U.S. credit and special situations investor Tennenbaum Capital Partners has agreed to provide up to US$82.5 million of financing to Cargojet Inc (TSX: CJT), a Canadian supplier of time-sensitive overnight air cargo services. The deal is intended to fund Cargojet's acquisition and conversion of Boeing 767-300ER passenger aircraft into freighter aircraft. Tennenbaum said the transaction will help the company achieve additional capacity to support continued growth. Cargojet has its headquarters in Mississauga, Ontario.
2 min read · 23 July 2015
The Public Sector Pension Investment Board (PSP Investments) reported a gross total portfolio return of 14.5 percent for the fiscal year ending March 31, 2015. This performance exceeded PSP's policy portfolio benchmark rate of return of 13.1 percent. Partly as a result, the pension fund manager's net assets increased by $18.3 billion in fiscal 2015, or 20 percent, bringing total net assets to $112.0 billion. Among private market assets, real estate and natural resources led with returns of 12.8 percent and 12.2 percent, respectively. The private equity portfolio returned 9.4 percent. In January, PSP named André Bourbonnais as its new president and CEO.
4 min read · 23 July 2015
Yann Robard, managing director and head of secondaries and co-investments at the Canada Pension Plan Investment Board (CPPIB), is stepping down, becoming the third secondaries veteran to leave a top post this year. He will be replaced by eight-year veteran Michael Woolhouse, who has been senior principal of funds, secondaries and co-investments at CPPIB.
2 min read · 23 July 2015
Sysomos Inc, a portfolio company of OMERS Private Equity, has bought Expion LLC, a social marketing software company based in Raleigh, North Carolina. The financial details of the transaction were not disclosed. Sysomos said the acquisition will create a new platform that is capable of providing fully-integrated product solutions for social analysis, publishing and audience targeting. Prior to 2015, the Toronto-based Sysomos was an affiliate of Marketwired Inc, which is also backed by OMERS. In February, it was set up as an independent business led by former Microsoft Corp executive Lindsay Sparks. OMERS at the time said it would support the company's global expansion plans.
4 min read · 22 July 2015
Morneau Shepell Inc has agreed to buy the U.S. health and welfare benefits administration business of Ceridian Corp. The deal, the value of which was not disclosed, is expected to wrap up at the end of the month. Morneau Shepell, a Canadian provider of human resources consulting and technology, said the acquisition adds to its core business and will support its continued growth in the United States. Based in Minneapolis, Minnesota, Ceridian is a provider of human resources software and service solutions. It was acquired by U.S. private equity firm Thomas H. Lee Partners and Fidelity National Financial Inc in 2007.
3 min read · 22 July 2015
Stern Partners, a private equity firm with investment experience in the retail industry, plans to acquire Comark, a PE-backed Canadian clothing chain that filed for bankruptcy protection earlier this year.
2 min read · 22 July 2015
Antares Capital is lining up a US$13.9 billion financing package that backs General Electric Capital Corp's sale of the mid-market sponsor finance platform to Canada Pension Plan Investment Board (CPPIB) and raises funds for future growth, sources told Reuters. Credit Suisse is leading the credit facilities.
2 min read · 21 July 2015
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure), Samsung Renewable Energy Inc and the Six Nations of the Grand River have wrapped up construction of the 100 megawatt Grand Renewable solar project. The project, located in Ontario's Haldimand County, is intended to provide an alternative energy source to over 17,000 households in the province. Construction began in 2013 and was completed by Canadian Solar Inc. CC&L Infrastructure, an affiliate of Canadian asset manager Connor, Clark & Lunn Financial Group, and its partners were responsible for the funding.
4 min read · 21 July 2015
Dicom Transportation Group, a Canadian portfolio investment of U.S. private equity firm Wind Point Partners, has bought Extra Express, an asset-light provider of business-to-business last-mile services based in Los Angeles. No financial terms were disclosed. The deal, which will see Extra Express aligned with the express division of the Montréal-based Dicom, will give the latter last-mile capabilities in the western United States. The acquisition is Dicom's third so far in 2015. Earlier in the year, the transportation and logistics company also purchased Modern Forwarding and Orbis Logistics. Wind Point acquired Dicom in early 2014.
3 min read · 21 July 2015
Comark Inc, a Canadian specialty fashion retailer, has executed an asset purchase agreement regarding a proposed sale of its business and assets. The deal, the value of which was not disclosed, will see Pacific West Commercial Corp, an affiliate of Canadian private equity firm Stern Partners, acquire and operate Comark's retail banners, Ricki's, Bootlegger and cleo. Comark, which obtained creditor protection earlier in 2015, said the purchase price is expected to repay its secured lender in full. Any surplus funds will be made available to unsecured creditors. Established in 1976, Comark currently operates about 300 stores. It is based in Mississauga, Ontario. The acquisition is expected to close in August.
4 min read · 21 July 2015
