Vancouver-based Bond Capital has been named to Preqin‘s global list of most consistent performing mezzanine fund managers. Bond, which in May 2015 was tapped to manage the private equity fund of Beedie Capital Partners, was one of three investors to achieve a top score in a peer group of nearly 100 mezzanine firms managing about 200 funds.
2 min read · 03 September 2015
Burton Saw and Supply Holdings LLC, a portfolio company of U.S. private equity firm Pfingsten Partners, has acquired Cut Technologies Inc. No financial terms were disclosed. With primary offices in Penticton, British Columbia and Bellingham, Washington, Cut Technologies is a manufacturer of rounds saws, band saws and saw tips and a distributor of filing room and grinding equipment. Eugene, Oregon-based Burton said it will combine with Cut to bring a more comprehensive product and service offering to the saw mill and wood products industry. Pfingsten bought the company earlier this year.
2 min read · 03 September 2015
Blue Point Capital Partners, a U.S. mid-market private equity firm, has acquired Russell Food Equipment Ltd in a recapitalization deal. No financial terms were released. Based in Vancouver, Russell is a provider of food service equipment and supplies to more than 20,000 food service operators across Canada. Established in 1938, it operates from 14 distribution and three manufacturing facilities and sells its products under both third-party brands and Quest Metal Works, a business affiliate. Blue Point said Russell offers organic and external growth opportunities that the firm plans to support with operational and strategic resources.
3 min read · 02 September 2015
Avison Young Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, has affiliated with Cushman & Wakefield-Cornerstone, a U.S. commercial real estate company. The undisclosed deal gives Avison new offices in Nashville and Knoxville, Tennessee. It follows the recent sale of Cushman & Wakefield to DTZ, which is owned by TPG, PAG Asia Capital and the Ontario Teachers’ Pension Plan. Based in Toronto, Avison has been backed by Tricor since 2011.
7 min read · 02 September 2015
Canadian online lending platform Mogo Finance Technology Inc (TSX: GO), which went public in June, has completed an agreement with the credit arm of Fortress Investment Group, a U.S. private equity firm. The transaction will provide Vancouver-based Mogo with a new expandable revolving credit facility of up to $200 million. The facility, which has a five-year term, will be used to finance expansion of its consumer installment loans of up to $35,000. Mogo also issued share purchase warrants to Drawbridge Special Opportunities Fund LP, another Fortress affiliate. As reported by peHUB Canada in May, the company has previously utilized credit provided by Fortress.
6 min read · 02 September 2015
Vertex Resource Group Ltd has bought Ignite Energy Services Ltd, Glacier Ridge Ventures Ltd and Tar Energy Services Ltd for an undisclosed sum. The companies are providers of fluid production hauling and management services, and operate vacuum trucks, pressure trucks, hydro-vac trucks, steam trucks and water trucks. The Sherwood Park, Alberta-based Vertex said the deal will expand the depth of its oilfield services division and environmental consulting and safety and medical divisions. Calgary's Ignite was a platform investment of Canadian private equity firm 32 Degrees Capital. It acquired Glacier and Tar in 2014, according to a LinkedIn profile.
2 min read · 02 September 2015
BayBridge Seniors Housing Inc, owned by the Ontario Teachers' Pension Plan Board, is taking luxury senior homes operator Amica Mature Lifestyles Inc (ACC.TO) private for $578 million, Reuters reported. Vancouver-based Amica has 26 luxury seniors residential properties across Ontario, British Columbia and Alberta.
2 min read · 02 September 2015
Italian holding company Exor said on Wednesday it has closed the sale of Cushman & Wakefield to Chicago-based DTZ in a deal that valued the U.S. real estate services group at US$2 billion, Reuters reported. DTZ is owned by private equity group TPG, PAG Asia Capital and the Ontario Teachers' Pension Plan. The group acquired the business in 2014.
1 min read · 02 September 2015
Vancouver-based Diversified Royalty Corp, which acquires royalties from North American businesses and franchisors, has named Greg Gutmanis as chief financial officer, vice president of acquisitions and corporate secretary. Gutmanis rejoins Diversified Royalty after previously serving as the firm's interim CFO from March 2014 to January 2015. He is the former CFO and vice president of Maxam Capital Corp, a Canadian private equity firm. Prior to this, he worked at Capital West Partners.
5 min read · 02 September 2015
Last week’s wild gyrations in global financial markets almost certainly exposed the vulnerability of U.S. state and local authority public pension funds which have piled into riskier assets in recent years, according to actuaries and other pension experts, Reuters reported.
4 min read · 01 September 2015
