Singapore’s MMI Technologies, an electronics parts company owned by private equity firm KKR & Co LP, has started meeting with investors for an initial public offering worth between $200 million and $300 million, IFR reported, according to Reuters.
1 min read · 26 May 2015
U.S. buyout funds Bain Capital and Cerberus Capital Management sold big stakes in two Japanese companies as the stock market surges – taking profits and avoiding an expected bout of volatility if the U.S. Federal Reserve raises rate later in the year, investors told Reuters.
2 min read · 26 May 2015
Carlyle Group has hired Goldman Sachs to advise it on the possible sale of its controlling stake in Spanish telecoms operator Telecable, two sources with knowledge of the deal told Reuters on Tuesday.
1 min read · 26 May 2015
The previously announced acquisition of specialty insurer Brit Plc by Toronto-based Fairfax Financial Holdings has been declared "unconditional in all respects." The deal, which is valued at US$1.88 billion, will result in the cancellation of the listing and trading of Brit's shares on the London Stock Exchange by June 23. The company, which has its headquarters in London, United Kingdom, has been a portfolio investment of Apollo Global and CVC Capital Partners since 2010. In April, it was reported that Fairfax agreed to sell up to 30 percent of Brit to the Ontario Municipal Employees Retirement System (OMERS).
2 min read · 26 May 2015
The U.S. operating subsidiary of Aveda Transportation and Energy Services Inc (TSXV: AVE) has agreed to purchase Hodges Trucking Co, an operator and owner of rig moving and heavy haul equipment based in Oklahoma City, Oklahoma. The acquisition, the value of which was not released, is expected to close in June. The seller in the transaction is Seventy Seven Energy Inc, a U.S. wellsite services and equipment business. Based in Calgary, Aveda is a provider of oilfield hauling services and equipment rentals. The company’s largest shareholder is Canadian private equity firm Werklund Capital, which invested in 2010.
6 min read · 25 May 2015
Crosbie & Co Inc and Blue Mountain Resorts Ltd have won the private merger and acquisition Deal of the Year at the 4th annual conference of the Private Capital Markets Association (PCMA). Crosbie advised on the sale of a 50 percent interest in Blue Mountain, an Ontario ski and mountain adventure resort that was originally founded by the Weider family. Intrawest Resorts Holdings Inc, which already held a stake in the company, acquired the remaining interest in September 2014 for $58 million. With principal Canadian offices in Vancouver and Banff, Intrawest is a portfolio investment of U.S. private equity firm Fortress Investment Group.
9 min read · 25 May 2015
Finnish commercial property owner Citycon Oyj has agreed to buy Norwegian commercial real estate business Sektor Gruppen AS for about 1.5 billion euros (US$1.6 billion). The deal, which is expected to close in July, will make Citycon the largest publicly-listed shopping centre company in the Nordic region and the third largest in continental Europe, said Gazit-Globe, its largest investor. The acquisition will be financed through a 600 million euros rights issue and a bridge financing facility. Canada Pension Plan Investment Board (CPPIB), which acquired a 15 percent stake in Citycon in May 2014, has committed to participate in the rights issue.
4 min read · 25 May 2015
Alignvest Acquisition Corp, a special purpose acquisition vehicle sponsored by Canadian alternative investment firm Alignvest Management Corp, has filed a prospectus to launch an initial public offering (IPO). The IPO is intended to raise proceeds totaling $125 million. Alignvest Acquisition, one of two vehicles associated with Alignvest's private market strategies, will focus on acquisitions and related transactions that target North American companies with an estimated enterprise value of between $250 million and $1.25 billion. IPO units are being distributed by TD Securities, Cantor Fitzgerald & Co, BMO Nesbitt Burns and CIBC World Markets.
6 min read · 25 May 2015
Canadian specialty finance firm Crown Capital Partners has filed a prospectus to launch an initial public offering. The underwriters of the offering, the size of which was not disclosed, are Cormark Securities, BMO Nesbitt Burns and National Bank Financial. With offices in Toronto and Calgary, Crown Capital provides tailored debt and quasi-equity financing solutions to Canadian and U.S. mid-market companies. Led by President and CEO Chris Johnson and Executive Vice-President Brent Hughes, the firm has deployed over $350 million to more than 30 transactions since 2002. Its last published deal was a US$20 million sub-secured loan extended to CRH Medical Corp in December 2014.
4 min read · 25 May 2015
The CPP Fund, which is managed by Canada Pension Plan Investment Board (CPPIB), increased its net assets to $264.6 billion as of March 31 2015, up from $219.1 billion the year before. The portfolio delivered a gross investment return of 18.7 percent for fiscal 2015, or 18.3 percent on a net basis. Over ten years, CPPIB's return reached 8 percent on a net basis, contributing to $129.5 billion in cumulative net investment income to the fund. Private foreign developed market equities and private emerging market equities returned 30.2 percent and 46.8 percent, respectively, in fiscal 2015, while domestic private equities returned 10.1 percent.
10 min read · 21 May 2015
