Private Equity
Absolute Software Corp (TSX: ABT) has agreed to sell assets related to its computer life-cycle management and information technology service management businesses. No financial terms were released. The buyer is HEAT Software USA Inc, a Milpitas, Calif.-based software company backed by Clearlake Capital Group, a U.S. private equity and special situations firm. The deal is expected to close in early October. Based in Vancouver, Absolute Software provides endpoint security and data risk management solutions. It said the sale will allow the company to focus on its core information security offering.
4 min read · 22 September 2015
AltaGas Ltd said it has agreed to buy a portfolio of three natural gas-fired electricity generation plants in northern California for US$642 million, Reuters reported. Calgary-based AltaGas is acquiring GWF Energy Holdings LLC, the owner of the plants, from Highstar Capital IV LP.
1 min read · 22 September 2015
A new research report by Firmex and Mergermarket projects a "healthy outlook" for North American mid-market merger and acquisition activity in the months ahead. Titled Mid-market: The Crux of North American M&A, the report said most transactions will be between US$10 million to US$250 million, with significant traction expected in the US$251 million to US$500 million range. Companies in technology, telecommunications and media are expected to continue to dominate deal trends in the next 12 months. Based in Toronto, Firmex is a provider of virtual data rooms and secure document sharing.
3 min read · 21 September 2015
Vancouver-based Pretium Resources Inc (TSX, NYSE: PVG) has completed its previously-announced US$540 million construction financing package. The package, which includes a US$350 million credit facility, a US$150 million prepayment under a stream agreement, and a US$40 million private placement, was provided by Orion Mine Finance Group and Blackstone Tactical Opportunities, an investment affiliate of Blackstone Group. The proceeds of the deal will help fund the development of an underground mine at the company's Brucejack Project in northern British Columbia. The project's commercial production is targeted for 2017.
4 min read · 21 September 2015
The Caisse de dépôt et placement du Québec has partnered in the creation of a co-investment vehicle targeted to infrastructure projects in Mexico. The Caisse and CKD Infraestructura México SA de CV, a group of Mexican institutional investors, plan to invest up to $2.8 billion over the next five years to expand and modernize Mexican infrastructure. The Caisse will assume $1.43 billion of this total, giving it a 51 percent share in the vehicle. As part of the deal, the Caisse's partners have agreed to acquire 49 percent of the Caisse's previously-announced equity investment in an operational platform that holds Mexican toll road concessions.
8 min read · 21 September 2015
Canadian private equity firm Onex Corp has completed its sale of Sitel Worldwide Corp, a U.S.-based provider of outsourced customer care and back-office processing services. As previously reported by peHUB Canada, the buyer was Groupe Acticall, a customer relationship management business based in France. Onex said it expects to see net proceeds of about US$55 million, including an earn-out component, from the sale. In 2007, ClientLogic, a portfolio investment of Onex, acquired and merged with Sitel. It remains a portfolio company of OMERS Private Equity.
2 min read · 21 September 2015
Give and Go Prepared Foods Corp, a Canadian maker of thaw-and-serve sweet baked goods such as Two-Bite Brownies, is exploring a sale it hopes could value it at around $550 million, sources told Reuters reported. The company's owner, OMERS Private Equity, has held talks with investment banks in recent weeks to appoint a financial adviser to run an auction or initial public offering, the sources said.
2 min read · 21 September 2015
Canadian mid-market private equity firm TorQuest Partners has agreed to sell Pinova Holdings Inc to Symrise AG, a German supplier of fragrances, flavourings, and cosmetic active ingredients. The deal, expected to close in early 2016, has a total value of US$417 million. Brunswick, Georgia-based Pinova is a manufacturer of specialty chemicals from natural and renewable feedstocks. It was carved out of Ashland Inc by TorQuest for US$75 million in 2010. Pinova subsequently acquired LyondellBasell Flavors & Fragrances, now called Renessenz LLC. That deal more than than doubled the scale of Pinova's business, and broadened its product and end-market reach, TorQuest reported.
3 min read · 21 September 2015
Swedish buyout group EQT has received offers for its Dutch oil storage group Koole Terminals valuing the business at more than 1 billion euros (US$1.1 billion), several people familiar with the deal told Reuters. The Ontario Teachers' Pension Plan and Borealis Infrastructure are said to have joined consortia bidding for Koole.
2 min read · 21 September 2015
Communications & Power Industries LLC (CPI) has bought ASC Signal Corp from Resilience Capital Partners, a U.S. private equity firm. No financial terms were disclosed. Philpott Ball & Werner LLC served as exclusive investment banker to ASC Signal on the transaction. Based in Plano, Texas and Whitby, Ontario, ASC Signal is a provider of advanced satellite communications, radar and high-frequency antennas and controllers. Resilience has owned the business since January 2008.
3 min read · 18 September 2015
