Kirk Falconer

Jaspreet Dehl tapped as Brookfield private equity's CFO

The private equity group of Brookfield Asset Management has appointed Jaspreet Dehl as chief financial officer. Dehl, who joined Toronto-based Brookfield in 2011 and most recently served as a managing director, private equity, replaces Craig Laurie. Laurie will take on a new role overseeing capital markets, finance and planning for the group. He will also oversee portfolio company operations as managing partner. Laurie has been with Brookfield since 1997. Spun out two years ago, Brookfield Business Partners is the private equity group’s listed vehicle.

H&F’s Hub International acquires two Ontario insurers

Hub International Ltd has acquired Clearwater Insurance Group Inc, a Toronto-based provider of insurance solutions to clients through customized programs and proactive health services. No financial terms were disclosed for the deal, which will see President Alexander Eaton join Hub Ontario. The deal follows Hub's acquisition last week of Access Insurance Brokers Inc, an Ottawa-based provider of personal and commercial insurance solutions. Hub, a Chicago-based full-service insurance company, was bought in 2013 by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion.

XPV Water Partners backs MBO of Britain's Metasphere

Canadian water-focused growth equity firm XPV Water Partners last month backed a management buyout of Metasphere Ltd, a U.K. telemetry water systems business. Terms weren't released for the deal, which saw U.K. investment firm Kaye Enterprises sell its stake in the company. Based in Tadworth, Surrey, Metasphere's technology helps reduce the cost of telemetry ownership for customers seeking to monitor remote assets and systems. XPV Partner Khalil Maalouf said his firm will support Metasphere as it expands relationships with utilities and grows its offering.

ONCAP-backed Pinnacle to buy majority of U.S. wood pellet facility

Pinnacle Renewable Holdings Inc (TSX: PL) has agreed to acquire a 70 percent interest in an industrial wood pellet production facility located in Aliceville, Alabama from Westervelt Co. Terms weren't released for the deal, which is expected to close in October. Pinnacle, a Richmond, British Columbia-based industrial wood pellet maker and distributor, said the acquisition will increase its production capacity and establish a platform for future growth in the U.S. Southeast. Pinnacle, acquired in 2011 by ONCAP, the mid-market arm of Canadian private equity firm Onex Corp, went public this year, raising $172 million. It continues to be an ONCAP portfolio company.

AltaGas to sell midstream, power assets to Birch Hill, Avenue for $560 mln

Calgary-based utility AltaGas Ltd (TSX: ALA) has agreed to sell non-core midstream and power assets for about $560 million. AltaGas will sell domestic small-scale gas midstream and power assets, as well as its commercial and industrial customer portfolio in Canada, to Birch Hill Equity Partners, a Canadian private equity firm. The purchase price is about $165 million. The transaction includes 43.7 million shares held by AltaGas in Tidewater Midstream and Infrastructure Inc. It will also sell gas-fired power assets located in California's San Joaquin Valley to Middle River Power, a private equity affiliate of U.S. investment firm Avenue Capital Group. The purchase price is close to $400 million (US$300 million). Both deals are expected to close before the end of the year.

PE-backed Velvet Energy to acquire Iron Bridge for $142 mln

Velvet Energy Ltd has agreed to acquire the issued and outstanding common shares of Iron Bridge Resources Inc (TSX: IBR), a Calgary-based oil and gas company focused on a Montney Oil play in Western Canada, for about $142 million in cash, including net debt. Iron Bridge accepted the revised $0.845 per share offer from Velvet, which improves on a $0.75 per share proposal made earlier this year. Iron Bridge shareholders, directors and officers accounting for about 35 percent of the company's shares agreed to support the deal. Velvet, a Calgary-based oil and gas explorer and producer, is backed by Warburg Pincus, Trilantic Capital Partners, 1901 Partners Management and Canada Pension Plan Investment Board.

Large share of Canadian SMEs face labour shortages: BDC

A study by the Business Development Bank of Canada (BDC) found 39 percent of Canadian small and medium-sized enterprises (SMEs) face challenges finding new employees. The labour shortage, which is most acute in Atlantic Canada, British Columbia and Ontario, and in the manufacturing, retail trade and construction sectors, is not expected to improve for at least a decade. The study, based on a survey of 1,208 entrepreneurs, also found SMEs affected by labour shortages are 65 percent more likely to generate low sales. Among the strategies used to locate talent, SMEs were least likely to consider hiring immigrants.

Bedrock to reduce Stelco stake in $208 mln secondary deal

Canadian steelmaker Stelco Inc (TSX: STLC) said a syndicate of underwriters has agreed to buy up to 9.2 million of the company’s common shares from selling shareholders. The secondary offering is expected to generate more than $208 million in proceeds, including the greenshoe option. As part of the deal, U.S. private equity firm Bedrock Industries Group, Stelco's majority investor, will distribute a portion of its interest to affiliates of Lindsay Goldberg, a Bedrock partner. Following the offering's close, Bedrock's stake in the company will be reduced to about 63.1 percent. Hamilton, Ontario-based Stelco went public last year, raising $230 million.

CIBC Innovation Banking taps Charlie Kelly to head new U.S. office

CIBC Innovation Banking has hired Charlie Kelly as a manager director. Kelly will head the technology financing and advisory group's new office in Denver, Colorado. Kelly joins CIBC from Silicon Valley Bank, where he served for more than a decade, most recently as a managing director with the Colorado technology group. Before then, he was a U.S. Navy officer. CIBC Innovation Banking launched in January with the acquisition of the assets of Canadian specialty finance firm Wellington Financial.

SkyX raises $9.5 mln in Almond Tree-led Series B round

SkyX, a Toronto-based developer of autonomous vehicles for asset monitoring and data collection, has raised $9.5 million in a Series B financing. The round was led by Almond Tree Enterprise, a Canadian family office. It brings total funding so far to about $20 million. Last year, SkyX secured an investment from China’s Kuang-Chi Group. Founded in 2015 by CEO Didi Horn, SkyX’s drones use a variety of sensors to gather customized, high-resolution data, enabling clients to monitor long-range assets, such as oil and gas pipelines.