Remcan Projects Ltd., a Langley, B.C.-based provider of maintenance, construction and emergency services to the railroad industry, has been acquired by Yellow Point Equity Partners III LP, which is managed by Canadian private equity firm Yellow Point Equity Partners. Yellow Point partnered in the deal with members of Remcan’s management team, including CEO John Thwaites. Proceeds of the investment will allow the company to expand the scope of its services and pursue capital spend opportunities. Based in Vancouver, Yellow Point invests in mid-market businesses located primarily in Western Canada.
2 min read · 30 August 2013
1 min read · 30 August 2013
Luxembourg-based satellite TV business M7 is seeking to raise a 355 million euro ($469.5 million) loan to refinance its debt and pay a large dividend to its private equity owners, banking sources told sister service Thomson Reuters Loan Pricing Corp.
2 min read · 30 August 2013
The Blackstone Group LP has agreed to pay $85 million to settle an investor class action lawsuit accusing the private equity giant of not disclosing bad investments before its $4.7 billion initial public offering in 2007, sister news service Reuters reported.
2 min read · 30 August 2013
Demeure Operating Co. Ltd. said Friday that it has closed $4 million in funding from both new and existing investors. According to the company, the capital will be used for growth and expansion. Based in Waterloo, Ontario, Demeure is a travel marketplace. Update: The company's CEO is Peter Schwartz, the former CEO of Descartes Systems.
3 min read · 30 August 2013
A U.S. lawsuit accusing private equity firms of conspiring not to outbid each other on companies they sought to buy now has one fewer defendant, after Thomas H. Lee Partners LP persuaded a federal judge on Thursday to dismiss the case against it, sister news service Reuters reported.
2 min read · 30 August 2013
A number of shareholders of Ottawa, Ontario-based Halogen Software Inc. (TSX: HGN), a provider of cloud-based talent management products, have agreed to sell shares on a bought deal basis for gross proceeds of around $21 million. Included in this secondary equity offering is U.S. venture capital firm JMI Equity, which has backed the company since 2008. Halogen completed its initial public offering on the Toronto Stock Exchange in May 2013.
5 min read · 29 August 2013
The Pentagon has opened a criminal investigation of an Army aviation unit that awarded tens of millions of dollars worth of contracts to Russian and U.S. firms for maintenance and overhaul of Russian-made helicopters, people familiar with the matter told sister news service Reuters.
7 min read · 29 August 2013
Online deals destination TeamBuy.ca Inc. has secured $5 million in growth funding from Canadian venture capital firm BEST Funds, with participation from existing investors. The deal follows the company's buy of FabFind.com earlier in August, and its January merger with venture-backed Dealfind.com. BEST Funds CEO John Richardson told peHUB Canada that his firm backed TeamBuy because of "its strong management team" and "ability to be successful in one of the toughest markets around." Richardson said the company's acquisitions will bring it much greater scale. For this reason, Richardson is "very optimistic about its future." TeamBuy was founded in 2009 and is based in Toronto.
3 min read · 29 August 2013
Clayton, Dubilier & Rice has so far collected about $2.7 billion for its next buyout fund, according to a source and an SEC filing.
2 min read · 29 August 2013
