Specialty aviation company Discovery Air Inc (TSX: DA) has agreed to purchase for an undisclosed sum Advanced Training Systems International Inc (ATSI), a U.S airborne training services company based in Mesa, Arizona. The acquisition, which the company said will take advantage of growth potential in the airborne training services market, will be made by its subsidiary business Discovery Air Defence Services Inc. The deal is expected to close within the next 30 days, with ATSI's majority shareholder having already agreed to vote in favour. The Etobicoke, Ontario-based Discovery Air is a portfolio company of Canadian mid-market private equity firm Clairvest Group. Clairvest made a $70 million investment in the company in 2011.
3 min read · 06 December 2013
Mega Precious Metals Inc (TSX Venture: MGP) has secured an initial US$3 million in convertible note financing, and an option for additional investment up to a total of US$40 million, from Pacific Road Resources Funds, which is managed by mining-focused private equity firm Pacific Road Capital Management. The funding is intended to support development of the company's flagship Monument Bay Gold Tungsten Project in Manitoba. Osler, Hoskin & Harcourt LLP is acting for Pacific Road in the deal. Based in Thunder Bay, Ontario, Mega Precious Metals is an explorer and developer of Canadian precious metal projects. Pacific Road has its headquarters in Sydney, Australia, and offices in Vancouver, B.C. and San Francisco, California.
10 min read · 06 December 2013
Private equity firm Thoma Bravo LLC is exploring a sale of two of its portfolio companies, Hyland Software Inc and LANDesk Software Inc, which could collectively be worth more than $2 billion, according to people familiar with the matter, sister news service Reuters reported.
2 min read · 06 December 2013
Sprott Resource Corp (TSX: SCP) announced this week that it has named Michael Staresinic as its new CFO. Prior to joining the firm, Staresinic was vice president of finance at Sprott Inc, and a member of the mergers and acquisitions team. The Toronto-based Sprott Resource is a private equity firm focused on investing in natural resource sectors.
3 min read · 05 December 2013
Tomkins Plc, a private equity-owned manufacturer of auto parts and building products, has hired Bank of America Merrill Lynch, Goldman Sachs Group and Morgan Stanley to lead an initial public offering that could value the company at as much as $7 billion, people familiar with the matter told Reuters. Onex Corp and the Canada Pension Plan Investment Board (CPPIB), which acquired Tomkins in 2010 for $5 billion including debt, will also explore an outright sale of Tomkins to another company in what is known as a "dual track" process, the people said on Thursday. Reuters reported on Nov. 22 that the buyout firms were interviewing investment banks to sell Tomkins to another party or float it in the stock market, with a process to explore both possibilities expected to start in the first quarter.
2 min read · 05 December 2013
Tricon Capital Group, a Toronto-based private equity firm focused on real estate, has closed its most recent U.S. distressed residential real estate fund, Tricon XI LP. An additional US$32 million in capital commitments has brought the fund's total size to approximately US$334 million, which is the largest in the firm's history. The final close of the partnership has increased Tricon's total assets under management to more than $1.7 billion.
3 min read · 05 December 2013
Canadian private equity firm Ken Fowler Enterprises Ltd (KFEL) has acquired shares in SIR Royalty Income Fund (TSX: SRV.UN), a trust affiliated with SIR Corp, a Burlington, Ont.-based company that owns and operates 50 restaurants in Canada. The deal was done through an agreement with Retail Dimensions Inc, a company controlled by the spouse of Ken Fowler, the controlling shareholder of KFEL. The acquisition represents about 13.9% of the voting units of the Fund. Founded in 1972, KFEL focuses on investments in real estate, restaurants and hospitality, and specialty retailers.
2 min read · 05 December 2013
Algeco Scotsman and its subsidiary Target Logistics have acquired Chard Camp Catering Service Ltd, a Fort McMurray, Alberta-based provider of remote workforce housing and catering services. The financial terms of the deal were not published. Going forward, Chard will be led and managed by Target, a modular and oil field housing and workforce housing company based on Boston, Mass., allowing it to expand into the Canadian market. Baltimore, Maryland-based Algeco has been a portfolio investment of British private equity firm TDR Capital since 2004.
4 min read · 05 December 2013
La Coop fédérée has obtained $55 million in new funding from a private equity investor group comprising Capital régional et coopératif Desjardins, a fund managed by Desjardins Capital de risque, Fondaction CSN and Fonds de solidarité des travailleurs du Québec FTQ. The Montréal-based La Coop fédérée, an agri-food enterprise owned by over 100,000 members grouped into 102 cooperatives, said it will use the proceeds of this investment to further its growth, notably through acquisitions. The co-operative has for some time been a portfolio company of Desjardins and Fonds de solidarité FTQ, with Fondation CSN becoming a backer in this latest transaction.
4 min read · 05 December 2013
Apax Partners LLP has elected Andrew Sillitoe and Mitch Truwit as co-chief executive officers to replace Martin Halusa, who will become chairman of the private equity firm, sister news service Reuters reported.
2 min read · 05 December 2013
