U.S. private equity firm MidOcean Partners has agreed to sell Noranco Inc, a Canadian manufacturer and solutions provider to the global commercial and military aerospace industries, to Precision Castparts Corp (NYSE: PCP). The deal's value was not disclosed, however, Precision said it has agreed to pay US$560 million. MidOcean and Canadian pension fund manager PSP Investments jointly bought the Toronto-based Noranco in April 2013. PSP Investments has also agreed to sell its investment stake in the company, Precision said. During the past two years of private equity ownership, Noranco has been supported in driving growth and completing two acquisitions, MidOcean said.
3 min read · 27 July 2015
New Mountain Capital is exiting SNL Financial after four years during which the firm multiplied its investment by more than 6x.
2 min read · 27 July 2015
Planet Fitness Inc, known for its “judgment free zone” fitness centers and low prices, is expected to be valued at nearly $1.58 billion in its initial public offering, according to Reuters news service.
2 min read · 27 July 2015
McGraw Hill Financial Inc, the parent of the Standard & Poor’s ratings agency, said it would buy financial data and information company SNL Financial LC for about $2.23 billion, according to Reuters news service.
2 min read · 27 July 2015
Canadian buyout and related private equity deal-making continued to grow in the first half of 2015, according to final data released by Thomson Reuters. Disclosed values of deals (announced and closed) totaled $11.4 billion as of June 30th, the strongest first half for private equity investment in Canada since 2007. A total of 205 deals were done in this period, which set a new first-half record, Thomson Reuters said. Canadian buyout-PE investors were also more active overseas between January and June, leading or participating in 82 transactions valued at about $95 billion. In contrast, the pace of Canadian private equity fundraising slowed in the first half, with capital committed totaling $4.4 billion.
4 min read · 27 July 2015
One51 plc has wrapped up its control-stake acquisition of Canadian injection-molded plastic products manufacturer IPL Inc, a deal done in partnership with the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ, an existing investor in the company. The value of the acquisition was previously disclosed at about $280 million. The transaction provided an exit to Canadian private equity firm Novacap, which led the take-private buyout of the Saint-Damien, Québec-based IPL in 2010. Headquartered in Dublin, Ireland, One51 is an environmental services and plastics provider.
1 min read · 27 July 2015
Fundraising for agribusiness funds is poised for another robust year as LPs continue to show appetite for strategies focused on satiating the hunger of a growing population.
3 min read · 27 July 2015
2 min read · 27 July 2015
Acasta Enterprises Inc, a special purpose acquisition corporation (SPAC), has filed a final prospectus for an initial public offering. The IPO, which was previously priced to raise $275 million in gross proceeds, is now pegged to bring in $350 million. An over-allotment option granted to underwriters may see the Acasta SPAC raise over $400 million. The offering is expected to close before the end of the month. The Acasta SPAC is sponsored by Acasta Capital, a Toronto-based boutique merchant bank and advisory firm led by Anthony Melman, a former Onex Corp founding partner.
6 min read · 24 July 2015
Private equity firm Lindsay Goldberg & Co LLC is exploring a sale or initial public offering of government services provider PAE, which could value it at up to $1 billion, including debt, people familiar with the matter told Reuters.
2 min read · 24 July 2015
