Farmington, Connecticut-based EDAC Technologies Corp. a designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced that MidOcean Partners and Public Sector Pension Investment Board had withdrawn a proposal to acquire 100% of company shares. The bid, which has been estimated to value about US$97 million, was made in March. EDAC's board of directors continued to recommend an offer by GB Aero Engine LLC, an affiliate of the Greenbriar Equity Group.
5 min read · 10 April 2013
Three senior executives at CHS Capital are forming a Chicago buyout firm called Shorehill Capital, which will be seeded with about $100 million from its principals.
2 min read · 10 April 2013
The Caisse de dépôt et placement du Québec and Desjardins Capital de risque have jointly committed C$230 million to phase II of the Capital Croissance PME (CCPME) fund. Like the first partnership, which was capitalized at C$200 million in 2010, CCPME II will invest primarily in the form of subordinated loans of under C$5 million in support of the growth and development of Québec small businesses. CCPME I has invested C$135 million in 128 businesses to date.
3 min read · 10 April 2013
Canadian specialty investment firm Crown Capital Partners has provided a C$25 million debenture to Claude Resources Inc., a gold exploration and mining company based in Saskatoon, Saskatchewan. Proceeds of the deal will be used for working capital purposes. Crown Capital, which recently closed Norrep Credit Opportunities Fund II at C$100 million, completed its previous transaction in late 2012, when the firm provided a C$20 million debenture to Calgary’s Genalta Power Inc.
1 min read · 10 April 2013
The Fonds de solidarité des travailleurs du Québec (FTQ) has provided up to C$12 million in unsecured subordinated funding to AJW Technique, a subsidiary of U.K.-based A J Walter Aviation Ltd. The Fonds de solidarité's investment is part of a C$30 million deal intended to help relaunch facilities for the repair and maintenance of aircraft components formerly associated with Aveos Fleet Performance Inc. The other funders are the Saint-Laurent-based AJW itself and the Québec government.
2 min read · 09 April 2013
With private equity's help, Canada is out-pacing the United States to be the first exporter of liquefied natural gas (LNG) from the North American shale bonanza to Asia’s US$150 billion LNG market, reports Bloomberg. An LNG facility located near Kitimat, British Columbia, to be managed by Douglas Channel Energy Partnership (DCEP), is backed by Texas-based private equity firm LNG Partners. LNG Partners has undertaken the project in partnership with the Haisla Nation aboriginal community, according to DCEP's website.
1 min read · 09 April 2013
Restructuring and special situations firm Hilco UK has completed the acquisition of British entertainment retailer HMV Group PLC from its administrators, Deloitte. The transaction, which has been valued at £50 million (or around US$76 million) according to BBC News, includes 141 stores and 2,500 employees. Hilco said it hopes to "replicate some of the success we have had in the Canadian market with the HMV Canada business." Hilco acquired HMV Canada Inc. in 2011.
2 min read · 09 April 2013
The board of directors of Resverlogix Corp., a Calgary-based biopharmaceuticals company, has approved a proposal to spin out subsidiary RVX Therapeutics Inc. through an arrangement whereby investors receive one share in each of the two companies. The transaction is intended to give RVX Therapeutics the opportunity to fully leverage its epigenetics platform. Resverlogix has been backed by venture capital firms, including New York-based NGN Capital, since 2009.
6 min read · 09 April 2013
Calgary-based Greengate Power Corp., a developer of wind energy projects, has sold its 300 MW Blackspring Ridge wind project to Enbridge Inc. and EDF EN Canada Inc. While financial details of the acquisition were not published, the Blackspring Ridge project was said to represent the largest investment in wind energy in Alberta at approximately C$600 million. Greengate Power has been backed by venture capital firms NGEN Partners, SAM Private Equity and Westly Group since 2011.
4 min read · 09 April 2013
U.S. venture capital firm In-Q-Tel has made an undisclosed strategic investment in Redlen Technologies Inc., a Saanichton, British Columbia-based developer and manufacturer of high-resolution cadmium-zinc-telluride semiconductor radiation detector products. In-Q-Tel and Redlen have also entered into a technology agreement. Redlen has been venture-backed since 2004. Its investors include Canadian firms BC Advantage Funds (VCC), GrowthWorks and Yaletown Venture Partners.
3 min read · 09 April 2013
