A former Canadian Imperial Bank of Commerce investment banker has agreed to pay US$340,000 to settle charges brought by U.S. regulators that he illegally traded ahead of a buyout offer for Tomkins Plc based on information he gleaned from his job, reports Reuters. Richard Bruce Moore bought Tomkins ADRs, which trade on the New York Stock Exchange, several weeks before Onex Corp. and Canada Pension Plan Investment Board announced plans in July 2010 to buy the British manufacturing and engineering company.
1 min read · 18 April 2013
Lignol Energy Corp., a Burnaby, British Columbia-based company focused on advanced biofuels and renewable chemicals, has converted its earlier investment in Territory Biofuels Ltd. (TBF) into a 40% fully diluted equity stake. Lignol is now the largest shareholder in TBF, which owns a 150 million litre per year biodiesel plant and glycerine refinery located in Darwin, Australia. Lignol is backed by Canadian merchant bank Difference Capital Funding.
4 min read · 18 April 2013
Homburg Invest Inc., a Dartmouth, Nova Scotia-based manager, acquirer and developer of real estate, announced that in the context of its court-approved investment proposal process, the restructuring company has entered into a support agreement with Catalyst Capital Group. The agreement is intended to give creditors additional optionality in continuing negotiations, including the possibility to receive a cash payments from Catalyst. Toronto's Catalyst specializes in control investments in distressed and undervalued situations.
3 min read · 18 April 2013
Vancouver's LX Ventures Inc., a publicly traded technology incubator that launches, integrates and acquires early-stage, high-growth technology companies, has made two additions to its advisory board. Among them was Sheldon Inwentash, chairman and CEO of Canadian private equity firm Pinetree Capital. Alison Lawton, a Canadian business executive and social venture philanthropist, also joined the board.
4 min read · 18 April 2013
Waterloo, Ontario-based Rebellion Media Group Corp., a creator and acquirer of digital media properties, has acquired Incentivibe, a company that pools small businesses so they can hold shared contests with prizes. The non-disclosed deal marks the first acquisition of an early-stage company from Communitech’s year-old HYPERDRIVE startup accelerator program. Incentivibe was also a portfolio investment of U.S. angel organization Canrock Ventures.
2 min read · 18 April 2013
A former Canadian Imperial Bank of Commerce investment banker agreed on April 16 to pay $340,000 to settle charges brought by U.S. regulators that he illegally traded ahead of a buyout offer for Tomkins plc based on information he gleaned from his job.
2 min read · 18 April 2013
REBgold Corp., a Toronto-based company which acquires and develops interests in gold assets, has received a commitment of C$1.4 million in funding from British mining-focused private investment firm Baker Steel Capital Managers. The investment is part of a transaction valued up to C$2.5 million. REBgold will use the proceeds to investigate new opportunities, to continue investing in gold projects in Finland, and for working capital.
4 min read · 17 April 2013
Valcourt, Québec-based Bombardier Recreational Products Inc. (BRP), a portfolio company of Bain Capital and the private equity group of the Caisse de dépôt et placement du Québec, has filed a preliminary prospectus with Canadian regulatory authorities in connection with a proposed initial public offering of subordinate voting shares. BRP, which develops, manufactures and distributes power-sports vehicles, such as Ski-Doos and Sea-Doos, was acquired by Bain, the Caisse and members of the Bombardier family for C$960 million in 2003.
2 min read · 17 April 2013
Private equity mogul Stephen Feinberg is exploring a bid for Freedom Group, the Bushmaster rifle manufacturer that his firm, Cerberus Capital Management LP, put up for sale after one of its guns was used in a Connecticut school shooting late last year, three people familiar with the situation told sister news service Reuters.
3 min read · 17 April 2013
Indianapolis, Indiana-based Allison Transmission Inc., a manufacturer of transmissions and hybrid-propulsion systems for commercial vehicles, announced a proposed secondary offering of 22,000,000 common shares by private equity owners The Carlyle Group and Onex Corp. Following the offering, Carlyle and Onex will continue to own up to 70% of the company's total outstanding shares. The two buyout firms acquired Allison in 2007 for US$5.6 billion.
2 min read · 16 April 2013
