The shareholders of Ottawa-based cloud and communications software solutions provider Mitel Networks Corp (TSX:MNW) (Nasdaq:MITL) have given official approval of the company's previously-announced $400 million buy of Aastra Technologies Ltd (TSX:AAH), an enterprise communications company based in Concord, Ontario. TSX and NASDAQ have accepted the written consents of U.S. private equity firm Francisco Partners and Dr. Terence Matthews, the controllers of around 60% of Mitel's shares, as evidence of investor approval. Mitel also obtained the consent of Kanata Research Park Corp and Arsenal. The merger must be approved by Aastra shareholders at a special meeting expected to take place in January 2014. Update: Osler, Hoskin & Harcourt LLP is acting for Mitel in the transaction.
6 min read · 04 December 2013
Canadian industrial chemicals and services provider Chemtrade Logistics Income Fund (TSX: CHE.UN) has agreed to purchase General Chemical Holding Co for US$860 million. The transaction, which was last month anticipated in a report by Reuters, will see Chemtrade buy the Parsippany, New Jersey-based manufacturer of sulphuric acid and other chemicals from its current owner, U.S. private equity firm American Securities. American Securities took General Chemical private in 2009 for US$673 million. Chemtrade, which said the acquisition will strengthen and expand its existing platform, will finance the deal with US$1 billion in credit facilities and a $300 million equity raise.
10 min read · 04 December 2013
Industry Ventures, an investment firm that buys stakes in private companies through the secondary market, has raised a $425 million fund, sister news service Reuters reported.
1 min read · 04 December 2013
Black Swan Energy Ltd, a Calgary-based company focused on unconventional resource exploration and development, has secured an equity investment of $150 million, bring its total investment to date to over $500 million. The new funding was provided by existing investors Canada Pension Plan Investment Board, Canadian energy-focused private equity firm KERN Partners, and U.S.-based Warburg Pincus, which have all backed the company since 2011. The additional capital will be used to fund the appraisal and development of current properties in the Montney play in British Columbia and the Duvernay play in Alberta. The company's management team and directors include former senior managers of Talisman Energy Inc.
2 min read · 03 December 2013
BlackBerry Ltd is "very much alive, thank you," Interim Chief Executive John Chen affirmed in an open letter on Monday in which the smartphone maker committed itself to rebuilding as a niche player concentrating on the enterprise market, reports Reuters. Chen took over as CEO a month ago after BlackBerry abandoned a plan to sell itself. Rather than sell itself, BlackBerry said early last month it would raise $1 billion in a convertible notes offering led by Fairfax Financial Holdings Ltd, its largest shareholder.
2 min read · 03 December 2013
GE Antares Capital, a unit of GE Capital, said Tuesday that it has hired Richard Kinlough as a managing director in its Toronto office. Previously, Kinlough founded and led CIT Group Inc’s Canadian sponsor coverage team. GE Antares Capital is a middle-market lender to private equity-backed companies. Update: Kinlough was co-president of Canadian private equity firm CCFL Mezzanine Partners prior to that firm's acquisition by CIT Canada in 2006.
3 min read · 03 December 2013
Calgary-based telecommunications company WiMacTel Inc has secured an undisclosed investment from subordinated debt and mezzanine financing provider First West Capital. WiMacTel, which supplies operator services, directory assistance, long distance, wireless/VoIP dial tone and payphone services to a range of clients in Canada and the United States, will use the funding to accelerate its business goals. Vancouver-based First West Capital is the $100 million investment arm of First West Credit Union.
3 min read · 03 December 2013
Tribal Sportswear Inc, a Montréal-based company focused on women's casual and career apparel, has been bought by Haggar Clothing Co, a clothing manufacturer based in Dallas, Texas. The financial terms of the transaction were not published. Haggar said the acquisition of Tribal, which has over 2,000 specialty stores and boutiques, is expected to complement the company's current women's business, and contribute to its growth in North America. Founded in 1976, Tribal was acquired by Canadian mid-market private equity firm Kilmer Capital Partners in conjunction with Peter Berall, one of the owners of the business, in May 2006.
4 min read · 03 December 2013
CGI Group Inc (TSX: GIB.A, NYSE: GIB) has completed its previously-announced buyback of subordinate voting shares from the Caisse de dépôt et placement du Québec. The shares were repurchased at $40.15 per share, or approximately $100 million in total. The CGI buyback forms part of a $400 million secondary transaction by which the pension fund manager will reduce its stake in the company to 18.7 percent. Last year, the Caisse de dépôt made a $1 billion private equity investment in the Montréal-based CGI, an information technology and business process services company.
2 min read · 02 December 2013
Telecon Group, a specialist in the design, construction, maintenance and repair of communications infrastructure, has purchased some assets and business activities from the wireless network construction unit of Netricom. The financial terms of the deal were not published. Founded in 1967, the Trois-Rivières, Québec-based Telecon is a portfolio company of Capital régional et coopératif Desjardins, a private equity fund managed by Desjardins Capital de risque, and pension fund manager the Caisse de dépôt et placement du Québec. The Caisse de dépôt and Desjardins made a joint $60 million investment in Telecon in Dec. 2011.
2 min read · 02 December 2013
