Brad Meikle

Riverstone's Meritage Midstream Services to open office in Calgary

Meritage Midstream Services III LP, a partnership backed by U.S. private equity firm Riverstone Holdings, plans to soon open its Canadian office in Calgary. The office will be led by energy industry veteran Michael Hantzsch, who has been hired as senior vice president, Canada. Meritage, which has entered into an agreement with Canadian International Oil Corp to build local crude oil and natural gas infrastructure, received a US$300 million commitment from Riverstone in April. The partnership is focused on midstream opportunities in Western Canada.

Johnson Electric to buy Crestview Partners-backed Stackpole for $800 mln

Hong Kong's Johnson Electric Holdings Ltd has agreed to acquire Stackpole International, a Canadian manufacturer of engine and transmission pumps and powder metal components for the global automotive market. The total consideration payable by Johnson is $800 million in cash, which may rise to $867 million due to transaction additions and adjustments. Stackpole's high-yield debt will be retired in conjunction with the deal, which is expected to close in the fourth quarter of 2015. The company is being sold by an investor group led by U.S. private equity firm Crestview Partners. Crestview and CITIC Capital bought Stackpole from Sterling Group and Current Capital in October 2013. It was carved out of Gates Canada in 2011.

Symantec to sell Veritas to Carlyle-led group for $8 bln

Norton antivirus software maker Symantec Corp said it would sell its data storage business, Veritas, for $8 billion in cash to a group including Carlyle Group LP and Singapore’s sovereign wealth fund GIC, Reuters reported.

TPG buys Hungarian developer for more than $500 mln

TPG has agreed to buy Hungarian real estate developer TriGranit and its more than 500 million euros ($547.95 million) worth of commercial property assets in Central and Eastern Europe, TriGranit said on Monday, Reuters reported.

Blackstone seeks sale of facility management firm GCA

Blackstone Group LP is exploring the sale of GCA Services Group Inc, in a deal that could value the provider of janitors and cleaners to schools and businesses at more than $1 billion, including debt, according to people familiar with the matter, Reuters reported.

Buyer of PE-backed Noranco to be acquired by Berkshire Hathaway

Precision Castparts Corp (NYSE: PCP), which recently agreed to buy Canadian aerospace platform Noranco Inc, has entered into an agreement to be acquired by Berkshire Hathaway Inc (NYSE: BRK.A; BRK.B) for US$235 per share in cash. The deal, which is expected to close in early 2016, is valued at about US$37.2 billion, including net debt. In July, Precision, a U.S. manufacturer of metal components and products for aerospace, power and industrial markets, said it would buy Noranco for US$560 million. The pending deal will provide exits to U.S. private equity firm MidOcean Partners and Canadian pension fund manager PSP Investments, which bought Noranco in 2013.

TDR Capital to sell Lowell to Permira, OTPP to remain an investor

European private equity firm Permira has agreed to buy U.K.-based Lowell Group Ltd, a provider of credit management services, specializing in credit management and data analytics. The seller is TDR Capital. No financial terms were disclosed. As a result of the deal, Permira will merge the company with GFKL, a German provider of receivables management services. The Ontario Teachers' Pension Plan (OTPP) and Lowell's senior management will remain shareholders. In August 2014, Teachers’ Private Capital, the private equity investment arm of OTPP, agreed to acquire a significant minority interest in Lowell.

Bow River's Kobelt Manufacturing acquires Accu-Steer

Kobelt Manufacturing Co Ltd, a portfolio company of U.S. private equity firm Bow River Capital Partners, has bought Accu-Steer Inc, a U.S. designer and builder of hydraulic power steering units. The financial terms of the deal were not released. Kobelt, a manufacturer of propulsion controls, steering systems, thrusters, stabilizers and braking systems for marine, transportation and other industrial uses, said the acquisition completes its product line. Based in Surrey, British Columbia, Kobelt was acquired by Bow River in February 2013.

Brookfield affiliate closes $2.5 bln acquisition of Associated Estates

An affiliate of Brookfield Asset Management has completed its previously-announced acquisition of Associated Estates Realty Corp, a U.S. real estate investment trust with a portfolio of 56 apartment communities containing 15,004 units located in 10 states. The deal was valued at US$2.5 billion, including the assumption of debt. Associated Estates, whose common shares ceased trading on the NYSE and the Nasdaq last week, is now managed by Fairfield Residential Co LLC.

CPPIB Liberty Living buys five student residences in U.K. for $670 mln

CPPIB Liberty Living Inc has purchased a portfolio of five student accommodation residences from Student Castle, a provider of university student housing in the United Kingdom. CPPIB Liberty Living paid £330 million (about $670 million) for the assets, which comprise a total of 2,153 beds in five major university cities. The Canada Pension Plan Investment Board (CPPIB) acquired Liberty Living, a U.K. student accommodation specialist, in March 2015. The pension fund manager paid about US$1.67 billion for the business.