A consortium led by European private equity firm CVC Capital Partners has agreed to acquire a 51.8 percent interest in Recordati SpA, a Milan, Italy-based developer, maker and marketer of pharmaceuticals. The consortium, which includes Canadian pension fund manager Public Sector Pension Investment Board (PSP Investments), will buy the majority of the company from Recordati family financial holding FIMEI. The deal is valued at about 3 billion euros (US$3.5 billion). The acquisition is expected to close in the fourth quarter.
6 min read · 04 July 2018
Canadian private equity firm Ardenton Capital Corp has invested in PP Control and Automation, a U.K. outsourced equipment and machine maker specializing in control and automation solutions. No financial terms were released. Ardenton partnered with PP Control Managing Director Tony Hague, who will become CEO. David Fox, who founded the company in 1967, will become chairman. Walsall, West Midlands-based PP Control serves a range of global original equipment manufacturers. Ardenton Director Allan Dunn will work with the company to implement the investor's operating system and support growth.
3 min read · 04 July 2018
Canadian Tire Corp Ltd (TSX: CTC, CTC.A) has closed its acquisition of Helly Hansen, an Oslo, Norway-based maker of sportswear and workwear. The deal, announced earlier this year, is valued at $985 million. Canadian Tire also assumed $50 million of the company’s operating debt. Founded in 1877, Helly Hansen has since 2012 been majority owned by Ontario Teachers’ Pension Plan. Ontario Teachers’ initially acquired about 75 percent of the business from Altor Funds. It bought the remaining interest in 2015. Based in Toronto, Canadian Tire provides a range of retail goods and services.
2 min read · 04 July 2018
Montréal-based financial technology startup Flinks has raised $1.75 million in a seed-stage financing. National Bank of Canada and Luge Capital invested in the round as did Innostart Capital, Panache Ventures, iNovia Capital and Conconi Growth Partners. Founded in 2017 by CEO Yves-Gabriel Leboeuf, CTO Julien Dubé-Cousineau and COO Frédérick Lavoie, Flinks helps consumers safely share their financial data with banking and non-banking digital services. It will use the funds raised for growth and to market its risk assessment solution. Flinks is the first deal of Luge, which last month raised an initial $75 million for its inaugural fund.
3 min read · 04 July 2018
Entertainment content studio Entertainment One (eOne) has acquired the remaining stake in Sierra/Affinity, a Beverly Hills, California-based film finance, production and foreign sales business. No financial terms were disclosed for the deal, which builds on eOne's initial investment in 2015. As a result, Sierra/Affinity's Nick Meyer and Marc Schaberg have joined the company to help lead film operations. Based in Toronto, eOne is backed by Canada Pension Plan Investment Board (CPPIB). CPPIB acquired a minority interest in 2015 from Marwyn Investment Management for $290 million.
5 min read · 03 July 2018
Alignvest Management Corp has launched Alignvest Student Housing Real Estate Investment Trust (ASH REIT) to acquire assets in the Canadian purpose-built student accommodation (PBSA) real estate sector. ASH REIT has been capitalized with $65 million in commitments and will access additional resources from Alignvest, a Canadian alternative investment manager, as well as subsequent offerings. It is slated to buy its first property in Waterloo, Ontario this month. Alignvest said ASH REIT is positioned to become the largest owner and operator of assets in Canada's fragmented PBSA sector.
5 min read · 03 July 2018
Montréal-based artificial-intelligence solutions company Element AI is looking to raise $250 million in a Series B financing, according to a report by BNN Bloomberg. Sources told BNN Bloomberg the round would value Element AI at $1 billion. Founded in 2016, Element AI last year secured more than $137 million in a Series A led by DCVC and joined by Real Ventures, BDC Capital, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent and other investors.
1 min read · 03 July 2018
Renewable power producer Innergex Renewable Energy Inc (TSX: INE) has acquired the Phoebe solar project in Winkler County, Texas from Longroad Energy Partners LLC. No financial terms were disclosed. The 315 megawatt-DC project, which is expected to reach commercial operation in the third quarter of 2019, will begin construction shortly at a projected cost of $524 million. Innergex said it is the company's largest solar project to date. Based in Longueuil, Québec, Innergex is backed by Caisse de dépôt et placement du Québec.
4 min read · 03 July 2018
Activity in Canada’s initial public offering (IPO) market was "slow and steady" in the first half of 2018, according to a survey by PwC Canada. Twenty new issues across all exchanges accounted for $1.1 billion in this period, compared to 16 issues generating $2.9 billion at the same time in 2017. Eleven IPOs raised $956 million in Q2 2018, the largest of which was the US$462 million Canada-U.S. listing of Ceridian HCM, a human-resources-software provider backed by Thomas H. Lee Partners and Cannae Investors. Since January, six Canadian private equity- and venture-backed companies have announced or closed an IPO.
4 min read · 03 July 2018
Canadian private equity firm Waterous Energy Fund has closed its debut fund, raising C$1.4 billion in committed capital, exceeding an original target of C$1 billion. Waterous Energy Fund LP was launched last year by Managing Partner and CEO Adam Waterous to invest up to C$500 million in late-stage control deals involving mature North American oil and gas companies with liquids-weighted, quality assets, but which have run into challenges. The fund has already invested over 60 percent of its capital in two companies. They are Strath Resources Ltd, which this month agreed to buy assets held by Paramount Resources Ltd, and Cona Resources Ltd, formerly backed by Riverstone Holdings and NGP.
2 min read · 03 July 2018
