The operating unit of sponsor-backed Caesars Entertainment Corp received court approval on Wednesday to remain in control of its bankruptcy for another six months, Reuters reported.
1 min read · 28 May 2015
ClaimsPro, an affiliate of SCM Insurance Services, has bought Plant Hope Adjusters Ltd, an adjusting service based in Moncton, New Brunswick. The value of the acquisition was not disclosed. ClaimsPro said the addition of Plant Hope will position it as Atlantic Canada’s leading provider of independent adjusting services. Based in Edmonton, SCM is a claims management and outsourced services provider to the insurance industry. It has been backed by Canadian mid-market private equity firm TorQuest Partners since 2010.
3 min read · 27 May 2015
U.S. private equity firm Cortec has closed its latest fund, Cortec Fund VI LP, at a hard cap of US$1.1 billion. The fund, which invests in mid-market specialty healthcare, consumer and engineered products, and value-added distribution and service businesses, has targeted Canada for potential opportunities. Canadian companies that currently reside in Cortec’s portfolio include Canadian Hospital Specialties, which the New York-based investor acquired from Hammond, Kennedy, Whitney & Co in 2013.
3 min read · 27 May 2015
Canadian private equity firm Onex Corp has agreed to make an investment in Jack’s Family Restaurants, a U.S. operator of quick-service restaurants specializing in burgers, fried chicken, biscuits, fries and shakes. The deal, the financial terms of which were not published, is being done by Onex in collaboration with certain members of the company’s management. Jack’s, which is headquartered in Homewood, Alabama, said the partnership with Onex will facilitate its next phase of growth. The proposed investment will be made by Onex Partners IV LP, which closed in May 2014.
3 min read · 27 May 2015
New Star Energy Ltd, a portfolio company of Canadian private equity firm JOG Capital, has agreed to be acquired for approximately $215 million, including the assumption of net debt. The identity of the Chinese buyer was not published. Directors, officers and major shareholders of New Star, representing about 55 percent of the company’s outstanding shares, have agreed to vote in favour of the deal at a shareholders meeting scheduled for June 25, 2015. Based in Calgary, New Star a light-medium crude oil and natural gas business. As reported by peHUB Canada in April 2013, JOG Capital invested in New Star at the time of its establishment in 2012.
3 min read · 27 May 2015
British fund manager Aberdeen Asset Management said on Wednesday it had agreed to buy U.S. private equity and real asset-focused peer Flag Capital Management for an undisclosed amount, according to news service Reuters.
1 min read · 27 May 2015
Aavid Corp, a portfolio company of U.S. private equity firm Audax Private Equity, has acquired Qfinsoft Technology Inc. The financial details of the transaction were not disclosed. Based in Rossland, British Columbia, Qfinsoft is a developer of software for the simulation of fluid flow, thermodynamics, and combustion processes. The company was founded in 2002. Headquartered in Laconia, New Hampshire, Aavid is a designer and manufacturer of thermal management solutions. It was acquired by Audax in late 2012.
2 min read · 27 May 2015
Affinity Gaming rejected an offer by Z Capital to purchase the portion of the casino operator it doesn’t already own for $9.75 a share, prompting the private equity firm to support an effort to sell the company.
2 min read · 26 May 2015
IMRIS Inc, a medical equipment company first established in Winnipeg, has filed for Chapter 11 protection in the United States on behalf of itself and two subsidiaries. As part of the filing, IMRIS said it plans to sell the business to Deerfield Management, a U.S. healthcare investment firm. The transaction is subject to a market process and court approval. Deerfield has in the meantime provided the company with undisclosed debtor-in-possession financing. Founded in 2005, IMRIS continues to have its Canadian headquarters in Winnipeg. Its primary U.S. office is in Minnetonka, Minnesota.
3 min read · 26 May 2015
Canadian business-to-business music provider and media company Stingray Digital Group Inc has priced its previously announced initial public offering (IPO) to raise total gross proceeds of at least $140 million. The Montréal-based company said the IPO values it at a non-diluted market capitalization of about $296 million. As part of the transaction, Canadian private equity firm Novacap and Canadian technology investor Telesystem, which have backed Stingray since 2007, will sell shares, giving them combined gross proceeds of $57 million. At the IPO's close, scheduled for June 3, Novacap, Telesystem and other investors will sell additional shares that will generate a gross of $18.35 million.
3 min read · 26 May 2015
