolio company of U.S. private equity firm GTCR LLC, has agreed to acquire Nordion Inc (TSX:NDN) (NYSE:NDZ) for about US$727 million. According to the agreement, shareholders will receive $11.75 per share. Jefferies is advising Nordion on the transaction. Based in Ottawa, Nordion is a provider of products and services to the health science industry. Update: Upon closing of the deal, expected in the second half of 2014, Nordion will operate as a standalone company within Sterigenics and will continue to operate under its original name. GTCR bought Sterigenics, a Deerfield, Illinois-based provider of sterilization services, in 2011.
7 min read · 31 March 2014
The Carlyle Group LP is considering buying a traditional money manager to broaden its own investment platform, as the private equity firm tries to attract more retail investors and achieve the higher stock market valuation commanded by such managers, according to sources familiar with the situation.
4 min read · 31 March 2014
Trivest Partners, the Florida-based mid-market private equity firm, earned a 4.3x gross multiple on the sale of Canadian industrial distribution company Hazmasters to Wesco International in a deal that closed in March. That performance owes in part to a 50 percent growth in sales, and a doubling EBITDA, since Hazmasters was acquired by Trivest in November 2011.
2 min read · 28 March 2014
Borealis Infrastructure and other parties have closed their previously announced buy of a further 31.6 percent interest in nuclear generating facility Bruce Power. Borealis paid $450 million to secure a position that was held in part of the facility by Cameco Corp (TSX:CCO). As a result of the transaction, it took an additional 29.8 percent stake in Bruce Power, which in 2013 was responsible for the majority of Ontario's nuclear power. Borealis is the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS).
2 min read · 28 March 2014
Ares Management LLC, the credit investment and private equity firm that has been pitched on the idea of an initial public offering for more than a year, is finally close to registering to go public, according to two people familiar with the matter.
3 min read · 28 March 2014
Canadian private equity firms Delavaco Residential Properties Corp (TSXV: DVO.U) and York Plains Investment Corp have agreed to purchase H60 Canada Inc for US$6.24 million. H60 Canada indirectly owns 19 residential properties located in New Jersey, consisting of 96 rental units. The transaction is expected to close at the beginning of May. Based in Toronto, Delavaco invests in the U.S. residential real estate sector. Also with headquarters in Toronto, York Plains invests in both private and public securities.
4 min read · 27 March 2014
Capital régional et coopératif Desjardins, managed by private equity firm Desjardins Capital de risque, and pension fund manager the Caisse de dépôt et placement du Québec have reported that their jointly sponsored fund Capital croissance PME I has invested a total of $200 million in 186 Québec companies since its formation in 2010. Additionally, Capital croissance PME II, which got underway this year with $230 million under management, has so far made nine investments totaling $7.6 million. Like its predecessor, Fund II is focused on supporting Québec small businesses engaged in growth, transfers or acquisitions. Investments are made primarily through subordinated loans of less than $5 million.
4 min read · 27 March 2014
Canadian International Oil Corp (CIOC) has secured a $200 million commitment from U.S. energy-focused private equity firm Riverstone Holdings LLC. Two-thirds of the commitment will come from Riverstone Global Energy and Power Fund V LP, a US$7.7 billion partnership that was closed by the firm in 2013. Investment proceeds will be utilized for CIOC's property development program in the Western Canadian Deep Basin. Founded in 2010, the Calgary-based oil and gas company controls and operates a primary asset base of approximately 400,000 acres in West Central Alberta's Montney and Duvernay formations.
3 min read · 27 March 2014
