Centaur Gaming has acquired Indiana Grand Casino and Indiana Downs Racetrack. Canadian mid-market buyout firm Clairvest Group invested $8.4 million in support of the Indiana Grand acquisition in the form of unsecured term loans with stapled warrants.
2 min read · 22 February 2013
Volaris Group Inc., a division of Toronto software company Constellation Software Inc., has acquired Information Distribution & Marketing Inc., a Warner Robins, Georgia-based provider of property and casualty insurance administration software to regional insurance companies and agents. Financial terms of the transaction were not published. Constellation is a portfolio investment of Canadian buyout firm OMERS Private Equity, which has backed the company since 2000. OMERS sold part of its stake in the company in 2012 for gross proceeds of C$173 million.
2 min read · 22 February 2013
Sandvine Corp., a Waterloo, Ontario-based company focused on network policy control solutions that add intelligence to communications service provider networks, has proposed to cancel its shares trading on the Alternative Investment Market (AIM) of the London Stock Exchange, as of March 15, 2013. Factors contributing to the decision include low trading volumes and the cost and management resources involved in maintaining the AIM listing. Formerly backed by Canadian and US venture capital firms, Sandvine went public in 2006. The company will continue to be listed on the Toronto Stock Exchange.
3 min read · 22 February 2013
Heritage Food Service Group Inc., a distributor of OEM service and replacement parts for commercial food services equipment, has entered into an agreement to acquire the Toronto-based R.G. Henderson & Son Ltd., which operates in the same industry sector. Financial terms of transaction, which is expected to be completed within weeks, were undisclosed. The Fort Wayne, Indiana-based Heritage Food Service has been a portfolio company of US private equity firm The Jordan Company since 2011.
2 min read · 22 February 2013
The Carlyle Group delivered a surprise Thursday. The alternative asset manager, which went public just last May, reported that fourth quarter profit fell 28 percent.
3 min read · 21 February 2013
When former Wells Fargo & Co Chief Executive Dick Kovacevich joined Norwest Bank in 1986, he had reservations about its private equity investments as he did not think it was the kind of business a bank needed to be in. He got over it, as sister news service Reuters reported.
6 min read · 21 February 2013
Insider trading. Misappropriated money. Money raised from later investors used to pay interest to early investors. None of those things has happened in the private-equity industry, right? Actually, the Securities and Exchange Commission begs to differ.
4 min read · 21 February 2013
2 min read · 20 February 2013
Cangene Corp., a Winnipeg, Manitoba-based developer and manufacturer of immune therapeutics, has closed its acquisition of the hemophilia product portfolio of Inspiration Biopharmaceuticals Inc. Cambridge, Massachusetts-based Inspiration, which has recently undergone bankruptcy proceedings, was previously a portfolio company of US private equity firm Celtic Pharmaceutical Holdings LP. Celtic has estimated the aggregate consideration of the deal could exceed US$1 billion.
7 min read · 20 February 2013
Tervita Corp. has closed refinancing deals totaling approximately C$850 million. One of the transactions involved a US$650 million offering of senior secured notes, and the other a C$200 million offering in senior secured notes (both due in 2018). The Calgary-based environmental and energy services company announced in January that it intended to refinance existing senior credit facilities due to mature in 2014. Tervita was taken private for C$3.5 billion in 2007 by CAI Private Equity, Goldman Sachs Capital Partners, Kelso & Co., Vestar Capital Partners, OSS Capital Management and other investors.
3 min read · 20 February 2013
