Canadian private equity firm Catalyst Capital Group has secured US$650 million in initial committed capital for its fifth distressed-for-control fund. Catalyst Fund LP V, which is targeted to raise US$1.25 billion in total, with a hard cap total of US$1.5 billion, completed a first close with the backing of new and existing limited partners. They included university endowments, charitable foundations, pensions plans, family offices and financial institutions. The Toronto-based Catalyst Capital, which is focused on control and influence investing in Canada, said Fund V's final close will result in the firm managing more than US$5.7 billion of cash and investments. Atlantic-Pacific Capital is the fund's placement agent.
3 min read · 21 April 2015
Private equity firm Lightyear Capital LLC said on Tuesday it bought a majority stake in the independent U.S. Midwestern firm Wealth Enhancement Group as Lightyear seeks another windfall good investment in the wealth management market, Reuters reported.
1 min read · 21 April 2015
An investor group led by Metalmark Capital has agreed to acquire a majority stake in Kissner Milling Company Ltd, a Cambridge, Ontario-based producer and distributor of bulk rock salt and specialty deicing products. The sellers include Canadian mid-market private equity firm TorQuest Partners. The transaction's financial terms were not disclosed. In addition to Metalmark, Silvertree, a joint venture between Silverhawk Capital Partners and Demetree Salt LLC, and the company's management team participated in the acquisition, which is expected to close on May 15, 2015. Torys LLP provided legal advice to Kissner. Update: TorQuest led the recapitalization of Kissner in December 2013.
4 min read · 20 April 2015
TPG Capital LP has named Todd Sisitsky its new North American private equity head, people familiar with the matter told Reuters on Friday, as the firm seeks to secure money from investors for its next flagship private equity fund with a target of $10 billion.
1 min read · 17 April 2015
A subsidiary of Canadian real estate private equity firm Tricon Capital Group has completed its previously announced acquisition of a portfolio of 1,385 single-family rental homes located in Texas, North Carolina, and South Carolina. Tricon paid about US$150 million for the portfolio, which was sold by an unidentified U.S. private equity firm. Based in Toronto, Tricon has since inception invested in real estate and development projects valued at approximately $16 billion.
2 min read · 17 April 2015
A consortium led by Canadian infrastructure investor Fiera Axium Infrastructure has bought a minority stake in a 1,100 megawatt portfolio of eight operating wind farms in the United States. The interest was acquired for an undisclosed amount from Spain's EDP Renewables (EDPR). Other investors in the consortium included affiliates of Swiss Life Asset Management AG and John Hancock Life Insurance Co. EDPR will continue to manage the assets. Last month, Fiera Axium led an investor group that agreed to buy Montreal Gateway Terminals from Morgan Stanley Infrastructure.
4 min read · 17 April 2015
General Electric Co’s plans to sell most of its finance unit, GE Capital, will create opportunities for new lenders in U.S. middle-market leveraged loans as a dominant player in commercial lending and sponsor finance leaves the field, Reuters reported.
4 min read · 17 April 2015
ThyssenKrupp agreed to sell its loss-making alloys business VDM to private equity firm Lindsay Goldberg Vogel, taking a 100 million euro ($108.13 million) write-down on the asset as a result, Reuters reported.
1 min read · 17 April 2015
Energy Fundamentals Group LLC (EFG) has agreed to partner with West Face Capital to develop a financing plan that will allow it to buy up to 20 percent equity interest in the Jordan Cove Energy Project. Jordan Cove is a liquefied natural gas (LNG) facility proposed for construction in Coos Bay, Oregon. The project is currently owned by Calgary-based energy infrastructure company Veresen Inc (TSE: VSN). EFG is a U.S. energy investment and advisory services business. Headquartered in Toronto, West Face is a private investment firm with managed assets of over $2.5 billion. At present, West Face has three investments in the LNG industry.
3 min read · 17 April 2015
The DATA Group Ltd (TSX: DGI), a managed business communications services company based in Brampton, Ontario, has appointed Michael Sifton as its new president and CEO, replacing Michael Suksi. Sifton is a managing partner at Beringer Capital, a Canadian private equity firm focused on the marketing and communications industry. Prior to joining Beringer, Sifton was president and CEO of Sun Media Corp. Before then, he led Osprey Media Group, which was acquired by Sun Media in 2007.
7 min read · 17 April 2015
