The federal Competition Bureau has approved the purchase of Toronto-based wireless telecom services provider Public Mobile Inc by Telus Corp (TSX: T). The undisclosed acquisition deal was announced in October, and will provide exits to Thomvest Seed Capital and Cartesian Capital, which bought Public Mobile from other private equity and venture capital firms, including OMERS Private Equity, earlier this year. In its ruling, the Bureau concluded that "the proposed transaction is unlikely to lead to a substantial lessening or prevention of competition" in affected areas of operation.
6 min read · 02 December 2013
Canadian private equity firm TorQuest Partners has led the recapitalization of Kissner Milling Co Ltd, a manufacturer and distributor of bulk rock salt and ice melt products based in Cambridge, Ontario. TorQuest partnered in the deal with a group of co-investors, including U.S. private equity firms Silverhawk Capital Partners and GoldPoint Partners, the Bank of Montreal, Kissner majority shareholder Bill Zinger, and the company's senior management. The undisclosed transaction represents the inaugural investment of TorQuest Partners Fund III, which closed in Sept. 2013 at $535 million. Kissner, which is a vertically integrated business with two primary operations, Detroit Salt Co and Kissner Packaged Distribution, plans to use investment proceeds to finance organic and acquisition growth opportunities.
3 min read · 02 December 2013
Hotel operator Hilton Worldwide Inc, controlled by private equity firm Blackstone Group LP, said its initial public offering would raise up to $2.37 billion, valuing the company at about $20.7 billion, sister news service Reuters reported.
2 min read · 02 December 2013
Lorus Therapeutics Inc (TSX: LOR) has appointed Avanish Vellanki as chief business officer and Gregory K. Chow as chief financial officer. Previously, Vellanki worked at investment firm Wedbush Securities where he served as senior vice president in investment banking while Chow served as managing director at the same firm. Headquartered in Toronto, Lorus is a biopharmaceutical company. Update: The company has received venture capital investment since the late 1990s.
4 min read · 02 December 2013
Deloitte recently released its latest issue of Global Capital Markets Perspective. It points to widespread activity in 2013 and the prospect for further gains in the months ahead. However, the report also perceives some fragility in trends – and the possibility that growth could be up-ended by sudden shocks. One of the report’s authors is Robert Olsen, a Deloitte partner and national leader of corporate finance at Deloitte Canada. Olsen spent much of his career as a private equity pro.
5 min read · 29 November 2013
Atrium Innovations Inc said a group of investors, including European private equity firm Permira Funds, would buy the dietary supplements maker for about C$751.2 million, reports Reuters. Atrium shareholders will receive C$24 in cash per share, a nearly 23 percent premium to the stock's Thursday close on the Toronto Stock Exchange. Permira Funds will own 75 percent of the company after deal close. The total enterprise value of the deal, including debt, is about C$1.1 billion. Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec, who collectively hold about 25 percent of the company, have agreed to vote in favor of the deal, Atrium said.
2 min read · 29 November 2013
John Laing Infrastructure Fund (JLIF), which is managed by London, U.K.-based John Laing Capital Management, has completed its acquisition of a 50 percent interest in Kelowna Vernon Hospitals in British Columbia, a long-term P3 project. The undisclosed deal is JLIF's third investment in the Canadian secondary P3 market. Bilfinger Berger Global Infrastructure (BBGI) earlier this month announced its purchase of the other 50 percent of the project. BBGI is an infrastructure investment firm incorporated in Luxembourg.
2 min read · 29 November 2013
Canada Pension Plan Investment Board (CPPIB) has formed a strategic alliance to acquire office properties in major urban regions in India. CPPIB will commit an initial US$200 million to a partnership with Shapoorji Pallonji, a Mumbai-based construction, real estate, and infrastructure firm. The real estate venture, 80% of which will be owned by CPPIB, will target FDI-compliant assets, with scope for value-add returns from active asset management.
4 min read · 29 November 2013
Private equity firms have capitalized on red hot conditions in Europe’s junk bond market to refinance pre-crisis LBO debt without having to put a single extra cent into businesses with near double-digit leverage multiples, sister publication IFR reported.
3 min read · 29 November 2013
Canadian private equity firm Lynx Equity has received $15 million in new funding from Windsor Private Capital. Proceeds of the commitment will be used by Lynx to continue with its strategy of making acquisitions and diversifying its portfolio. Based in Toronto, Lynx focuses on buying small and medium-sized businesses from owners looking to retire. Windsor is a private merchant bank that is also headquartered in Toronto.
2 min read · 29 November 2013
