Time Warner Inc. is in talks to sell the majority of its Time Inc. magazine division to Meredith Corp., sister news service Reuters reported, citing a source familiar with the situation. The source, who asked not to be named, said the talks are in the early stages and are “very fluid.” The valuation being ascribed to Time Inc., the nation’s largest magazine publisher, with titles such as Time, Sports Illustrated and People, ranges from $2 billion to $3.5 billion.
3 min read · 14 February 2013
The recent sale of Georgetown, Ontario manufacturer Mold-Masters Ltd. by 3i Group gave the British private equity firm a money multiple of approximately 2.6X on its original investment. 3i, which invested C$166 million in Mold-Masters in 2007, realized its gains on the C$975 million acquisition of the company by Milacron LLC, backed by CCMP Capital Advisors. Luisa Beltran of peHUB has a piece about how the restructuring 3i plans to use its balance sheet for future deal-making in North America and Europe.
4 min read · 14 February 2013
KnexxLocal Inc., a Toronto-based startup which helps businesses connect with more customers through word-of-mouth referrals online, has closed a seed-stage financing totaling C$1.1 million. The company's backers included Canadian venture capital firm Round 13 Capital and local angel investors. Along with the financing announcement, KnexxLocal debuted its free Instamonial iOS app. The KnexxLocal financing is Round 13's second disclosed deal since the firms' launch in 2012.
3 min read · 14 February 2013
Point Nine Capital, a German early-stage venture capital firm which has recently been active in the Canadian market, has raised a new €40 million partnership, Point Nine Capital II. Self-described as the "Angel VC" because of its angel investment approach to venture capital activity, Point Nine participated in the syndicated financing of Edmonton startup Jobber Inc. in February, 2013, and last year backed Vancouver's Themis Solutions Inc.
3 min read · 14 February 2013
Congebec Logistics Inc., a provider of a range of warehousing and multi-temperature transportation and logistics services, has acquired the assets of Westco MultiTemp Distribution Centres Inc., a Winnipeg, Manitoba-based company which specializes in storage and refrigeration of food and related products. The financial terms of the transaction were not published. The Québec City-based Congebec is a portfolio company of Capital régional et coopératif Desjardins, which is managed by Desjardins Capital de risque.
2 min read · 14 February 2013
Warren Buffett’s Berkshire Hathaway Inc. and 3G Capital will buy ketchup maker H.J. Heinz Co. for $72.50 a share, or $23.2 billion in cash, sister news service Reuters reported, citing a statement by Heinz.Including debt assumption, Heinz valued the deal at $28 billion, which it called the largest in food industry history.
1 min read · 14 February 2013
Mobilicity Inc. has entered into a C$75 million second lien financing. The first stage consists of a C$35 million facility provided by certain lenders and the second stage will consist of a C$75 million follow-on facility that will be backstopped by the lenders. Formerly known as Data & Audio-Visual Enterprises Wireless, Mobilicity is a Canadian smart mobile carrier, and has been backed by US private equity firm Quadrangle Capital Partners since 2008.
2 min read · 13 February 2013
Shareholders in H. Paulin & Co., a Toronto-based manufacturer and distributor of fasteners, fluid system products, automotive parts and retail hardware components, have approved the company's acquisition by The Hillman Companies Inc. When first announced in December, 2012, the transaction was priced at an estimated C$103 million. The Cincinnati, Ohio-based Hillman has been a portfolio company of US private equity firm Oak Hill Capital Partners since 2010
3 min read · 13 February 2013
Canadian private equity firm Fulcrum Capital Partners has made an equity investment in Skyservice Investment Ltd., a Toronto-based operator and provider of business aviation services to corporate and private clients. The Fulcrum investment, totaling C$22 million, will facilitate a management buyout, to which company management and shareholders also contributed equity. Skyservice is the fifth investment of Fulcrum’s Private Equity Fund IV, which closed at $193 million in 2012.
2 min read · 13 February 2013
Consorteum Holdings Inc., a Mississauga, Ontario-based company in the financial services, payment and transaction processing industry, has entered into an agreement for a C$30 million funding commitment from AIC Group Holdings, a private equity firm incorporated under the laws of the British Virgin Islands. Consorteum will use the proceeds of the investment to provide working capital, fund sales and marketing, and to allow the company to identify potential merger and acquisitions in the online and mobile gaming sector.
6 min read · 13 February 2013
