A special committee of the board of Hudson’s Bay Co (TSX: HBC) said the proposed $1.74 billion take-private acquisition of the Canadian retailer is "inadequate" based on an initial analysis. The proposal, announced in June, came from a group of shareholders led by Executive Chairman Richard Baker. The group owns a combined 57 percent stake in Hudson's Bay. The committee also said it is not yet able to make a recommendation on an offer by Catalyst Capital Group to buy up to $150 million worth of Hudson's Bay's shares. It advised shareholders to "exercise caution". The offer by the Canadian private equity firm, announced this month, was made to oppose the Baker-led privatization initiative.
5 min read · 02 August 2019
Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, has raised about $300 million in additional financing. The equity portion, reportedly about $50 million, was led by U.S. venture capital firm Highland Capital Partners. General Partner Dan Nova will join the board. Highland was joined by Inovia Capital and Emergence Capital, both of which invested in last year’s combined $120 million financing. The balance of the new round, led by Arcadia Funds and Upper90, will capitalize a fund intended to back Clearbanc’s e-commerce clients.
4 min read · 02 August 2019
Toronto-based workplace safety software-as-a-service provider eCompliance has received a $40 million majority investment from Alcumus Holdings Ltd, a portfolio company of Inflexion, a U.K. mid-market private equity firm. The seller was High Park Capital Partners, a Canadian search fund. High Park acquired eCompliance in 2012. Adrian Bartha, CEO of eCompliance and co-founder of High Park, will continue to lead the business, which will operate as the North American arm of Alcumus. Based in Cardiff, United Kingdom, Alcumus is a provider of technology-enabled business assurance and compliance risk management solutions. Inflexion acquired the company in 2015 from Sovereign Capital.
3 min read · 02 August 2019
Brookfield Asset Management is in talks to acquire a 30 percent interest in BRK Ambiental, a Brazilian water distribution, collection and treatment company, sources told Reuters. A deal could value the stake at US$520 million, the report said. It is currently held by workers severance fund FGTS, which is managed by Caixa Economica Federal, a Brazilian state bank. In 2017, Brookfield's private equity group acquired a 70 percent interest in BRK, then known as Odebrecht Ambiental. The transaction reflected a total investment of US$908 million.
1 min read · 01 August 2019
Canadian private investment firm Hillcore Group has acquired Treeline Well Services Inc, a Calgary-based provider of oil and gas well service rigs. Terms weren't released for the deal, which saw Hillcore partner with the company's senior management team, including President Dan Bryson. Founded in 1997, Treeline supplies service rigs to energy companies operating primarily in the northern regions of Alberta and British Columbia. It currently has a fleet of 23 rigs. Hillcore said it will work with Treeline as it looks to build its fleet through an aggressive capital expenditure and acquisition plan.
3 min read · 01 August 2019
U.S. private investment firms RedNest Partners and Admiral Capital Group have acquired Tecmotiv Corp, a Concord, Ontario- and Niagara Falls, New York-based supplier of services and components to the military automotive industry. No financials terms were disclosed. Established in 1992 after acquiring the assets of its predecessor, Levy Auto Parts, Tecmotiv provides maintenance, repair, overhaul and upgrade services and related components for military vehicles. Its customers include the U.S. army and other defence forces worldwide. Gary Sheedy, Tecmotiv's new president and CEO, said the partnership with RedNest and Admiral will support new growth opportunities.
4 min read · 01 August 2019
Advanced Drainage Systems Inc (NYSE: WMS) (ADS) has acquired Infiltrator Water Technologies LLC, an Old Saybrook, Connecticut-based on-site septic wastewater treatment company. The purchase price was about US$1.08 billion. The primary seller was Ontario Teachers’ Pension Plan. Ontario Teachers’ acquired Infiltrator in 2015 from U.S. private equity firm Graham Partners, reportedly for more than US$500 million. ADS, a Hilliard, Ohio-based maker of water management products and solutions, said the acquisition builds on its existing platform and expands addressable opportunity into the on-site septic business.
6 min read · 01 August 2019
EStruxture Data Centers Inc has agreed to buy the assets of the Calgary-1 data centre owned by Shaw Communications Inc, a Canadian connectivity business. No financial terms were disclosed. EStruxture, a Montréal-based provider of network and cloud-neutral data centre solutions, said the acquisition complements its existing portfolio of five data centres in Vancouver and Montréal. Launched in 2017, eStruxture previously raised $180 million from various investors, including Caisse de dépôt et placement du Québec and Fengate Real Asset Investments. Earlier this year, it closed a $170 million credit facility with a group of Canadian banks.
4 min read · 01 August 2019
Prevtec Microbia Inc, a Montréal-based biotechnology company focused on the prevention of diseases in food animals, has agreed to be acquired by Elanco Animal Health Inc (NYSE: ELAN). Elanco, a Greenfield, Indiana-based animal health company, agreed to pay $78.5 million in cash. The deal also includes a payment of up to $21.5 million to former shareholders in Q1 2022 if certain sales milestones are met. Founded in 2003, Prevtec is the maker of the Coliprotec line of vaccine products designed to protect pigs against post-weaning diarrhea and associated clinical signs caused by E. coli. Prevtec has been backed in financings by Desjardins-Innovatech, Echo Capital, Investissement Québec, Telesystem, Vet Venture Capital and other investors.
4 min read · 01 August 2019
London Stock Exchange Group plc (LSEG) has agreed to acquire Refinitiv, a London, U.K.-based provider of financial markets data and infrastructure, in an all-share deal valued at about US$27 billion. The agreement was struck with a consortium led by Blackstone Group and Thomson Reuters, and including Canada Pension Plan Investment Board, which last year acquired Refinitiv, formerly Thomson Reuters’ financial and risk unit. It will see Refinitiv shareholders hold an about 37 percent interest in LSEG and less than 30 percent of the total voting rights. The transaction is expected to wrap up in the second half of 2020. Thomson Reuters is controlled by Canada’s Thomson family.
9 min read · 01 August 2019
