Canadian private equity firm Novacap has acquired GTI Group, a global provider of transportation, freight, container and warehousing services, according to Gowling Lafleur Henderson LLP. Gowling provided legal counsel to Novacap on the deal. While the transaction's value was not disclosed, Gowling said the consideration was payable in cash, shares and through a reverse earn-out. Based in Dorval, Québec, GTI is a privately held company that operates four divisions: GTI Specialized Transporation, GTI Global Freight Systems, GTI Transport (US) and GTI Warehouse and Packaging. The company was established in 1992.
1 min read · 20 March 2014
Marc Spilker, whom Apollo Global Management LLC hired in 2010 to help take it public, is stepping down as president of the private equity and credit investment firm.
2 min read · 20 March 2014
Loral Space & Communications Inc, which holds a majority stake in Canadian satellite communications company Telesat Holdings Inc, has selected private equity firm Apax Partners LLP and two Canadian pension funds to negotiate a sale of Telesat, people familiar with the matter said.
3 min read · 20 March 2014
Loral Space & Communications Inc, which holds a majority stake in Canadian satellite communications company Telesat Holdings Inc, has selected private equity firm Apax Partners LLP and two Canadian pension funds to negotiate a sale of Telesat, reports Reuters. The move marks a key step in an auction process for Loral, in which investors who covet control of Telesat need to bring another shareholder, Public Sector Pension Investment Board (PSP), onboard. The three parties chosen by Loral - Apax, the Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan - are now expected to negotiate with PSP about a deal. At stake is a leveraged buyout that could reach US$6 billion to US$7 billion.
3 min read · 20 March 2014
British private equity fund Apax Partners said on March 19 it will create a $500 million mid-market fund to invest in Israeli companies in the technology, telecom, healthcare and consumer sectors.
1 min read · 19 March 2014
Activity in Canada's merger and acquisition market remained flat in the fourth quarter of 2013, reports Crosbie & Co. The Financial Post Crosbie: Mergers & Acquisitions in Canada database found 240 deals with a total value of $33.5 billion in this period, down 37% year over year. For the entire of 2013, M&A values totaled $158 billion, down 13.9% from 2012. However, Crosbie managing director Colin Walker pointed to "strong currents" in last year's trends. These included robust deal-making in real estate, which offset declines in other sectors, mid-market activity, and transactions led by financial sponsors, which now account for 24% of values. Walker said the "ingredients" exist for stronger M&A activity in 2014, as market conditions suggest it is "a good time to sell businesses.”
4 min read · 19 March 2014
Blackstone Group LP is working on a higher takeover bid for industrial conglomerate Gates Global Inc after its previous offer of US$5.5 billion was turned down by Gates' owners, people familiar with the matter told Reuters. Blackstone, which submitted its binding offer in partnership with TPG Capital LP, is in negotiations with Gates' owners — Onex Corp and the Canada Pension Plan Investment Board — about raising its bid to clinch a deal for the auto parts and building products maker. If final terms are agreed, a deal for Gates could come in the next two weeks. Previously known as Tomkins Plc, Gates was taken private for US$5 billion in 2010.
2 min read · 19 March 2014
Canadian pension fund manager Alberta Investment Management Corp (AIMCo) has announced the appointment of three new members to its board of directors. The appointments are: J. Richard Bird, executive vice president and CFO of Enbridge Inc, John T. Ferguson, founder and chairman of the board of Princeton Developments Ltd and Princeton Ventures Ltd, and Robert L. "Jay" Vivian Jr., former managing director of IBM Retirement Funds.
3 min read · 19 March 2014
Genstar Capital is making a 3.8x return on its investment in TravelClick, sister website peHUB reported.
2 min read · 19 March 2014
Japan’s Fast Retailing Co Ltd, parent of apparel chain Uniqlo, is no longer in talks to buy U.S. clothing retailer J. Crew Group Inc from its private equity owners, three people familiar with the matter said.
2 min read · 19 March 2014
