Harbour Equity Joint Venture Development Fund, which is managed by Canadian real estate private equity firm Harbour Equity Capital Corp, reported that it has closed five joint venture developments in Alberta and Ontario since its inception in June 2013. To date, more than half of the fund's capital has been committed to ventures, representing nearly $100 million in total development costs. Based in Toronto, Harbour Equity invests in mid-size developers in Canada by way of joint venture for new developments and redevelopments where value-add opportunities exist. Development projects may include for-sale and for-rent residential, retail, office, and industrial projects.
2 min read · 04 February 2014
Koda Distribution Group has bought for an undisclosed price The DeWolf Companies, which includes DeWolf subsidiary Tempo Canada ULC, an Oakville, Ont.-based distributor of specialty and commodity chemicals, ingredients and nutraceuticals. Tempo Canada was acquired by the Warwick, R.I.-based DeWolf in Apr. 2012. Koda said all DeWolf companies will now form operating entities within the newly created Koda care business unit and will continue to operate in the same capacity as before the acquisition. Based in Stamford, Connecticut, Koda is a specialty chemicals distribution business, and has been a portfolio investment of U.S. private equity firm Audax Group since 2010.
4 min read · 04 February 2014
Private equity firm Apax’s acquisition of a 50.1 percent stake in classified advertising publisher Trader Media is backed with a 358 million pound ($584.69 million) subordinated loan from a Goldman Sachs fund, banking sources told sister news service Thomson Reuters Loan Pricing Corp.
2 min read · 04 February 2014
Cengage Learning Inc said it reached an agreement with its major creditors that will cut the textbook publisher’s debt by $4 billion and pave the way to exit its Chapter 11 bankruptcy, sister news service Reuters reported.
2 min read · 04 February 2014
Québec City-based Virginia Mines Inc (TSX: VGQ) has concluded a transaction that will see Québec private equity funds participate in the financing of a $28 million accelerated exploration program on the Coulon mining project. Sodémex Développement LP, a subsidiary of the Caisse de dépôt et placement du Québec, the Fonds de solidarité des travailleurs du Québec FTQ, Fonds regional Nord-du-Québec and Sidex LP, will along with Virginia Mines invest in a new vehicle, Mines Coulon Inc, over a four-year period. The Coulon project holds undeveloped copper-zinc-silver resources located in Québec. The Caisse de dépôt launched the $250 million Sodémex fund in June 2013 to make investments in companies in natural resources sectors.
4 min read · 03 February 2014
The purchase of Aptalis Pharma Inc, a company created in 2011 by Montréal-based Axcan Pharma Inc's takeover of Eurand N.V., by Forest Laboratories Inc (NYSE: FRX) has been completed. The price tag was US$2.9 billion. The primary seller in the deal was U.S. private equity firm TPG, which acquired Axcan Pharma for US$1.3 billion in 2008. Aptalis, which will now operate as a subsidiary of the New York-based Forest, provides therapies for cystic fibrosis, gastrointestinal disorders and other medical needs. Forest said it expects the transaction to add US$700 million in revenue and about US$0.78 per share to its non-GAAP EPS in FY 2015.
3 min read · 03 February 2014
Valeant Pharmaceuticals International Inc said on Monday it has agreed to acquire privately held PreCision Dermatology Inc for $475 million in cash to strengthen its skin products business, reports Reuters. The deal, which is set to close in the first half of 2014, is expected to immediately add to Valeant's cash earnings per share after closing. PreCision, which makes a range of medical products treating a number of topical diseases such as acne and atopic dermatitis, is entitled to an additional $25 million if it achieves a sales milestone, Valeant said. PreCision - formed in 2010 as the result of the spin-out of Onset Therapeutics, a subsidiary of Collegium Pharmaceutical - was initially financed by private equity firms Essex Woodlands, Boston Millennia Partners, Frazier Healthcare and Westfield Capital Management.
2 min read · 03 February 2014
U.S. private equity firm Stockton Road Capital has made a minority investment alongside CCMP Capital Advisors in the latter's acquisition of Jamieson Laboratories Ltd, a manufacturer and distributor of vitamins, minerals and nutrition supplements. Stockton Road also announced that the firm's operating partner Cyrill Siewert will join the company's board of directors. Jamieson has its headquarters in Windsor, Ontario.
2 min read · 03 February 2014
Franchise Services of North America Inc (TSX Venture: FSN) announced that its application to sell Simply Wheelz LLC, which does business as leased vehicle fleet operator Advantage Rent A Car, to Canadian private equity firm Catalyst Capital Group has been approved by the Federal Trade Commission. The previously announced deal is expected to close before the end of March. Franchise Services, which has its Canadian head office in Calgary, acquired Advantage from Hertz Global Holdings Inc in 2012.
4 min read · 03 February 2014
The previously-announced sale by Bain Capital and the Caisse de dépôt et placement du Québec of holdings in Bombardier Recreational Products Inc (BRP, TSX: DOO) has been closed. The secondary offering saw Bain and the Caisse dispose of 10 million subordinate voting shares in the company, generating aggregate gross proceeds of $300 million. Upon the deal's completion, Bain held 26.9% of issued and outstanding shares in the business, and the Caisse held 5.1%. The Valcourt, Québec-based BRP, which develops, manufactures and distributes power-sports vehicles, was bought by Bain, the Caisse and members of the Bombardier family in 2003. The company completed an initial public offering in May 2013.
4 min read · 03 February 2014
