The private equity group of Brookfield Asset Management said it will invest up to US$1 billion ($1.3 billion) of equity to fund its proposed acquisition of Healthscope Ltd (ASX: HSO), a Melbourne, Australia-based private healthcare company. The deal represents an implied equity value of A$4.3 billion ($4.1 billion) and enterprise value of A$5.7 billion ($5.4 billion). Brookfield said the transaction will also be funded with US$1.4 billion of long-term financing and US$1.7 billion from the sale and long-term leaseback of 22 freehold hospital properties. As reported by Reuters, Healthscope recommended Brookfield's offer after months of negotiations and counter bids from a rival group led by BGH Capital.
3 min read · 01 February 2019
OpenText Corp (TSX, Nasdaq: OTEX) has acquired Catalyst Repository Systems Inc, a Denver, Colorado-based provider of e-discovery software and services for corporate legal departments and law firms. The purchase price is about $100 million (US$75 million) in an all-cash deal. OpenText, a Waterloo-based enterprise information management company, said the acquisition confirms its position as an e-discovery technology provider to the legal industry. Founded in 2000, Catalyst has been backed since 2012 by FTV Capital, a U.S. growth equity firm.
2 min read · 01 February 2019
3 min read · 31 January 2019
Brookfield Asset Management has closed its latest flagship global private real estate fund, raising US$15 billion ($20 billion) in committed capital. Brookfield Strategic Real Estate Partners III (BSREP III), the Canadian alternative asset manager's largest private fund to date, exceeded its target of US$10 billion. In all, 150 limited partners backed the fund, including pension plans, sovereign wealth funds, financial institutions, endowments and foundations, family offices, and investors from Brookfield’s private wealth channel. Brookfield committed US$3.75 billion. BSREP III has so far deployed US$5 billion to 10 global real estate investments.
2 min read · 31 January 2019
Ivanhoé Cambridge and Oxford Properties have formed a 50:50 joint partnership to invest in IDI Logistics, an Atlanta-based developer and manager of logistics real estate. Terms weren't disclosed. Bloomberg reported the deal's value at US$3.5 billion ($4.7 billion). Ivanhoé closed the initial acquisition in November. The seller was Brookfield Asset Management. Established in 1989, IDI Logistics has developed more than 100 business parks and 750 warehouses totalling over 200 million square feet in North America. Ivanhoé is the real estate arm of Caisse de dépôt et placement du Québec, while Oxford is the real estate arm of Ontario Municipal Employees Retirement System.
5 min read · 30 January 2019
Brampton, Ontario-based lifestyle company Giftcraft Ltd has been acquired by CID Capital, a U.S. private equity firm, and ORIX Mezzanine & Private Equity, an affiliate of Japan's ORIX Corp. Terms weren't disclosed. The deal facilitates Giftcraft's succession plan and will back its growth opportunities over the next few years, both organically and through acquisitions. President and CEO Trevor Cohen and Executive Vice-President Gary Polan will remain in their current roles to support the company's transition. Founded in 1946, Giftcraft services the product and merchandising needs of a network of more than 25,000 décor and giftware retailers in North America.
3 min read · 30 January 2019
An affiliate of Werklund Family Office has acquired control of RS Technologies Inc, a Calgary-based designer and maker of composite utility poles and structures. No financial terms were disclosed. The seller was Melbye Skandinavia AS, a Norwegian provider of infrastructure network solutions for the energy and telecommunications markets. Werklund and Melbye jointly acquired RS in 2013, helping the business emerge from Companies' Creditors Arrangement Act proceedings. Established in 2003, RS has installed poles with more than 400 customers in 25 countries. David Werklund, who heads the Canadian family office, is the company's chairman.
3 min read · 30 January 2019
Everbowl, a San Diego-based craft superfood restaurant chain, has raised US$3 million in financing from Serruya Private Equity (SPE). Founded in 2016, Everbowl has a menu focused on build-your-own craft superfood bowls and smoothies. It currently operates 17 locations in California and is slated to open as many as 45 locations this year. Managing Director Aaron Serruya said his firm will support Everbowl's national and international growth. SPE, which invests on behalf of Canada’s Serruya family, and its 2018 investment in Global Franchise Group, were profiled by PE Hub Canada in December.
3 min read · 29 January 2019
London, U.K.-based renewable energy company Cubico Sustainable Investments has agreed to acquire five solar projects totalling 580 megawatts located in South Carolina, North Carolina and Texas. In addition to the tax equity and debt, Cubico said it will invest up to US$165 million to construct the projects. They will become operational by Q4 2020. Cubico, which is buying the assets from Cypress Creek Renewables LLC, said the transaction facilitates its entry into the U.S. market. Launched in 2015, Cubico is owned by Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP Investments).
3 min read · 29 January 2019
Alimplus has acquired AOF Service Alimentaire, a Drummondville, Québec-based distributor of food products to customers in the hotel, restaurant and institutional sectors. No financial terms were disclosed. Alimplus, a Montréal-based food distributor, said the acquisition provides a third facility, expands its geographic coverage in Québec, and allows it to continue consolidating a fragmented industry. Alimplus and its food wholesale affiliate, Mayrand, are backed by Canadian private equity firm Walter Capital Partners. Walter acquired a minority stake in the companies in 2014 and added to the investment in 2017.
3 min read · 29 January 2019
