Toronto-based commercial broker Navacord Corp has acquired Benefit Consultants Inc (BCI), an Edmonton-based benefits and retirement consulting company, for an undisclosed amount. Founded in 1975 by Wayne Smith, BCI will now form part of Lloyd Sadd Insurance Brokers, a Navacord broker partner. Its management team will continue to be led by Darcy Smith. Navacord said the deal, which follows last month's purchase of Future Benefits Management Inc, will give it a group benefits and retirement presence in Western Canada. In 2018, Navacord undertook a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners (MDP).
3 min read · 03 July 2019
Genesee & Wyoming Inc (NYSE: GWR), a Darien, Connecticut-based freight railroads operator, has agreed to be acquired by Brookfield Infrastructure and GIC, Singapore's sovereign wealth fund. The take-private deal, expected to close this year or in early 2020, is valued at about US$8.4 billion, including debt. Established in 1899, Genesee & Wyoming owns a portfolio of 120 short-line railroads, predominantly in North America, with operations in Europe and Australia. It serves 3,000 customers. Brookfield Infrastructure is an affiliate of Brookfield Asset Management, a Toronto-based alternative asset manager.
7 min read · 03 July 2019
CTRL-labs has acquired the intellectual property for the Myo gestural armband from North, a Kitchener, Ontario-based wearable technology company. Terms weren't released for the deal, which CTRL-labs announced on Twitter. The New York-based neural interface technology developer said it will "bring these inventions back to life." North, which is said to have raised a US$40 million convertible debt financing earlier this year, recently focused on its augmented reality eyewear called Focals. In February, CTRL-labs reportedly closed a US$28 million round led by GV, Google’s venture capital arm, and joined by Amazon’s Alexa Fund, Lux Capital, Spark Capital and others.
1 min read · 03 July 2019
Hub International Ltd has acquired Berk Bilgen Insurance Ltd, an Edmonton-based insurance brokerage offering personal and commercial insurance solutions, including home, auto, life and travel. Terms weren't released for the deal, which comes on the heels of Hub's acquisition of BenefitLink Resource Group Edmonton Holdings Inc. The sellers were Berk Bilgen and Heather Bilgen, who will support the transition of the business to Hub, a Chicago-based insurance brokerage. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman (H&F).
2 min read · 03 July 2019
2 min read · 03 July 2019
NFP Corp has acquired McLean Hallmark Insurance Group Ltd, a Toronto-based provider of property and casualty solutions, for an undisclosed amount. McLean Hallmark specializes in trucking, car dealerships, moving and storage, marine and surety solutions, private client insurance, as well as employee benefits and pension services. President and CEO Daryn McLean and COO John Belyea will join NFP Canada. NFP, a New York-based insurance broker and consulting business, said the deal strengthens its specialty capabilities and ability to serve Canadian clients. NFP was acquired in 2013 by U.S. private equity firm Madison Dearborn Partners for about US$1.3 billion.
3 min read · 03 July 2019
Mobile Klinik has acquired Device Care, a Cambridge, Ontario-based smartphone accessories and repair chain, for an disclosed amount. Founded in 2014, Device Care provides branded and private-label accessories and repair services to customers through six locations in Ontario and Québec. Mobile Klinik, a Toronto-based smartphone and tablet repair, care, sales and services retailer, said the acquisition both complements and enhances its Canada-wide business. In May, Mobile Klinik raised $27.5 million in a Series C financing, bringing total funding to $44 million. The round included a minority investment from Canadian Business Growth Fund.
3 min read · 03 July 2019
Canada Pension Plan Investment Board (CPPIB) has agreed to sell London, U.K.-based student accommodation business Liberty Living Group Plc to The Unite Group Plc. CPPIB, which acquired Liberty Living in 2015, said the sale will generate pre-closing net proceeds of about $1.3 billion. Reuters said the cash-and-stock deal is valued at US$1.8 billion. CPPIB will retain a 20 percent interest in the combined business, which will oversee more than 73,000 beds across 173 properties in the United Kingdom. Two European assets within Liberty Living are not included in the transaction and are currently being marketed.
4 min read · 03 July 2019
U.S. private equity firm KKR has acquired Corel Corp, an Ottawa-based provider of graphics and office productivity packaged software. No financial terms were disclosed. Buyouts reported in May that KKR was expected to buy Corel for more than US$1 billion ($1.3 billion). The seller was Vector Capital, a U.S. technology private equity firm. Vector acquired Corel in 2003, took it public in 2006, raising US$104 million, and took it private again in 2010. KKR said it will support Corel's continued growth by enhancing internal capabilities and building on the company's recent acquisitions. The latter include Parallels, bought by Corel last year. Founded in 1985 by Michael Cowpland, Corel is today led by CEO Patrick Nichols.
4 min read · 03 July 2019
IndInfravit Trust has agreed to acquire nine operational road projects and related assets from Sadbhav Infrastructure Project Ltd, an Indian road developer. The deal values the roads portfolio, totalling 2,619 lane kilometres in five Indian states, at about $66.1 million rupees. Canada Pension Plan Investment Board (CPPIB) and OMERS Infrastructure agreed to back the acquisition. CPPIB expects its commitment to be up to $220 million. Earlier this year, OMERS Infrastructure acquired a 22.4 percent stake in IndInfravit, a Chennai, India-based infrastructure investment trust, joining existing shareholder CPPIB.
5 min read · 02 July 2019
