Toronto-based private equity firm Lynx Equity said Thursday that it has acquired Majestic Media Ltd. No financial terms were disclosed. With its headquarters in Toronto, Majestic is Canada’s largest developer of custom social media campaigns and applications. Update: Lynx Equity is focused on acquiring small and medium-sized businesses from owners looking to retire. The firm's other acquisitions so far in 2013 include Fine Line Imports Inc, JewelPop Inc, NRG Equipment Inc, Superior Road Products Ltd and Techni-Lite Systems Inc.
2 min read · 31 October 2013
Brookfield Property Partners LP (NYSE: BPY, TSX: BPY.UN), the recently spun-out commercial real estate platform of Toronto-based Brookfield Asset Management, has with its institutional partners agreed to buy China Xintiandi (CXTD) a wholly-owned entity of Hong Kong developer Shui On Land (HK:272). The platform's first deal in China, Brookfield will invest up to US$750 million of preferred equity in CXTD, which owns office and retail assets in Shanghai. Brookfield indicated that it plans to secure around US$500 million in capital for additional investments in the commercial property sector in China.
5 min read · 31 October 2013
Teachers' Private Capital, the private equity investment division of Ontario Teachers' Pension Plan, has bought private U.K.-based childcare provider Busy Bees Nursery Group. While the terms of the transaction were not published, earlier reports estimated the acquisition price to be around $320 million. Busy Bees' management will keep a significant minority stake in the company. Founded in 1983, Busy Bees currently operates 213 nurseries and cares for 20,000 children. Teachers indicated plans to support the company's efforts to make its services more widely available through developing new locations and by acquiring other facilities.
2 min read · 31 October 2013
Montréal-based iWeb Inc, a global provider of Internet hosting solutions and IT infrastructure, has agreed to be bought by Atlanta, Georgia-based Internap Network Services Corp (NASDAQ: INAP) for approximately US$145 million. According to Internap, the deal is expected to close in December 2013. Founded in 1996, iWeb currently serves 10,000 SMB customers in over 100 countries. The company was taken private for $47 million in June 2011 by Novacap Technologies, a private equity fund managed by Longueuil, Québec-based Novacap, with the participation of the Caisse de dépôt et placement du Québec, and an investment vehicle affiliated with Bank Street Capital Partners.
3 min read · 31 October 2013
Energy Future Holdings (EFH), the embattled Texas power generator, is planning to make a $270 million interest payment due on Nov 1, according to a person familiar with the matter, sister news service Reuters reported.
3 min read · 31 October 2013
Hotel chain Extended Stay America Inc said it expects to sell 28.3 million common shares at $18-$21 each in an initial public offering, valuing the company at as much as $4.2 billion, sister news service Reuters reported.
2 min read · 31 October 2013
Toronto-based Greengage Mobile, a software provider that focuses on enabling positive health, green and community behaviours through its mobile platform, has obtained $1 million in a financing round. The company, which is a graduate of start-up accelerator JOLT's 2012 program, has been backed by early-stage venture capital fund MaRS Investment Accelerator Fund, RBC Impact Fund and investors from Waterloo-based Golden Triangle AngelNet. Investment proceeds will be used to grow Greengage Mobile and enhance its mobile app and web-based management platform. JOLT has so far grown its portfolio of start-ups to 17 and network of founders to 50.
4 min read · 30 October 2013
A decision by Washington's federal district court concerning Japan's Asahi confirms risks for private equity funds that did not look into the pension funding of their U.S. portfolio companies, reports Carol Buckmann, counsel at Osler Hoskin & Harcourt LLP. Along with another decision concerning Sun Capital Partners that found private equity funds could be trades or businesses for purposes of U.S. Pension Benefit Guaranty Corp liability, non-U.S. funds should "assess the risk that their activities make them a trade or business, ramp up their diligence of portfolio companies and determine the appropriate ownership levels and contractual protections for their U.S. portfolio company investments."
4 min read · 30 October 2013
The shareholders of New York-based Saks Inc (NYSE: SKS) have given "overwhelming" approval to the company's proposed acquisition by Canadian retailer Hudson's Bay Co (TSX: HBC). The US$2.9 billion deal, announced in August, was backed by approximately 99.4% of the total votes cast by shareholders at a special meeting. The transaction is expected to be completed on November 4, 2013, with the result that Saks will be delisted from the New York Stock Exchange. The Toronto-based HBC is backed by U.S. private equity firm NRDC Equity Partners.
3 min read · 30 October 2013
Canada's federal government has rejected a second attempt by big telecommunications company Telus Corp to acquire spectrum licenses from struggling wireless startup Mobilicity, Industry Minister James Moore confirmed on Wednesday. Ottawa blocked Telus' initial C$380 million bid for Mobilicity in June, but let it buy another small operator, Public Mobile, last week. Public bought airwaves in the same auction, but its spectrum was never considered off-limits to the big operators.
2 min read · 30 October 2013
