Touchstone Exploration Inc (TSX Venture: TAB), a portfolio company of Canadian specialty investment firm Crown Capital Partners since 2012, has agreed to merge with Petrobank Energy and Resources Ltd (TSX: PBG). Under the terms of the agreement, all shares of Touchstone will be exchanged for shares of Petrobank based on an exchange ratio of 0.471 of a Petrobank share for each Touchstone share held. If approved by shareholders, the combined entity will carry on business as Touchstone Exploration. Based in Calgary, Touchstone is an oil and gas company focused on exploration and development projects in the Caribbean region.
10 min read · 11 March 2014
The Massachusetts Pension Reserves Investment Management Board has hired two people to fill vacancies in its depleted private equity program, sister website peHUB reported.
2 min read · 11 March 2014
Chobani, the Greek yogurt maker that has grown into a U.S. sensation, is looking to sell a minority stake in a deal that could value the company at around $2.5 billion, people familiar with the matter told sister news service Reuters.
2 min read · 11 March 2014
Buyout firm Warburg Pincus is looking to sell education software maker iParadigms and has tapped Evercore Partners Inc to assist with the effort, people familiar with the matter told sister news service Reuters.
1 min read · 10 March 2014
Five U.S. private equity funds have expressed interest in the “bad bank” unit of Italy’s Banco Popolare, sources told sister news service Reuters, in a sign of growing appetite from foreign investors for real estate and distressed credit in the country.
2 min read · 10 March 2014
Red-hot institutional demand for U.S. leveraged loans has produced a string of aggressive deals for fashion retail companies, including an aggressive buyout financing backing buyout firm Sycamore Partners’s takeover of The Jones Group apparel company, sister service Thomson Reuters Loan Pricing Corp reported.
5 min read · 10 March 2014
Private equity firms are going underground, Reuters reports. In the past, they have largely shunned mining acquisitions, as the volatility of commodities prices and cash flow made it difficult to structure leveraged deals. However, many are now predicting a flurry of global transactions this year, mainly in the US$50 million to US$800 million range, with the possibility of a few substantially larger deals. "Last year, we were active but maybe not as active as I would have liked to see us," said Isser Elishis, chief investment officer at Waterton Global Resource Management, a boutique, mining-focused private equity firm based in Toronto. "This year I think it will pick up dramatically."
5 min read · 10 March 2014
Hazmasters Inc, a supplier of safety products to customers in the industrial, construction, commercial, institutional and government markets, has agreed to be acquired by WESCO International Inc (NYSE: WCC). The deal, the value of which was not disclosed, is expected to close this month. Based in Pickering, Ontario, Hazmasters has been a portfolio company of U.S. private equity firm Trivest Partners since the company's recapitalization in October 2011. According to the Pittsburgh-based WESCO, the acquisition expands its presence in Canada and strengthens the company's portfolio of MRO products and services.
2 min read · 10 March 2014
U.S. private equity firm Wind Point Partners has bought a majority position in Dicom Transportation Group. Financial details of the transaction were not published. Wind Point invested in Dicom in partnership with current management and Scott Dobak, former president of RoadRunner Transportation's LTL and TMS segments, who will also join the company as CEO. Based in Montréal, Dicom is a provider of business-to-business expedited transportation services and generates around US$175 million in annual sales. Wind Point said the company's acquisition program focuses on acquiring courier, LTL and TMS providers in Québec, Ontario and the United States.
4 min read · 10 March 2014
U.S. private equity firm Swander Pace Capital has agreed to sell its portfolio company Pineridge Bakery Inc to Swiss food group Aryzta AG. The deal, which is valued at US$340 million, is expected to close in the second quarter of 2014. The Ancaster, Ontario-based Pineridge, a specialty bakery, manufacturer and marketer of frozen and fresh specialty baked goods, was bought by Swander Pace in 2007. The company is also a portfolio investment of Roynat Equity Partners. Swander Pace said that under its ownership Pineridge has built efficient, flexible manufacturing able to serve a broad customer base, and has grown company revenues to $230 million.
4 min read · 10 March 2014
