GPT Wholesale Shopping Centre Fund, a subsidiary of Australian real estate investment trust GPT Group has agreed to acquire a 50 percent interest in Northland Shopping Centre from Canada Pension Plan Investment Board (CPPIB). The transaction, which is expected to be completed in April, is valued at A$496 million. Northland Shopping Centre is a super regional centre co-owned by CFS Retail Property Trust Group, and is located near Melbourne, Australia.
2 min read · 27 March 2014
Renewable power producer BluEarth Renewables Inc has completed its purchase of Little Creek, an 8.5 megawatt AC solar power plant, from Canadian Solar Inc. The Little Creek plant, located in Napanee, Ontario, is the first of four planned solar projects being acquired by BluEarth. It is valued at over $53 million. Canadian Solar will provide turnkey engineering, procurement and construction services for all four projects. The Calgary-based BluEarth has been a portfolio company of Canadian private equity firms ARC Financial Corp, Teachers’ Private Capital and other investors since its establishment in 2010.
5 min read · 27 March 2014
Canadian mid-market private equity firm Fulcrum Capital Partners has made an undisclosed equity investment in Arctic Chiller Group Ltd, a manufacturer of modular and high-efficiency chillers used in commercial and industrial cooling applications across North America. The deal, which was completed in partnership with the management of Arctic Chiller, is intended to finance the company's continued growth. Founded in 1989, Arctic Chiller has its headquarters in Brampton, Ontario, and additional manufacturing facilities in Newberry, South Carolina. Earlier this month, the Vancouver-based Fulcrum acquired Oakville, Ontario, food services provider Dana Hospitality LP.
2 min read · 27 March 2014
U.S. private equity firm Brazos Private Equity Partners will not be raising a new fund and will manage out the existing portfolio and wind down, reports Chris Witkowsky, editor of peHUB. The source of the news was Michael Salim, a partner in the firm and its general counsel. In 2011, the Dallas-based Brazos bought optometrist network Vision Source, a division of the Mississauga, Ontario-based TLC Vision Corp, from Charlesbank Capital Partners and H.I.G. Capital. Last year, Calgary-based eye care specialist FYidoctors purchased the Canadian assets of Vision Source from Brazos.
1 min read · 27 March 2014
Tricon Capital Group, a Canadian private equity firm focused on real estate, has closed a $60 million investment in Mahogany, a master-planned community in Calgary. Land development and construction company Hopewell Residential Communities will retain majority control of the project and continue to serve as its developer. Tricon said the Mahogany deal marks the completion of the investment program for Tricon XII LP, a $196 million Canadian residential real estate fund closed in 2012. Based in Toronto, the firm manages $1.9 billion in assets.
4 min read · 27 March 2014
Gold exploration and development company Roxgold Inc (TSXV: ROG) has secured $12.5 million in financing from Appian Natural Resources Fund, a resource-focused private equity fund affiliated with London-based Appian Capital Advisory. The transaction was part of a $29 million public offering closed in March. Proceeds of the investment will be used to advance the Toronto-based Roxgold's Yaramoko Gold Project in Burkina Faso, West Africa, to undertake further exploration at the property, and for general working capital purposes.
4 min read · 27 March 2014
Canadian resource-focused private equity firm Sprott Resource Corp (TSX: SCP) reported a negative impact on its net asset value and share price in 2013. This was attributed by the firm to a difficult year for companies in natural resource sectors, which included volatility in market conditions. Steve Yuzpe, who was named Sprott Resource's new president and CEO late last year, said the firm was nonetheless well positioned for opportunities in 2014.
8 min read · 26 March 2014
Sun Life Investment Management Inc has completed its previously announced rollout of three new pooled funds that focus on private fixed income, commercial mortgages and real estate assets. Starting in April, the funds will operate with portfolios of assets totaling around $650 million. As reported in a peHUB Canada exclusive by David Toll, editor-in-charge of Buyouts magazine, one of the funds, Sun Life Private Fixed Income Plus Fund, will be earmarked for mid-market senior loans and other types of lending, such as infrastructure lending. All funds will be offered for sale to institutional investors that qualify as "permitted clients."
4 min read · 26 March 2014
Blackstone Group LP is close to a deal to buy industrial conglomerate Gates Global Inc, people familiar with the matter told Reuters. The buyout firm is in the final stages of negotiations with Gates' private equity owners, Onex Corp and the Canada Pension Plan Investment Board, and the two sides are aiming to finalize an agreement by early next week. The final deal price could not be learned, but the transaction is now expected to value the auto parts and building products maker at US$5.5 billion to US$6 billion including debt.
3 min read · 26 March 2014
The Blackstone Group LP is close to a deal to buy industrial conglomerate Gates Global Inc for more than $5.5 billion, people familiar with the matter said, in what would be one of the largest leveraged buyouts so far this year.
2 min read · 26 March 2014
