World Oil Tools Inc, a Calgary-based manufacturer of downhole equipment and tools to the oil and gas industry, has completed a leveraged recapitalization with the advice of Marcum Cronus Partners LLC. The undisclosed transaction occurred through credit facilities provided by HSBC Bank Canada and the Business Development Bank of Canada (BDC). The U.S.-based Marcum Cronus Partners is an investment banking firm that provides financial advisory and related services.
2 min read · 05 March 2014
Canadian energy-focused private equity firm ARC Financial Corp has made an investment in a new oil and gas business, reports The Wall Street Journal. The company, Calgary-based Huron Resources, secured a total of $100 million from the investor, and plans to raise an additional $50 million from other sources, the report said. Huron Resources is being led by Bruce Shultz, who was previously with Calgary's Huron Energy Corp, acquired by Tourmaline Oil Corp (TSX: TOU) for approximately $258 million in 2012. ARC Financial was among the private equity backers of Huron Energy.
1 min read · 05 March 2014
TwinBridge Capital Partners has closed its third fund at $450 million, sister website peHUB reported.
1 min read · 05 March 2014
It’s been only a year since Charlesbank Capital Partners and Webster Capital acquired OneStopPlus, but the buyout shops look like they’re already getting a significant part of their investment back, sister website peHUB reported.
2 min read · 04 March 2014
U.S. President Barack Obama’s call on Tuesday for an end to billions of dollars in tax breaks echoes a 979-page draft reform plan last week from Dave Camp, the top Republican tax writer in the House of Representatives, sister news service Reuters reported.
3 min read · 04 March 2014
Canada's Venture Capital & Private Equity Association and Thomson Reuters announced the results of Canadian buyout and related private equity deal-making in 2013. The report found a total of 320 transactions announced or completed last year, with disclosed values totaling $12.3 billion, up 5% from 2012, and the highest level since 2008. Canadian buyout-PE market activity received a significant bounce in the fourth quarter of 2013, when 105 deals attracted dollar flows of $7.7 billion, or over 60% of the 2013 aggregate. As reported by peHUB Canada in Dec. 2013, the domestic market also saw record fund-raising. The final tally was $16.1 billion in new capital commitments, the highest level of activity since 2006. Full reports of Canadian market trends in 2013 can be downloaded in English and in French.
4 min read · 04 March 2014
U.S. private equity firm Norwest Equity Partners has acquired Apothecary Products Inc, a manufacturer and distributor of consumer healthcare products and pharmacy supplies based in Burnsville, Minnesota. No financial terms were disclosed for the deal, which was closed last month. Additional financing for the transaction was provided by Canadian financial services provider BMO Capital Markets. Other lenders included GE Capital, Golub Capital and Norwest Mezzanine Partners.
3 min read · 04 March 2014
Loral Space & Communications Inc (LORL.O) has hired Perella Weinberg Partners to advise its directors as it explores a potential sale of the company, people close to the matter told Reuters. Reuters reported in January that Loral, which holds a majority stake in Canadian satellite communication services company Telesat Holdings Inc, is working with Credit Suisse Group AG to find a buyer. Public Sector Pension Investment Board holds 66.7 percent of the voting power in the company. Parties that have expressed interest include private equity firms Carlyle Group LP, KKR Co & LP, Apax Partners and Onex Corp, as well as the Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan.
3 min read · 04 March 2014
U.S. private equity firm Fortress Investment Group LLC has petitioned the U.S. Surface Transportation Board to gain control of the Montreal Maine and Atlantic Railway Inc's new entities after they become approved carriers, reports Progressive Railroading. In January 2014, Fortress won the rights to nearly all of the assets of Montreal, Maine and Atlantic Railway (MMA) and its Canadian affiliate, Montreal Maine & Atlantic Canada Co, in a bankruptcy-related auction. MMA was the railway company involved in the train derailment disaster in Lac-Mégantic, Québec last year.
1 min read · 04 March 2014
Junior mining exploration company Freyja Resources Inc (TSX-Venture: FRA) has raised close to $2 million in private financing. Part of the funding was sourced through a share exchange with Global Resources Investment, a London, U.K.-based investment trust focused on opportunities in natural resource sectors. Investment proceeds will be used in the next phases of Freyja Resources' exploration program at the Las Cristinas copper/silver project in Northern Mexico. The company's Canadian office is in Montréal.
7 min read · 04 March 2014
