Brad Meikle

KKR’s first-quarter earnings drop 4.9 pct on credit losses

KKR & Co LP on Thursday reported a smaller-than-expected 4.9 percent year-on-year drop in first-quarter profit, as proceeds from private equity asset sales offset most credit investment losses, Reuters reported.

European PE firms face competition from wealthy individuals

Private equity firms are facing increasingly stiff competition from a growing breed of entrepreneurs and high-net-worth individuals as Nomad Holding’s acquisition of Europe’s biggest frozen foods business, Iglo Foods showed this week, Reuters reported.

Tricor's Avison Young acquires Chicago-based Mesa Development

Avison Young Inc has bought Mesa Development LLC, a real estate management company based in Chicago. The financial terms of the deal were not released. Avison said the transaction expands its service offerings in Chicago and the U.S. Midwest to include development, project management, construction management and development management. Based in Toronto, Avison is a commercial real estate services specialist. It has been a portfolio investment of Canadian private equity firm Tricor Pacifc Capital since 2011.

OPTrust shows 12 pct return in 2014, increases net assets to $17.5 bln

OPTrust, which invests on behalf of OPSEU Pension Plan, reported an overall net return on investment of 12 percent last year, outperforming its benchmark of 6.2 percent. As a result, net assets rose to $17.5 billion as of December 31, 2014 from $16 billion the year before. The infrastructure portfolio of the Toronto-based pension fund manager turned in an especially strong performance, with a return of 48 percent. The private equity portfolio, which made 12 new commitments to both fund and direct investments in 2014, returned 11.3 percent. Last month, OPTrust partnered with Imperial Capital Group in an investment in Ackerman Security Systems.

PE-backed Seven Generations launches $425 mln private placement

Seven Generations Energy Ltd, which last November raised $931.5 million in an initial public offering, has proposed a private placement of US$400 million in senior notes. The company, which subsequently increased the transaction's size to US$425 million, said the proceeds will help finance its capital investment program. The Calgary-based Seven Generations is currently developing a tight, liquids-rich gas and light oil project in northwest Alberta. Its private equity backers include ARC Financial Corp, Canada Pension Plan Investment Board and KERN Partners.

Goldman-linked company settles SEC charges over going ‘dark’

A company affiliated with Goldman Sachs Group Inc agreed to pay $640,000 to settle SEC charges that it failed to resume making public disclosures to investors after going “dark” for six years, Reuters reported.

Brookfield, QIA complete purchase of London's Canary Wharf

A joint venture of Brookfield Property Partners and Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has completed its previously announced buy of Songbird Estates plc, the owner of Canary Wharf Group. The acquisition, which was first launched by Brookfield and QIA in December 2014, had a final value of about US$4 billion. Canary Wharf is an integrated property development, investment and management group of companies based in London, United Kingdom.

Berkshire Partners nears deal for Trilantic-backed Implus

Private equity firm Berkshire Partners LLC is close to an agreement to acquire footwear accessories maker Implus Corp in a deal that values it at more than $600 million, including debt, three people familiar with the matter told Reuters.

Arcan Resources agrees to new acquisition bid by PE-backed Aspenleaf

Arcan Resources Ltd (TSX-V: ARN) has agreed to be acquired by Aspenleaf Energy Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp and Ontario Teachers’ Pension Plan. The deal, which will see Aspenleaf pay $0.11 per share in cash for the business, follows Arcan's rejection of a July 2014 offer that had an estimated value of $325 million. Arcan said the new agreement "offers attractive value" based on "the current commodity price environment" and the options available to the company. Headquartered in Calgary, Arcan is focused on the exploration, development and acquisition of petroleum and natural gas in the Western Canadian Sedimentary Basin.

Sysco opposes FTC challenge to its purchase of KKR-backed U.S. Foods

No. 1 U.S. food distributor Sysco Corp has filed a memorandum opposing government efforts to block its proposed purchase of rival U.S. Foods Inc on Tuesday, Reuters reported, citing court records.