U.S. private equity firm Ridgemont Equity Partners has backed the launch of Clairus Group, a Laval, Québec-based automotive glass and claims management provider. No financial terms were disclosed. The deal was done in partnership with Uniban Canada Inc and PH Vitres d’Autos Inc, which together operate an auto glass distribution and installation network in Canada. Clarius, which is led by CEO and President Marc Desmarais, will focus on penetrating new markets organically and through acquisition with Ridgemont's support. Ridgemont said the company is well-positioned to do this in a "very fragmented" North American industry.
3 min read · 04 April 2018
Twin Rivers Paper Co Ltd has agreed to acquire the Pine Bluff, Arkansas paper mill of Mondi Group, a European paper and packaging company. No financial terms were disclosed for the deal, which is expected to close in the second quarter. Twin Rivers, a Madawaska, Maine-based forest products company with pulp operations in Edmundston, New Brunswick, said the buy complements its overall mill system, product offering and strategy. Twin Rivers was bought by Atlas Holdings and Blue Wolf Capital Partners from Brookfield Asset Management in 2013.
3 min read · 04 April 2018
U.S. private equity firm Blue Wolf Capital Partners has acquired a majority stake in The State Group Inc, a Toronto-based multi-trade contractor providing maintenance, repair and capital services to industrial clients across North America. No financial terms were released for the deal, which was also backed by Canadian private equity firm Yellow Point Equity Partners as a minority investor. Blue Wolf's Michael Ranson and Bennet Grill and Yellow Point's Tyler Smyrski will join the board. CEO Marc Dumont, who will continue to lead The State Group, said the deal will help the company pursue opportunities seen "in the end markets of our customer base."
4 min read · 04 April 2018
Coveo, a Québec City-based provider of artificial intelligence-powered insight engines, has raised $100 million in follow-on financing. The deal was led by Evergreen Coast Capital, the private equity affiliate of U.S. investment management firm Elliott Management Corp. Elliott secured a 27 percent stake as a result. Founded in 2005 and led by CEO Louis Têtu, Coveo serves more than 1,000 customers worldwide. The company will use the funds raised to accelerate growth by investing in sales and marketing, channels, new product lines and R&D, and by making acquisitions. Coveo's existing investors include BDC Capital, Fonds de solidarité FTQ, Tandem Expansion Fund and Telesystem.
4 min read · 04 April 2018
InstarAGF Asset Management has acquired Amports Inc, an automotive port logistics and processing company based in Jacksonville, Florida. No financial terms were disclosed. The seller was Lincolnshire Management, a U.S. private equity firm. Lincolnshire bought the company from Highstar Capital in 2014. Operating from facilities in the United States and Mexico, Amports offers portside services in vehicle processing, including loading and unloading, inspection, storage, installations, customizations, repairs and distribution services. Toronto-based InstarAGF is investing from InstarAGF Essential Infrastructure Fund, which raised $740 million last year.
3 min read · 03 April 2018
STEP Energy Services Ltd (TSX: STEP) has wrapped up its acquisition of the issued and outstanding capital stock of Tucker Energy Services Holdings Inc, a Houston-based provider of fracturing and completion solutions to the U.S. oil and gas industry. The deal, announced in February, had a total cash consideration of about $350 million (US$275 million). STEP also closed new credit facilities and an equity financing, the proceeds of which were used to help fund the buy. STEP, a Calgary-based oilfield service company, is backed by Canadian energy private equity firm ARC Financial Corp.
2 min read · 03 April 2018
Greengate Power Corp, a Calgary-based renewable and clean energy developer, has secured a multi-year, $100 million equity commitment from Fengate Real Asset Investments. The partnership will allow Greengate to develop and eventually build-out its 1,000 megawatt portfolio of late-stage wind and solar projects and acquire projects in Alberta, with the potential to expand across North America. Founded in 2007, Greengate has originated and developed 480 megawatts of producing power assets in its home province and Ontario. Toronto-based Fengate is an infrastructure, private equity and real estate investment firm.
4 min read · 03 April 2018
Mattress maker Owen & Co Ltd, which operates in Canada primarily under the Kingsdown brand, has merged with its U.S. counterpart Kingsdown Inc. No financial terms were disclosed. The deal was backed by Canadian private equity firm Novacap, which acquired Toronto-based Owen & Co last year. As a result, the 114-year-old Kingsdown mattress and sleeping products brand, which began in Mebane, North Carolina in 1904, will return to common ownership. Novacap said it will invest in the North American and global growth strategy of Kingsdown Group and use the company’s distribution network to further advance the recently acquired Zedbed Inc.
4 min read · 03 April 2018
Mattress maker Owen & Co Ltd, which operates in Canada primarily under the Kingsdown brand, has merged with its U.S. counterpart Kingsdown Inc. No financial terms were disclosed. The deal was backed by Canadian private equity firm Novacap, which acquired Toronto-based Owen & Co last year. As a result, the 114-year-old Kingsdown mattress and sleeping products brand, which began in Mebane, North Carolina in 1904, will return to common ownership. Novacap said it will invest in the North American and global growth strategy of Kingsdown Group and use the company's distribution network to further advance the recently acquired Zedbed Inc.
4 min read · 03 April 2018
Virgin Hotels, the lifestyle hotel brand of Virgin Group's Richard Branson, has partnered with a group of investors to acquire the Hard Rock Hotel & Casino in Las Vegas. No financial terms were released. The group, which plans to open a refurbished property called Virgin Hotels Las Vegas in 2019, was led by Canada's Fengate Real Asset Investments and U.S.-based Juniper Capital Partners. Laborers’ International Union of North America’s Central and Eastern Canada Pension Fund also invested as a Fengate partner. The seller was a private real estate fund managed by Brookfield Asset Management.
6 min read · 02 April 2018
