The Superior Court of Québec has approved the acquisition of Novik Inc (TSXV: NVK) by U.S. private equity firm Clearview Capital. As a result, the previously-announced deal, which is valued at approximately $45 million, has been closed. Trading of the company's shares on the TSX Venture Exchange was halted before the opening of the markets on February 14th. Founded in 2004, Novik is a designer, manufacturer and distributor of polymer exterior siding, roofing coverings and accessories. The company's office is in Saint-Augustin-de-Desmaures, Québec.
4 min read · 18 February 2014
Canadian private equity firm TerraVest Capital has completed its buy of Gestion Jerico Inc, a Québec-based manufacturer of commercial and residential tanks as well as dispensers. The transaction, which was announced in Jan. 2014, valued the company at $54 million. TerraVest said the acquisition would allow for co-ordination and streamlining of manufacturing processes at Gestion Jerico and another portfolio company, RJV Gas Field Services, as well as cross-selling of products. Gestion Jerico was sold by majority owner Clarke Inc, a Halifax, Nova Scotia-based investor in private and publicly-traded companies. TerraVest has it headquarters in Vegreville, Alberta.
1 min read · 18 February 2014
Private equity firm Sycamore Partners, in conjunction with its takeover of The Jones Group Inc, is preparing for the potential sale of some of the apparel company’s brands by splitting up divisions and raising debt at those segments, sources told sister news service Thomson Reuters LPC.
3 min read · 18 February 2014
Buyout firm Silver Lake is in exclusive talks to sell information technology management company Serena Software Inc to private equity firm HGGC LLC, four people familiar with the matter told sister news service Reuters.
2 min read · 18 February 2014
Men’s clothing retailer Jos. A. Bank Clothiers Inc, the target of an unwelcome bid from rival Men’s Wearhouse Inc, said it would buy outdoor clothing retailer Eddie Bauer for $825 million in its latest effort to stay independent, sister news service Reuters reported.
2 min read · 18 February 2014
Bauer Performance Sports Ltd (TSX: BAU), a portfolio company of U.S. private equity firm Kohlberg & Co, has agreed to acquire the baseball-softball business of Easton-Bell Sports Inc in an all-cash transaction valued at US$330 million. The agreement was unanimously approved by both companies' boards of directors and is expected to close in approximately 30-60 days. The Van Nuys, Calif.-based Easton-Bell is a portfolio investment of Fenway Partners and the Ontario Teachers Pension Plan Board, which bought the company for US$400 million in 2006. Founded in Kitchener, Ontario, Bauer is a manufacturer of hockey and lacrosse equipment and apparel. Kohlberg and Roustan Capital acquired Bauer in a corporate carve-out deal in 2008. In 2011, Bauer raised $75 million in an initial public offering.
9 min read · 14 February 2014
Celco Controls Ltd, a portfolio company of U.S. private equity firm High Road Capital Partners, has acquired Canadian Process & Control Ltd, a Port Coquitlam, B.C.-based manufacturer of customized process control systems for the resource, refining, chemical, wastewater treatment and manufacturing industries. The financial terms of the deal were not disclosed. Celco Controls said the acquisition solidifies its position as a leader in Western Canada's automation marketplace. Based in Winnipeg, Manitoba, Celco Controls designs, programs and implements customized automation control systems for a diverse set of end markets. The company was bought by High Road Capital Partners in 2010.
3 min read · 14 February 2014
The take-private acquisition of natural health products manufacturer Atrium Innovations Inc (TSX: ATB & ATB.DB) by an investor group led by European private equity firm Permira Funds has been completed. As previously reported, the total enterprise value of the deal (including debt) was around $1.1 billion, and the purchase price around $751.2 million. Holders of Atrium shares, other than shares rolled over by the Fonds de solidarité des travailleurs du Québec FTQ and the Caisse de dépôt et placement du Québec, will receive $24.00 in cash per share. Company shares and debentures will be de-listed from the Toronto Stock Exchange on or about February 14, 2014. Founded in 1999, Atrium Innovations is based in Québec City.
4 min read · 14 February 2014
A new report by Osler Hoskin & Harcourt LLP discusses measures proposed in the 2014 federal budget, tabled by the Minister of Finance on February 11. Relating to treaty shopping, these measures might have important implications for private equity funds that invest in Canada through treaty-based holding companies. The measures, which Osler originally flagged in a report last August, may deny tax treaty benefits to these companies. Osler notes that since the 2014 budget merely provides proposals relating to anti-treaty-shopping measures, there is still time for a potentially affected PE fund to consider taking mitigating steps and/or make comments to the federal government concerning potential impacts. The report's authors are Osler partners Firoz Ahmed, Monica Biringer, John Groenewegen and Matias Milet, and associate David Davachi.
8 min read · 14 February 2014
The Canada Pension Plan Investment Board (CPPIB), one of the world's biggest pension funds, on Friday reported gross investment returns of 5.9 percent in its fiscal third quarter on gains in global equity markets, reports Reuters. CPPIB, which manages Canada's national pension fund and is a major global dealmaker, had net assets of $201.5 billion in the third quarter ended Dec. 31, compared with $192.8 billion at the end of the previous quarter.
1 min read · 14 February 2014
