Claridge and Ivanhoé Cambridge have agreed to partner in a second $100-million vehicle earmarked for investments in real estate projects in Québec. Investing alongside local developers, the fund will target projects in urban centres, especially Québec City and Montréal. The first $100-million vehicle, launched in 2016, invested in nine residential projects, including both condos and rental housing, primarily in Montréal. Ivanhoé is the real estate investment arm of Caisse de dépôt et placement du Québec. Claridge invests on behalf of the Stephen Bronfman family.
3 min read · 11 December 2018
ECi Software Solutions Inc has acquired Lasso Data Systems Inc, a Richmond, British Columbia-based provider of customer-relationship management software for new home marketing and sales. Terms weren't disclosed. Founded in 2005, Lasso serves more than 500 builders, real estate developers and new home sales agencies across North America. ECi, a Forth Worth, Texas-based provider of cloud-based business management solutions, said Lasso will become part of its residential home construction unit. ECi was acquired last year by U.K. private equity firm Apax Partners from Carlyle Group and Level Equity.
3 min read · 11 December 2018
Empire Co Ltd (TSX: EMP.A) has completed its acquisition of Farm Boy Inc, an Ottawa-based retail grocer specializing in fresh produce, meat, bakery, cheese and kitchen-prepared items. The deal, announced in September, valued Farm Boy at $800 million. The seller was U.S. private equity firm Berkshire Partners, which invested in the company in 2012. Empire, a Stellarton, Nova Scotia-based food retailer, said Farm Boy Founder and co-CEO Jean-Louis Bellemare and co-CEO Jeff York will continue in their roles for the long-term.
2 min read · 11 December 2018
Finning International Inc (TSX: FTT) has agreed to acquire 4Refuel LP, a Toronto-based provider of mobile on-site refueling services. The purchase price is about $260 million. The deal is expected to close early in 2019. The sellers include U.S. private equity firm Kelso & Co, which acquired 4Refuel in 2013 from TorQuest Partners. The other owners are Penske Truck Leasing, TRP Capital Partners and Crescent Capital. Founded in 1995, 4Refuel serves the construction, transportation, oil and gas, power generation and other sectors in Canada and the United States. Finning, a Vancouver-based Caterpillar equipment dealer, said the acquisition will allow it to provide additional services to new and existing customers.
4 min read · 10 December 2018
Canada Pension Plan Investment Board (CPPIB) has sold its interest in Faery Estates Private Ltd, the owner and operator of SP Infocity, a Chennai, India-based information technology park. The net proceeds to CPPIB were about $250 million. The sale was made by SPREP Pte Ltd, which acquired shares in Faery Estates in 2015. CPPIB was the vehicle's majority investor. The buyer of the stake was Mapletree Investments Pte Ltd, the real estate investment arm of Singapore sovereign wealth fund Temasek Holdings.
4 min read · 10 December 2018
U.S. private equity firm Hammond, Kennedy, Whitney & Co (HKW) has acquired Fresh Direct Produce Ltd, a Vancouver-based distributor of fresh, ethnic, tropical, organic and specialty produce. No financial terms were disclosed. Founded in 2003, Fresh Direct Produce distributes more than 1,000 fruit and vegetable items to the Western Canadian market. It operates via a fleet of 26 trucks and three distribution facilities. President and CEO Davis Yung said HKW's experience expanding businesses organically and through add-on deals makes the investor the "best equipped" to help Fresh Direct Produce realize its growth plans.
3 min read · 10 December 2018
Canadian private equity firm Onex Corp has agreed to sell BrightSpring Health Services, a Louisville, Kentucky-based provider of home and community health services to people in need of specialized care. The terms and the buyer were not disclosed. The deal is expected to wrap up in Q1 2019. Onex acquired a minority stake in BrightSpring, formerly known as ResCare Inc, in 2004. In 2010, the investor acquired the remaining interest in a take-private transaction, valuing the company at US$390 million. Onex said it expected the sale to provide a blended gross multiple of invested capital of 5.7 times to the firm.
4 min read · 10 December 2018
ParkJockey and Mubadala Capital have agreed to acquire Imperial Parking Corp (Impark), a Vancouver-based parking management company. No financial terms were released for the deal, which is expected to close in the first half of 2019. The seller is Ontario Teachers’ Pension Plan, which acquired Impark in 2011 from a joint venture of Gates Group Capital Partners and Global Partners Fund. Established in 1962, Impark operates about 3,600 parking facilities in North America. ParkJockey, a Miami-based parking technology solutions provider, said it also raised a new investment from SoftBank Group. Mubadala is an Abu Dhabi, U.A.E.-based investment firm.
4 min read · 10 December 2018
H2O Innovation Inc (TSX-V: HEO) has wrapped up its acquisition of Hays Utility South Corp, a Spring, Texas-based provider of water and wastewater asset management services for municipal utility districts. The purchase price was about $8.9 million. H2O, a Québec City-based specialist in technologies for water filtration, treatment and reuse, said the acquisition will expand its business in Texas. The deal was financed by a $13 million private placement of subscription receipts led by BDC Capital. H2O's existing shareholders, Caisse de depot et placement du Québec and Investissement Québec, also invested.
5 min read · 10 December 2018
Tyler Technologies Inc (NYSE: TYL) has acquired SceneDoc Inc, a Toronto-based mobile-first, software-as-a-service platform for law enforcement agencies. Terms weren't disclosed. Tyler, a Plano, Texas-based public sector software company, said the acquisition enables its entry into the digital evidence market and enhances its offerings. Founded in 2011 by CEO Alex Kottoor and COO-CTO Adrian Bubalo, SceneDoc will become part of Tyler’s public safety unit. SceneDoc raised several venture capital financings, including a 2017 round led by Responder Ventures, Motorola Solutions Venture Capital and iGan Partners. Its other backers included MaRS Investment Accelerator Fund.
3 min read · 10 December 2018
