German insurer Allianz SE and Borealis Infrastructure, the infrastructure investment arm of Ontario Municipal Employees Retirement System, have completed their previously announced acquisition of Czech gas pipeline operator Net4Gas s.r.o. The company was sold by Germany's RWE Group. The joint venture deal, which has been valued at 1.6 billion euros (US$2 billion), including debt, will see Allianz and Borealis each own a 50 percent stake in Net4Gas.
3 min read · 08 August 2013
Montréal-based Valeant Pharmaceuticals International Inc. (NYSE: VRX and TSX: VRX) has completed its acquisition of eye care specialist Bausch + Lomb Holdings Inc. from U.S. private equity firm Warburg Pincus, which acquired the Rochester, New York-based company in 2007. Valeant in May agreed to pay US$8.7 billion in cash, of which around US$4.5 billion would go to Warburg Pincus and other investors, and around US$4.2 billion would be used to repay Bausch + Lomb's debt.
1 min read · 08 August 2013
Advanced Flow Technologies Inc., a Calgary-based company focused on field and Web-based technologies to keep operators informed about oil and gas well status, has received an undisclosed investment from Accelerate Fund and several angel investors. Funding will be used to develop the company's technology and invest in sales and marketing. Accelerate Fund is an angel co-investment fund managed by Canadian venture capital firm AVAC. Alberta Enterprise helped launch the fund in 2012 with a $10 million commitment.
3 min read · 08 August 2013
Vancouver-based Partnerpedia Inc., a provider of enterprise application store and marketplace solutions, has been bought by BMC Software Inc. (NASDAQ: BMC). The financial terms of the deal were not disclosed. Founded in 1996, Partnerpedia was backed by Canadian venture capital firm Yaletown Venture Partners and other investors since 2009. Earlier this year, BMC Software agreed to be acquired for US$6.9 billion by a private equity group led by Bain Capital and Golden Gate Capital.
4 min read · 08 August 2013
Toronto-based buyout firm Onex Corp. (TSX: OCX) announced that it has launched fundraising for its fourth partnership, Onex Partners IV, targeting a fund size of US$4.5 billion. Onex will be the largest limited partner with an early commitment of US$1.2 billion. The firm closed Onex Partners III in late 2011 at US$4.7 billion. Onex also reported that including realizations and distributions of about US$500 million, the value of Onex’ interest in Onex Partners' and ONCAP’s investments grew by 20% and 16%, respectively, in the six months ended June 30, 2013.
7 min read · 08 August 2013
Montréal-based TandemLaunch, an accelerator and investor in emerging consumer electronics and multimedia technologies, has received a $5 million commitment from BDC Venture Capital. BDC's commitment has been matched by an additional $5 million from angels and strategic advisors. TandemLaunch is aiming for a final closing of $15 million from both institutional and private sources. The firm already has five portfolio companies, including 3LD Noise Reduction and Mirametrix.
4 min read · 08 August 2013
Ray Investment, a partnership controlled by U.S. private equity firm Clayton, Dubilier & Rice, Eurazeo, Bank of America Merrill Lynch and pension fund manager the Caisse de dépôt et placement du Québec, has sold a further 10 percent stake in Paris-based Rexell Group, reports Reuters. The transaction was valued at 525.6 million euros (US$700 million). Ray has this year been steadily reducing its stake in the French electrical equipment supplier, writes Reuters. It disposed of a 14.7 percent chunk in February and shed a further 10 percent in June. Ray acquired a majority position in Rexell in 2005.
1 min read · 08 August 2013
Hub International Ltd., a global insurance brokerage, has agreed to be acquired by U.S. private equity firm Hellman & Friedman in a deal that values the company at approximately US$4.4 billion. The private equity sellers are Apax Partners and Morgan Stanley Principal Investments, which bought HUB for US$1.8 billion in June 2007. The Chicago-based Hub was founded in 1998 through a merger of 11 Canadian insurance brokerages and continues to have significant operations and employees in Canada. Canadian counsel on the deal was provided by Torys LLP.
4 min read · 08 August 2013
Toronto-based private equity firm TorQuest Partners has sold its portfolio company Associated Brands GP Corp., a manufacturer and supplier of private-label dry blend food and household products, to TreeHouse Foods Inc. (NYSE: THS) of Oakbrook, Ill., for $187 million. Canadian law firm Torys LLP advised TorQuest on the deal, which is expected to close in the third quarter. The Mississauga, Ontario-based Associated Brands has been backed by TorQuest since the firm's initial investment in 2005 and was taken private in a buyout in 2007. Last year, the company merged with North American Tea & Coffee and acquired Soluble Products.
6 min read · 08 August 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 agreed to purchase U.S. industrial property owner and operator Industrial Developments International Inc. (IDI) for US$1.1 billion. The seller is the U.S. subsidiary of Japan's Kajima Corp. BPY will own a 25% interest in IDI with the balance taken by partners. In June, the firm acquired U.K.-based EZW Gazeley Ltd., a developer of logistics warehouses and distribution parks.
5 min read · 08 August 2013
