Canadian private equity firm Walter Capital Partners has made a new, undisclosed investment in Bonlook, a Montréal-based fashion eyewear company. The investment, which adds to an initial financing provided by Walter Capital last year, will support the company's continued online and store-level growth. Led by President Sophie Boulanger, Bonlook is developing an omnichannel model for its optical business that includes new store openings and an enhanced online platform for selling products internationally. Its objectives include expanding its store network to about 50 points of sale in Canada by 2020.
3 min read · 20 November 2017
AvidXchange has acquired Ariett, a Pembroke, Massachusetts cloud solution provider to the purchase-to-pay market. No financial terms were released. AvidXchange, a provider of accounts payable and payment automation solutions, said the deal will give its customers more purchasing functionality to help manage spending with requisition approval, purchase order management, and the ability to analyze expenses. Charlotte, North Carolina-based AvidXchange earlier this year raised a US$300 million financing. The round was co-led by Caisse de dépôt et placement du Québec.
4 min read · 20 November 2017
Rayonier Advanced Materials Inc (NYSE: RYAM) has closed its acquisition of Tembec Inc, a Montréal-based paper and cellulose pulp maker, for about $1.1 billion. Jacksonville, Florida-based Rayonier said the deal combines two complementary cellulose businesses and will help diversify its product offerings with integrated forest products, paper, paperboard and newsprint businesses. Rayonier increased its offer for Tembec in July when Oaktree Capital Management and Restructuring Capital Associates, the Canadian company's two largest shareholders, raised concerns about the initial bid.
2 min read · 20 November 2017
U.S. private equity firm Blue Equity has acquired Liquor Barn, a Kentucky spirits, beer and wine retailer affiliated with Liquor Stores North America Ltd. No financial terms were disclosed; however, in a separate release, Liquor Stores, an Edmonton-based operator of retail liquor stores, said the deal will generate proceeds of as much as C$37.6 million. Liquor Stores, which also plans to sell a 51 percent interest in Birchfield Ventures LLC of New Jersey, is looking to refocus on core markets in Alberta, British Columbia and Alaska. Blue Equity said Liquor Barn will be relocated to Louisville, Kentucky.
3 min read · 20 November 2017
U.S. private equity firm Blue Equity has acquired Liquor Barn, a Kentucky spirits, beer and wine retailer affiliated with Liquor Stores North America Ltd (TSX: LIQ). No financial terms were disclosed; however, in a separate release, Liquor Stores, an Edmonton-based operator of retail liquor stores, said the deal will generate proceeds of as much as $37.6 million. Liquor Stores, which also plans to sell a 51 percent interest in Birchfield Ventures LLC of New Jersey, is looking to refocus on core markets in Alberta, British Columbia and Alaska. Blue Equity said Liquor Barn will be relocated to Louisville, Kentucky.
3 min read · 20 November 2017
Japanese restaurant business YO! Sushi has acquired Bento Sushi, a Toronto-based sushi brand with more than 600 locations and an additional 1,700 partner sites. No financial terms were disclosed for the deal; however, the Wall Street Journal reported the value at about $100 million. British private equity firm Mayfair Equity Partners, which bought London, U.K.-based YO! in 2015, facilitated the acquisition. Bento, established in 1996 by Chairman Ken Valvur, launched an initial public offering earlier this year, but reportedly withdrew it due to a lack of investor interest. Bento's merger with YO! creates "one of the largest sushi companies outside Japan," the companies said.
5 min read · 20 November 2017
TricorBraun Inc has acquired Taipak Enterprises Ltd, a Richmond, British Columbia-based provider of standard and custom flexible packaging solutions. No financial terms were released. TricorBraun, a St. Louis, Missouri-based distributor of rigid plastic and glass bottles and closures, said the deal marks its entry into the flexible packaging space. It added that Taipak's current owners, Joey Lin and Charanjit Hayre, will continue to manage the business. TricorBraun, a portfolio company of U.S. private equity firm AEA Investors, earlier this year acquired Salbro Bottle Inc.
3 min read · 20 November 2017
Ontario Teachers' Pension Plan has acquired Atlantic Aqua Farms, an Orwell Cove, Prince Edward Island-based grower and processor of P.E.I. blue mussels under the brands Canadian Cove, Confederation Cove and J.P.'s Shellfish, as well as branded oysters, clams and live lobster. No financial terms were disclosed; however, Undercurrent News said the value is likely to be more than $100 million. The seller was U.S. private equity firm Encore Consumer Capital, which bought the company in 2008. The deal is Ontario Teachers' first in the aquaculture sector, which Senior Managing Director Andrew Claerhout said reflects "significant opportunities for long-term growth."
3 min read · 17 November 2017
Western Investment Co of Canada and a partner have agreed to acquire 90 percent of an unidentified agrifood processor based in Western Canada. The deal is valued at about $25.5 million, including the market value of the real estate. With its closing, scheduled for the end of January 2018, Western, a Canadian private equity firm, will own about 50 percent of the company, while its unidentified partner will own about 40 percent. Scott Tannas, CEO of Western, said the agrifood processor "has a young management team led by a founder focused on finding the right partners to ensure the continuity of the business."
3 min read · 17 November 2017
Caesars Entertainment Corp (Nasdaq: CZR) has agreed to acquire Centaur Holdings LLC, an Indianapolis, Indiana owner and operator of the Hoosier Park Racing and Casino and the Indiana Grand Racing and Casino. In a separate release, Caesars said it will buy Centaur for US$1.7 billion in cash. The deal, expected to close in the first half of 2018, will provide exits to Canadian private equity firm Clairvest Group and Canadian hedge fund manager West Face Capital, which invested jointly in 2010. Centaur was restructured, with Clairvest and West Face holding a controlling interest. Today, more than 6.5 million people visit the company's properties each year.
3 min read · 16 November 2017
