DW Healthcare Partners (DWHP) has closed its fifth healthcare private equity fund, securing US$610 million of committed capital. DW Healthcare Partners Fund V is the Toronto- and Park City, Utah-based firm's largest fund to date, more than double the size of its predecessor, which raised US$295 million in 2017. The close brings DWHP's total capital under management to US$1.43 billion. Fund V will maintain the firm's strategy of making control investments in North American mid-market healthcare businesses. Founded in 2002 by Managing Partner Andrew Carragher and Managing Director Jay Benear, DWHP has invested in 34 platform companies and 52 add-on acquisitions.
2 min read · 23 July 2019
U.K. private equity firm BC Partners is nearing a deal to buy a majority interest in Garda World Security Corp, a Montréal-based security services provider, according to a report by the Wall Street Journal. The agreement, which values Garda World at about $5.2 billion, would see BC Partners own a 51 percent stake, the report said. Garda World's founder, Chairman and CEO Stephan Crétier, would hold the rest along with other members of the management team. Garda World was acquired in 2017 by U.S. private equity firm Rhône Capital and Crétier. The seller was U.K. private equity firm Apax Partners, which led a consortium in 2012 to buy the company for $1.1 billion.
1 min read · 23 July 2019
Caisse de dépôt et placement du Québec (CDPQ) said deterioration in the performance of SNC-Lavalin Group Inc (TSX: SNC), a Montréal-based construction and engineering company, is a "cause of growing concern." SNC Lavalin today reported lower results in 2019 than previously anticipated. It said it will alter strategic direction, including exiting lump-sum turnkey contracting and reviewing options for its resources unit. CDPQ, which holds a 19.9 percent stake in SNC Lavalin, said the strategy must be comprehensive and "capable of reversing the current unacceptable trend of the business." In 2017, CDPQ backed SNC-Lavalin's $3.6 billion acquisition of U.K.-based WS Atkins Plc.
2 min read · 22 July 2019
Thomson Reuters (TSX, NYSE: TRI) has closed its acquisition of Confirmation, a Nashville, Tennessee-based provider of secure audit confirmation services. Terms weren't released for the deal, which was announced last month. Founded in 2000, Confirmation provides digital confirmation services to more than 16,000 audit firms, 4,000 banks and departments, and 5,000 law firms in 170 countries. Thomson Reuters, a Toronto-based provider of business information services, said the acquisition strengthens its offering to the tax, accounting and audit industry. Confirmation was backed by U.S. mid-market private equity firm Great Hill Partners. Great Hill invested US$60 million in the business in 2016.
2 min read · 22 July 2019
Odey Asset Management said it intends to vote in favour of Barrick Gold Corp's final offer to buy out minority shareholders of Acacia Mining plc, a London, U.K.-based gold producer in Africa, Reuters reported. Odey, a U.K. hedge fund manager, previously said it would reject any offer from Barrick for its Acacia stake that is framed as “best and final,” the report said. Barrick, a Toronto-based gold mining company, last week offered 0.168 of its shares for every Acacia share, up from an earlier 0.153. The transaction values Acacia at about £951 million ($1.5 billion). Barrick currently owns about 64 percent of Acacia, according to Reuters.
1 min read · 22 July 2019
Neptune Wellness Solutions Inc (TSX, Nasdaq: NEPT), a Laval, Québec-based cannabis extraction business, has completed a private placement, generating about $54.1 million (US$41.4 million) in proceeds. The offering was led by U.S. life sciences hedge fund manager Perceptive Advisors, the company's largest shareholder. A portion of the proceeds will be used to help fund Neptune's acquisition of the assets of SugarLeaf Labs LLC and Forest Remedies LLC, together a Conover, North Carolina-based hemp company. The US$18 million deal is expected to close this month. Neptune specializes in the extraction, purification and formulation of cannabis products.
4 min read · 22 July 2019
M&M Refrigeration LLC has acquired Carnot Refrigeration, a Trois-Rivières, Québec-based provider of carbon dioxide (CO2) transcritical systems, for an undisclosed amount. Founded in 2008 by CEO Marc-André Lesmerises, Carnot provides its systems for North American commercial and industrial applications, such as data centres, food processing facilities, cold-storage warehouses, supermarkets and ice rinks. M&M, a Federalsburg, Maryland-based maker of industrial refrigeration systems, said the deal creates a global "leader in CO2-based refrigeration." M&M was acquired last year by U.S. mid-market private equity firm Source Capital.
2 min read · 22 July 2019
Toronto-based waste management company GFL Environmental Inc has filed a registration statement with the U.S. Securities and Exchange Commission and a preliminary prospectus with Canadian securities regulators for an initial public offering. The number and price of subordinate voting shares to be sold have not been determined. The Globe and Mail reported GFL is looking to raise about $1.5 billion. Following the IPO, GFL will have two classes of shares: subordinate voting shares and multiple voting shares. The latter will be held by Founder and CEO Patrick Dovigi. Last year, GFL was recapitalized by an investor group led by BC Partners, Ontario Teachers’ Pension Plan and others. The deal valued the business at C$5.1 billion.
2 min read · 22 July 2019
Calgary-based workplace resilience training app headversity has raised $1 million in a seed-stage financing. The round was backed by unidentified angel investors. Founded in 2017 by CEO Ryan Todd, CPO Karen MacNeill, COO Jordan DeCoste, CFO Kameron Erker and CMO Steven Gramlich, headversity provides online and onsite resilence training programs to help organizations support employee performance and reduce mental illness-related costs. Headversity said it will use the funds raised to further develop its platform and expand its team.
3 min read · 22 July 2019
Westinghouse Electric Co has acquired NA Engineering Associates Inc, a Stratford, Ontario-based provider of engineering solutions, including for the nuclear sector. No financial terms were disclosed. NA Engineering Associates has been led since its founding in 1994 by President and CEO Nick Aroutzidis. Westinghouse, a Pittsburgh-based supplier of nuclear power plant products and technologies, said the deal grows its footprint in Canada and diversifies its engineering capabilities. Last year, the private equity group of Brookfield Asset Management acquired Westinghouse for US$4.6 billion. The prior owner was Toshiba Corp.
2 min read · 22 July 2019
