Canadian mid-market private equity firm TorQuest Partners has invested in Cando Rail Services Ltd, a Brandon, Manitoba-based provider of specialized rail support services. No financial terms were released. Founded in 1978 by Gord Peters and Rick Hammond, Cando provides a range of rail services that help industrial customers optimize bulk material supply chains and connect to Class 1 railways. Supported by more than 25 North American locations, the company moves over $22 billion of product annually. TorQuest Principal Jonathan Fraser said his firm will work with Cando's employee shareholders to continue growing the core business.
3 min read · 08 November 2018
Canadian private equity firm Almada has raised an initial $80 million for its inaugural aviation finance fund. The capital sources were not disclosed. Aircraft Opportunity LP will invest in mid-life, narrowbody and special purpose aircraft. To date, Almada has acquired three aircraft, two Bombardier Q400s and a Basler BT67, and has two other aircraft under contract. It is sourcing additional opportunities. Toronto-based Almada was founded last year by CEO Alon Ossip, Chairman Martin Goldfarb and David Ossip. Investing more than $200 million so far, the firm plans to launch more funds in other verticals, including real estate, self-storage, software and waste management.
2 min read · 08 November 2018
Avison Young has agreed to acquire GVA, a U.K. property advisory services business and affiliate of Germany's Apleona GmbH. Terms weren't released for the deal, which is expected to close in Q1 2019. The seller is Swedish private equity firm EQT, which acquired GVA as part of Apleona in 2016. Avison, a Toronto-based commercial real estate services provider, will combine GVA with its U.K. operations. It said the acquisition will help expand the company's footprint in Europe and beyond. Avison will fund the buy along with a refinancing in part through equity supplied by Caisse de dépôt et placement du Québec. Earlier this year, the Caisse made a $250 million preferred investment in Avison, facilitating the exit of Parallel49 Equity.
7 min read · 08 November 2018
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has acquired a minority interest in Wyse Meter Solutions Inc, a Newmarket, Ontario-based provider of submetering and utility expense management services. No financial terms were disclosed. Founded in 2006, Wyse serves the multi-residential, condominium and commercial markets in Canada, helping building owners, developers and operators manage their utility costs. ONCAP Managing Director Mark Gordon said his firm will partner with Wyse's management team to achieve additional organic and acquisition-led growth. ONCAP invested through ONCAP IV, which raised about $1.5 billion (US$1.1 billion) in 2016.
4 min read · 08 November 2018
Canadian mid-market private equity firm Novacap has sold Knowlton Development Corp (KDC), a Longueuil, Québec-based custom maker of beauty, health and personal care brands, to a consortium led by Cornell Capital. Terms weren't disclosed. Cornell, a U.S. private equity firm, was joined in the deal by HarbourVest Partners and others. Caisse de dépôt et placement du Québec and Investissement Québec, which partnered with Novacap in KDC's $165 million recapitalization in 2014, will roll over their stakes. Acquired in 2002 by Novacap, KDC has grown organically and through acquisitions. Cornell Senior Partner Henry Cornell said his firm will work with the company's management team to expand operations, particularly in Europe and Asia.
6 min read · 08 November 2018
Canada Infrastructure Bank (CIB) has hired François Lecavalier as head of project development effective December 3. Lecavalier has nearly 30 years of experience leading infrastructure and private equity projects in Canada and Europe. He joins CIB from Business Development Bank of Canada (BDC), where he was a senior vice president and oversaw the $600 million Cleantech Scale Up Initiative. Before then, he served as vice president of SNC-Lavalin Capital. CIB is led by President and CEO Pierre Lavallée, formerly the global head of investment partnerships at Canada Pension Plan Investment Board.
2 min read · 07 November 2018
Hub International Ltd has acquired Tri-Line Agencies Inc, a Rose Valley, Saskatchewan-based insurance brokerage offering personal and commercial solutions, including automobile and farming solutions. No financial terms were disclosed for the deal, which will see Tri-Line's owner, Eugene Danko, join Hub Manitoba. Last month, Canadian long-term private equity firm Altas Partners agreed to acquire a minority stake in Hub, a Chicago-based insurance company. Hellman & Friedman, which acquired Hub in 2013 for about US$4.4 billion, will remain the largest shareholder.
2 min read · 07 November 2018
Stuart Olson Inc (TSX: SOX) has acquired the outstanding shares of Tartan Canada Corp, a Calgary-based mechanical maintenance, repairs and operations business. Stuart Olson, a Calgary-based solutions provider to the Canadian construction and industrial services market, paid about $12 million. It said the acquisition will give the company access to a larger share of the industrial market both in terms of mechanical and general contracting opportunities. Established in 1953, Tartan was acquired in 2006 by Banyan Capital Partners, a Canadian private equity firm and affiliate of Connor, Clark & Lunn Financial Group.
3 min read · 07 November 2018
Tishman Speyer and Canada's Public Sector Pension Investment Board (PSP Investments) have sold Tour Pacific, a 53,000-square-metre office building located in Paris' business district. No financial terms were disclosed. The buyer was Société Générale Insurance, the insurance business line of France's Société Générale Group. PSP Investments and Tishman Speyer, a U.S. real estate investment firm, acquired the property in 2013.
4 min read · 07 November 2018
Pattern Energy Group Inc (TSX, Nasdaq: PEGI) has agreed to sell its stake in K2 Wind, a 270-megawatt wind power facility located in Ontario's Ashfield-Colborne-Wawanosh region, for $216 million. The buyer is a group of investors led by Axium Infrastructure, a Canadian infrastructure investment firm. Pattern, Axium and Capital Power Corp jointly back K2 Wind, which began commercial operations in 2015. Capital Power is also selling its interest to the Axium-led consortium. Pattern Energy Group LP, Pattern Energy’s main shareholder, is backed by U.S. private equity firm Riverstone Holdings.
3 min read · 07 November 2018
