Chemical producer Solvay SA has hired Credit Suisse Group to find a buyer for its sulphuric acid unit and approached private equity firms about a deal that could reach $800 million, three people familiar with the matter told sister news service Reuters.
2 min read · 03 March 2014
Mega Brands Inc (TSX: MB, MB.WT, MB.NT), a Canadian manufacturer of construction toys, games, puzzles, and arts & crafts, has agreed to be bought by U.S.-based Mattel Inc (NASDAQ: MAT). The deal values Mega Brands at US$460 million, including debt. The agreement provides for the acquisition of the company for $17.75 per share and includes the purchase of all outstanding common shares and warrants. Mattel said it plans to keep Mega Brands' headquarters in Montréal and will maintain its capacity for product design, development and manufacturing. Mega Brands is currently a portfolio company of Fairfax Financial Holdings Ltd, and has in past been backed by U.S. private equity firm The Blackstone Group.
9 min read · 28 February 2014
Soccrent, a private equity fund managed by Pluri-Capital, has sold all of its common shares in Ergoreasearch Ltd (TSXV: ERG). The exit was the result of a previously-announced secondary offering of 15,000,000 common shares at a price of $1.00 per share by company shareholders Soccrent and Danielle Boucher. With its headquarters in Laval, Québec, Ergoreasearch is a manufacturer of custom-fit foot orthotics and specialty orthotics, and operator of a network of orthotics clinics. Soccrent was last capitalized in 2006 by a group of investors, including the Fonds de solidarité des travailleurs du Québec FTQ.
3 min read · 28 February 2014
Banro Corp (NYSE MKT: BAA)(TSX: BAA) has raised $40 million in a private placement. Gramercy Funds Management was the investor. Based in Toronto, Banro is a gold mining company focused on projects in the Democratic Republic of the Congo. Update: Based in Greenwich, Connecticut, Gramercy offers alternative and long-only strategies across all asset classes, including corporate debt, distressed debt, equity, private equity and special situations.
4 min read · 28 February 2014
Private equity firm Berkshire Partners LLC is in the late stage of negotiations to buy Catalina Marketing Corp from Hellman & Friedman LLC, according to people familiar with the matter, in a deal expected to be worth more than $2 billion, sister news service Reuters reported.
2 min read · 28 February 2014
Light Tower Rentals Inc, which provides rental equipment and services to the oil field industry, is exploring a sale that may fetch around US$700 million, people familiar with the matter told Reuters. The privately-held company, known as LTR, is working with RBC Capital Markets to find a buyer. The Odessa, Texas-based LTR was founded in 1994 as a company renting lighting equipment for use at oilfield job sites. In 2008, the company took on Canadian mid-market private equity firms Clairvest Group Inc and McKenna Gale Capital as investors to fund expansion. Clairvest reported originally investing C$23.6 million in LTR in 2008. The firm's co-CEO Jeff Parr discussed the portfolio company and its sector context in an interview with peHUB Canada in June 2013.
2 min read · 27 February 2014
The Ontario Teachers' Pension Plan said on Thursday that it finalized the terms for a 20-year license to operate the Irish National Lottery through a unit, a move that expands its presence in the region and industry, reports Reuters. The pension fund's Premier Lotteries Ireland Ltd subsidiary was picked in October as the preferred bidder for the license. With final terms settled, it is expected to begin operating the lottery over the next year, the pension fund said. The pension fund, which agreed to pay a €405 million (US$554.10 million) license fee to the Irish government, also owns Camelot Group, the operator of the UK National Lottery. Camelot will provide consulting services to the Irish lottery's existing management.
1 min read · 27 February 2014
Nesco was a very good deal for Platinum Equity, peHUB reported.
1 min read · 27 February 2014
General Electric Co is preparing to sell its energy unit that makes fuel dispensers in a deal that is expected to fetch more than $500 million, people familiar with the matter told sister news service Reuters.
2 min read · 27 February 2014
TPG Capital and Leonard Green & Partners may get the rest of their money back on J. Crew Group after three years, sister news service peHUB reported.
2 min read · 27 February 2014
