Brad Meikle

US fund industry sees modest wins in final Volcker rule

Banks and asset managers scored some small victories after U.S. regulators narrowed the scope of a provision in the Volcker rule that restricts banks’ ownership stake in hedge funds and private equity funds, sister news service Reuters reported.

Bain Capital to take majority interest in iconic apparel manufacturer Canada Goose

Canada Goose Inc, a Toronto-based manufacturer of extreme weather outerwear, has agreed to be bought by U.S. private equity firm Bain Capital. The financial terms of the deal were not published. Dani Reiss, president and CEO of Canada Goose, will continue to own a significant minority stake in the company. In a statement, Reiss said the partnership with Bain would help Canada Goose to accelerate its global growth, and "amplify what has driven our success for the last 15-plus years." Founded in 1957, Canada Goose today sells its apparel products in over 50 countries. Bain has previously done a number of deals in Canada, including its Feb. 2013 investment in BTI Systems Inc, and its on-going investment with the Caisse de dépôt et placement du Québec in BRP Inc.

PE-backed Convergint Technologies acquires security management provider FSC

Future Security Controls (FSC), a provider of physical security systems and services in Canada, has been acquired for an undisclosed amount by Convergint Technologies LLC, a Schaumburg, Ill.-based provider of integration services for security, fire and life safety, building automation and healthcare systems. FSC, which has offices in Ottawa and Toronto, will be integrated with Convergint, which is a portfolio company of U.S. private equity firm KRG Capital Partners. KRG completed a recapitalization of the company last year.

Bid deadline for Canada's Mobilicity delayed by a week - Reuters

The court-appointed monitor for struggling Canadian wireless startup Mobilicity has extended the deadline for suitors to bid for the company by a week to Dec. 16, a regulatory filing shows, reports Reuters. Bidders for the Toronto-based startup, which filed for court protection from its creditors earlier this year, now have until noon next Monday to submit their offers in the court-supervised auction, according to a document posted on the website of monitor Ernst & Young Inc. The largest of Mobilicity's creditors, private equity firm Catalyst Capital Group Inc, wants the startup to merge with Wind Mobile, the biggest of the new players in the Canadian mobile market, and would put resources behind such a move, a Catalyst spokesman said on Monday.

GE Capital lends $10 mln for acquisition of helicopter services company

GE Capital has provided a $10 million senior credit facility to a group of investors to purchase and operate Universal Helicopters Newfoundland and Labrador (UHNL), a regional helicopter services company formerly owned by Harry R. Steele and Norman Noseworthy. The investor group is comprised of Nunatsiavut Group of Companies, Tasiujatsoak Trust and CAPE Fund, a Canadian private equity fund focused on investing in aboriginal businesses and entrepreneurs. The financial terms of previously-announced acquisition agreement were not disclosed. Based in Goose Bay, Labrador, UHNL operates 20 helicopters and provides passenger transport, mineral exploration, search and rescue, forest fire suppression, and other services.

Volvo to sell rental unit to Platinum Equity for $1.1 bln

World number two truck maker Volvo said on Tuesday it had agreed to sell its machine rental business in North America to U.S. private equity firm Platinum Equity for about 7.2 billion Swedish crowns ($1.1 billion), sister news service Reuters reported.

Cerberus-backed Freedom Group could raise $225 mln for investor opt-out

Freedom Group Inc proposed to raise $225 million in debt and equity to help buy out some of private equity firm Cerberus Capital Management LP’s investors, in a deal that values the controversial gun maker at around $1.2 billion, sister news service Reuters reported.

Trilantic Capital closes fifth fund at $2.2 bln, ahead of target

Buyout firm Trilantic Capital Partners, which was spun out of Lehman Brothers in 2009, announced a final close of its fifth fund at $2.2 billion.

Post buys Golden Boy, Dymatize to beef up nutrition, private-labels: Reuters

Post Holdings Inc (POST.N) said it will buy private label peanut butter maker Golden Boy Foods Ltd and protein bar maker Dymatize Enterprises LLC for about $680 million to build up its nutritional and private-label foods, reports Reuters. Post, known for its breakfast cereals, agreed to buy Golden Foods from affiliates of private equity firm Tricor Pacific Capital Inc and other shareholders for C$320 million ($301 million). Golden Boy makes private label peanut butter and other nut butters. It also sells dried fruit, baking and snacking nuts.

OMERS-backed Logibec to buy EMS division of QHR Technologies for $20 mln

Logibec Groupe Informatique Ltd has agreed to buy the enterprise management solutions division of Kelowna, B.C.-based QHR Corp for $20 million, less working capital adjustments. The business unit, which will operate under the name of Quadrant upon closing of the deal later this month, is a provider of administrative software solutions for healthcare organizations. Logibec said the acquisition strengthens its position as a healthcare-focused software solutions provider in Canada. The Montréal-based Logibec is a portfolio company of OMERS Private Equity, the private equity investment arm of the Ontario Municipal Employees Retirement System. OMERS took the company private for $237 million in 2010. Société générale de financement du Québec partnered as a minority investor in the 2010 transaction.