Silver Ridge Power Inc., founded in 2012 by U.S. private equity firm Riverstone Holdings and AES Corp., has cancelled its planned initial public offering (IPO) on the Toronto Stock Exchange, citing "market conditions." Expected IPO proceeds were recently reported to be down from those announced in April, when the company filed a preliminary prospectus. The Arlington, Virginia-based Silver Ridge acquires solar plants and projects owned by AES Solar Energy Ltd., a 2008 joint venture between AES and Riverstone.
1 min read · 15 May 2013
Toronto's iotum Corp., an operator of online collaboration and conference calling services, has acquired Global Conference Partners, provider of FreeConference.com and related teleconferencing services. Global Conference Partners is located in Glendale, California. The financial details of the deal were not published. Global Conference Partners was a portfolio company of U.S. private equity firm American Capital, while iotum is backed by boutique technology investor Verdexus, which has offices in Waterloo, Ontario, the United States and the United Kingdom.
2 min read · 15 May 2013
Toronto-based ONCAP Management Partners, the mid-cap private equity arm of Onex Corp., has appointed Edmund Kim as a director of the firm. Mr. Kim, who holds an M.B.A. from Harvard Business School and a Bachelor of Commerce from The University of Toronto, previously spent five years with M/C Partners, a U.S.-based mid-market private equity firm. Before then, he was with Merrill Lynch.
1 min read · 15 May 2013
Kitchener, Ontario-based Auvik Networks Inc., an enterprise networking start-up, has obtained its first round of venture capital financing, totaling $6 million, from Canadian firms Celtic House Venture Partners, Rho Canada Ventures and BDC Venture Capital IT Fund. The company founders, which include serial entrepreneur Marc Morin, the founder of previously venture-backed PixStream and Sandvine, also contributed to the round. Auvik will use the new funds to accelerate development and commercialization of its cloud-managed network automation platform.
4 min read · 15 May 2013
British water company Severn Trent Plc has rejected an approach by a consortium consisting of Borealis Infrastructure Management, the infrastructure investment arm of Ontario Municipal Employees Retirement System, Kuwait Investment Office and U.K.-based Universities Superannuation Scheme. After meeting with the investor group, the company's board said the acquisition offer, the value of which has been reported at £5.3 billion (US$8.1 billion), failed "to recognise the existing and potential value of Severn Trent."
1 min read · 15 May 2013
The Ontario Teachers’ Pension Plan, one of Canada’s largest and most innovative, named Ron Mock to succeed Jim Leech as its president and CEO, according to a spokeswoman, Deborah Allan. Since 2008, according to Buyouts, peHUB's sister magazine, Mock has been the pension’s senior vice president in charge of fixed income and alternative investments...
2 min read · 15 May 2013
A new Atlantic Canada-based venture capital firm, Build Ventures, has been launched with an initial partnership totaling $48.5 million. Limited partners to date include BDC Venture Capital, several provincial governments, and the Moncton-based Technology Venture Corp. The Halifax-based Build Ventures will focus on making early stage and Series A investments in regional technology companies, and will be managed by Patrick Keefe, formerly with venture capital firm Innovacorp, and Rob Barbara, formerly with Burgundy Asset Management.
3 min read · 14 May 2013
Electricity and gas provider EnergyAustralia has agreed to sell a 75% equity interest in a 111MW Waterloo operational wind farm, near Clare, South Australia. The joint buyers, which will pay AUD$228 million (US$228 million) for the assets, are Canadian and Australian infrastructure investors Northleaf Capital Partners and Palisade Investment Partners. EnergyAustralia will keep a 25% interest in the wind farm and will be contracted to provide asset management services.
3 min read · 14 May 2013
Ontario Teachers' Pension Plan's Ron Mock, who is currently senior vice-president, fixed income and alternative investments, will succeed Jim Leech as president and CEO at the beginning of 2014. Mr. Leech, who joined Teachers in 2001 to lead the pension plan's private equity investment arm Teachers' Private Capital, will retire on December 31, 2013. Mr. Mock joined Teachers in 2001. His responsibilities have included being a board member of Cadillac Fairview, which manages Teachers' $21 billion real estate portfolio.
4 min read · 14 May 2013
Calgary's Second Wave Petroleum Inc., a producer of crude oil and natural gas in Western Canada, has completed a previously-announced $17.5 million debenture financing intended to meet capital requirements. The debenture was provided by controlling investor Brookfield Bridge Lending Fund. In connection with its consideration of a proposal from Brookfield to privatize the company for $0.30 per share, a special committee of Second Wave's independent directors is currently preparing a formal valuation.
5 min read · 14 May 2013
