British secondaries firm Nova Capital Management has recapitalized Nova Argent Canada Inc, the company through which it acquired Canada's National Concrete Accessories (NCA) and Exchanger Industries. NCA, a manufacturer of forming hardware and concrete accessories, and Exchanger Industries, a manufacturer of heat transfer equipment, were acquired by Nova from Amalgamated Metal Corp PLC in 2011. Lincoln International LLC advised on the new financing package. In April, NCA bought Red Deer, Alberta-based Northland Construction Supplies.
3 min read · 22 June 2015
Telus Corp and Rogers Communications Inc are looking to acquire wireless telecommunications provider Mobilicity, and the Canadian government is expected to approve a deal with one of the suitors, Reuters reported, citing a report by The Globe and Mail. The price range is said to be above $300 million, a source close to Mobilicity is reported to have said. Founded in 2008, Mobilicity is a portfolio company of U.S. private equity firm Quadrangle Group.
2 min read · 22 June 2015
Premier Aviation Overhaul Centre Inc has agreed to acquire Discovery Air Technical Services, a subsidiary of Discovery Air Inc (TSX: DA.A). No financial terms were released. Premier Aviation, a Trois-Rivières, Québec-based airframe maintenance, repair and overhaul company, said the acquisition will increase its capacity in the regional aircraft market and enhance its growth opportunities. The deal is expected to wrap up by the end of August. Discovery Air, a specialty aviation company, is a portfolio investment of Canadian private equity firm Clairvest Group. Last month, Clairvest agreed to increase its stake in the business to as much as 82.7 percent of issued and outstanding common shares.
4 min read · 22 June 2015
Canadian alternative investment manager West Face Capital has received gross proceeds of $18.4 million from a previously announced secondary offering of common shares of Mandalay Resources Corp (TSX: MND). West Face, which has backed the company since 2010, now holds about 17.3 percent of its outstanding common shares. The Toronto-based Mandalay is natural resource company with producing assets in Australia, Chile and Sweden, and a development project in Chile. Last September, West Face completed a secondary transaction that gave it $50.6 million in proceeds.
2 min read · 22 June 2015
Canadian investment firm Borealis Infrastructure is considering a 5 billion pound (US$8 billion) bid for Severn Trent, the Sunday Times reported, two years after the British water utility rejected its previous approach. The newspaper reported that the two sides opened talks last month and discussions were still at an early stage. In 2013 Severn Trent rejected a series of takeover offers by LongRiver Partners, an investment fund consortium including Borealis Infrastructure, saying they did not reflect the firm's long-term value.
1 min read · 22 June 2015
The Caisse de dépôt et placement du Québec has agreed to partner with Empresas ICA SAB de CV in the creation of a platform that will own the concessions for four of Empresas ICA’s operational toll roads and highways in Mexico. The platform, which is called ICA Operadora de Vías Terrestres, will be jointly owned by Empresas ICA and the Caisse, with the latter assuming a 49 percent share. The Caisse is paying 3,014 million pesos ($242 million) for its equity interest. The platform will focus on managing existing Mexican transportation assets and acquiring new assets over time.
4 min read · 19 June 2015
A looming payment on Edcon’s holding company bonds is pushing owner Bain Capital to cut a deal with its creditors sooner rather than later, although the private equity firm is said to be reluctant to put more cash into the South African retailer, Reuters reported.
3 min read · 19 June 2015
Advent International, Bain Capital and Clessidra have agreed to buy Italian banking services provider ICBPI for 2.15 billion euros ($2.4 billion), to get more exposure to the growing electronic payment market, Reuters reported.
1 min read · 19 June 2015
Calgary-based Cenovus Energy Inc is in talks to sell Canadian oil and gas royalty lands to the Ontario Teachers' Pension Plan in a deal that could fetch $2.5 billion to $3 billion, sources told Reuters. Sources said that Ontario Teachers may look to partner with another player, given the size of the deal.
3 min read · 19 June 2015
Private equity firm Wind Point Partners is exploring a sale of Novolex, in a deal that could value the U.S. manufacturer of paper and plastic packaging products at around $1.75 billion, including debt, three people familiar with the matter told Reuters.
1 min read · 18 June 2015
