Canadian retailer Hudson's Bay Co. (TSX: HBC) has agreed to acquire Saks Inc. (NYSE: SKS) for approximately US$2.9 billion. The boards of directors of each company have approved the deal, which is expected to close by the end of this year. HBC will finance the acquisition, and refinance some existing debt, with US$1.0 billion of new equity, US$1.9 billion of senior secured loans, US$400 million of senior unsecured notes, and cash on hand. Affiliates of Ontario Teachers’ Pension Plan and West Face Capital have separately committed to provide a combined US$750 million of equity funding to support the deal. HBC was bought by U.S. private equity firm NRDC Equity Partners in 2008, and went public in late 2012.
10 min read · 02 August 2013
Canadian mid-market buyout firm Birch Hill Equity Partners is considering acquiring wireless providers Mobilicity, a.k.a. Data & Audio-Visual Enterprises Wireless Inc., and Wind Mobile, says a report by The Globe and Mail, citing unnamed sources. The report says the two proposed transactions are being considered in partnership with Rogers Communications Inc., and represent a "defensive strike" in anticipation of plans by U.S.-based Verizon Communications Inc. to buy the same companies. Mobilicity has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.
1 min read · 02 August 2013
Crossroads C&I, which is backed by Distribution International Co., said Friday that it has closed its acquisition of GlassCell Isofab Inc.. No financial terms were disclosed. Headquartered in Toronto, GlassCell Isofab is a distributor and maker of thermal and acoustical insulation products. Houston, Texas-based Distribution International is a portfolio company of Audax Private Equity and The CapStreet Group. Update: Crossroads C&I was in sold to Distribution International by Canadian private equity firm Yellow Point Equity Partners in July 2012.
3 min read · 02 August 2013
Dell Inc’s special committee and a group led by founder and Chief Executive Michael Dell are nearing a deal that dramatically increases the chances of his $24.6 billion buyout going through, two people familiar with the matter told sister news service Reuters on Friday.
3 min read · 02 August 2013
Transition Therapeutics Inc. has entered into a $21.7 million private placement with investors. Under terms of the deal, the investors, which include Oracle Investment Management, members of Transition's board, management and other shareholders, will purchase 2,625,298 units of the company at a price of $4.19 per share.The private placement is expected to close on or about August 15, 2013. Based in Toronto, Transition Therapeutics is a biopharmaceutical company. Update: The company was previously backed by Canadian venture capital firms.
3 min read · 02 August 2013
Two Edmonton, Alberta-based companies, Innovative Mechanical Solutions Ltd. and Leading Edge Heat Treatment Ltd., together known as iMech, have merged with H-D Advanced Manufacturing Co., which was formed in December 2012 by U.S. private equity firms The Riverside Company, Hicks Equity Partners and Weinberg Capital Group. Financial terms were not disclosed. iMech manufactures custom bearings for the drilling motor industry. H-D was established to acquire manufacturers of heavy-duty, precision engineered parts.
4 min read · 01 August 2013
Montréal-based Osisko Mining Corp. (TSX:OSK), which operates the Malartic Gold Mine in Québec, has reached agreements with CPPIB Credit Investments, the Caisse de dépôt et placement du Québec and Ressources Québec, a subsidiary of Investissement Québec, to adjust the terms of its $225 million long-term debt facilities. A new repayment schedule was created for the $150 million CPPIB facility and $75 million in convertible debentures. Osisko is a portfolio company of the Fonds de solidarité des travailleurs du Québec FTQ.
4 min read · 01 August 2013
Vancouver-based Huldra Silver Inc. (TSX VENTURE: HDA), a silver mining, exploration and development company, has obtained protection under the Companies' Creditors Arrangement Act (CCAA). While under CCAA protection, Huldra will continue to restructure its financial affairs and recommence operations at its mine and mill. The company's primary secured creditor, Waterton Global Value LP, managed by Toronto-based private equity firm Waterton Global Resource Management, will also extend up to $4.8 million in debtor-in-possession financing to Huldra.
8 min read · 01 August 2013
Dunes Point Capital, the new investment firm of Tim White, has made its first deal, sister website peHUB reported.
1 min read · 01 August 2013
C. Kevin Landry, the former CEO and chairman of TA Associates, has died at the age of 69.
2 min read · 01 August 2013
