Trinity Consultants Inc, a portfolio company of U.S. private equity firm Gryphon Investors, has bought Minnow Environmental Inc, a specialty consulting business focused on aquatic ecology with offices in Georgetown, Ontario and Victoria, British Columbia. The acquisition's value was not published. Trinity, an environmental consulting company based in Dallas, said the deal was its second in Canada: in 2013, it acquired Church and Trought Inc. Trinity was recapitalized by Gryphon in November 2011. Gryphon acquired its majority interest in the company from Sentinel Capital Partners.
2 min read · 13 July 2015
Catalyst Capital Group's latest distressed-for-control fund is expected to have a 75 percent participation interest in new loans issued by Callidus Capital Corp (TSX: CBL), a Canadian specialty lender and Catalyst portfolio company. Catalyst Fund LP V's interest is expected to be repurchased by Callidus within four to six quarters of the fund's first close at par and with a pro-rata guarantee. Participation in new Callidus loans is contingent on Fund V closing at or above its initial target of US$1.25 billion. The fund raised US$650 million in a first tranche in April. Callidus, which lends mostly to distressed businesses, reported growth in its gross loans receivable since May to $1.053 billion.
4 min read · 13 July 2015
Democratic presidential contender Hillary Clinton will pledge on Monday to close the carried interest tax loophole that allows private equity fund managers to pay a lower tax rate on much of their earnings, according to a draft of a speech seen by an outside adviser, Reuters reported.
1 min read · 13 July 2015
A faction of Republican conservatives who successfully slid the knife into the U.S. Export-Import (Ex-Im) Bank are eyeing a new target for their drive against what they call “crony capitalism” – an obscure agency that helps U.S. firms invest in the developing world, Reuters reported.
4 min read · 13 July 2015
The California Public Employees’ Retirement System, the biggest U.S. public pension fund, on Monday reported a 2.4 percent net rate of return for the 12 months ended June 30, slightly underperfoming its benchmark index, Reuters reported.
2 min read · 13 July 2015
The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure recently completed their joint acquisition of a 33.33 percent stake in Associated British Ports (ABP), the United Kingdom's leading port operator. The purchase from GS Infrastructure Partners and Infracapital was previously estimated to value about 1.6 billion pounds ($2.9 billion). Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), is an existing investor in ABP. CPPIB currently estimates its global infrastructure portfolio at $15.2 billion.
3 min read · 13 July 2015
Sleep Country Canada Holdings Inc, a portfolio company of Canadian private equity firm Birch Hill Equity Partners and other investors, has filed a final prospectus for its initial public offering. The company plans to issue 17.65 million shares at $17 per share to raise gross proceeds of over $300 million. That's up from the $250 million cited in prior reports. An over-allotment option granted to underwriters could give Sleep Country as much as $345 million. Birch Hill and other existing investors are expected to continue to hold most of the interest in the Toronto-based mattress retailer following the IPO's close. As reported by peHUB Canada in June, another Birch Hill portfolio company, Shred-it International, has also filed to go public.
5 min read · 13 July 2015
Rogers Communications has put The Shopping Channel up for sale and received interest from foreign buyers for the television asset that may fetch over $300 million, sources told Reuters. Rogers, which started the process about six weeks ago, may attract bids from Liberty Interactive, U.S. home shopping channel operators, as well as private equity firms.
2 min read · 13 July 2015
Canadian specialty finance firm Crown Capital Partners has completed its initial public offering, raising gross proceeds of more than $65 million. It may raise additional proceeds from an over-allotment option granted to underwriters. The firm's shares began trading this week on the Toronto Stock Exchange under the symbol "CRN". Crown Capital said it expects to use most of the net IPO proceeds to obtain an interest in its latest fund, Crown Capital Fund IV, and to finance long-term debt transactions. As reported by peHUB Canada in June, the firm is seeking up to $300 million for Fund IV as part of a broadened debt and quasi-equity investment program targeted to mid-market companies.
4 min read · 10 July 2015
Canadian private equity firm Onex Corp has agreed to sell Sitel Worldwide Corp, a provider of outsourced customer care and back-office processing services based in Nashville, Tennessee. The buyer was not disclosed. Upon the deal's closing, expected later this year, Onex said its proceeds are likely to be about US$55 million, which includes an earn-out component. In 2007, ClientLogic, a portfolio investment of Onex, acquired and merged with Sitel. In February, Reuters reported that Onex was looking to sell the business. Sitel is also a portfolio company of OMERS Private Equity, the private equity investment arm of the Ontario Municipal Employees Retirement System.
2 min read · 10 July 2015
