Canada Pension Plan Investment Board has partnered with Allianz Capital Partners to buy a minority equity interest in the Spanish gas distribution business of Gas Natural Fenosa. CPPIB and Allianz will invest almost $1.8 billion to acquire a 20 percent stake in the unit, the largest gas distribution network in Spain, serving some 1,100 municipalities. CPPIB’s share of the investment is about over $1 billion or 900 million euros. The transaction is expected to be completed in January 2018. Based in Barcelona, Gas Natural Fenosa is a gas and electricity company.
4 min read · 04 August 2017
Canada Pension Plan Investment Board has partnered with Allianz Capital Partners to buy a minority equity interest in the Spanish gas distribution business of Gas Natural Fenosa. CPPIB and Allianz will invest €$1.5 billion to acquire a 20 percent stake in the unit, the largest gas distribution network in Spain, serving some 1,100 municipalities. CPPIB's share of the investment is about $1.34 billion (€900 million). The transaction is expected to be completed in January 2018. Based in Barcelona, Gas Natural Fenosa is a gas and electricity company.
5 min read · 03 August 2017
Private-markets investor Northleaf Capital Partners has opened a new office in Montréal. It also hired Kathleen Ffrench, who assumes the role of vice-president, sales, operating from the new location. Ffrench will help Northleaf grow its relationships with institutional investors, family offices and advisors in Eastern Ontario, Québec and Atlantic Canada. She previously served at Sun Life Institutional Investments, where she headed Eastern Canada institutional sales. Toronto-based Northleaf manages more than US$9 billion in private equity, infrastructure and private credit commitments.
3 min read · 03 August 2017
Fonds de solidarité FTQ has disclosed a March 2017 investment in Clementia Pharmaceuticals Inc, a Montréal clinical-stage biopharmaceutical company. The investment provided Clementia with about $13.4 million (US$10 million) in funding. Fonds de solidarité FTQ also said it is participating in the company's initial public offering, which was priced this week to raise as much as $172 million (US$138 million). Clementia, which was launched in 2010, is developing treatments for patients suffering from debilitating bone and other diseases.
3 min read · 03 August 2017
Montréal clinical-stage biopharmaceutical company Clementia Pharmaceuticals Inc has priced its recently filed initial public offering on the Nasdaq Global Market. The company plans to sell up to 9.2 million common shares at US$15 per unit, which would generate proceeds of as much as $172 million (US$138 million). The issue is expected to close on August 7. Founded in 2010 by CEO Clarissa Desjardins, Clementia is developing treatments for patients suffering from debilitating bone and other diseases. It is backed by BDC Capital, Fonds de solidarité FTQ, Janus Henderson Investors, OrbiMed Advisors and New Enterprise Associates.
2 min read · 03 August 2017
Tokyo Smoke, a Toronto-based cannabis lifestyle and retail brand, has raised $4 million in the first close of its Series B financing. The round, which is expected to this month exceed $5 million, was led by Aphria Inc, a Canadian medical cannabis producer, and Green Acre Capital, a Canadian cannabis-focused private investment firm, and joined by new and existing investors. Tokyo Smoke earlier this year said it was partnering with Aphria to release several branded cannabis strains. The announcement was made at the time of its $3 million Series A round. Tokyo Smoke was founded in 2015 by CEO Alan Gertner and Chairman Lorne Gertner.
3 min read · 03 August 2017
Chickapea Pasta, a Collingwood, Ontario maker of organic, high-protein and high-fibre pasta, has secured an undisclosed investment from Canadian consumer venture capital firm District Ventures Capital. Chickapea Pasta, founded in 2015 by CEO Shelby Taylor, closed the financing after completing a six-month program with District Ventures Accelerator. The fund and the accelerator are led by Arlene Dickinson, a Dragon's Den star and entrepreneur. Chickapea Pasta, which currently sells in Canada and the United States, will use the funds raised to support its growth strategy, which includes the introduction of a second product line.
2 min read · 03 August 2017
The private equity group of Brookfield Asset Management has launched a bought deal secondary offering to sell common shares of Norbord Inc (TSX, NYSE: OSB), a Toronto-based manufacturer of wood-based panels. The offering will sell up to $172.9 million in shares, including its greenshoe option. With its completion, Brookfield's current stake in the company, roughly 53 percent, will drop to about 48.6 percent or lower if the greenshoe option is exercised. Two years ago, Norbord was combined with Vancouver's Ainsworth Lumber Co Ltd, another Brookfield-owned company. The merger deal was valued at $762.6 million.
4 min read · 03 August 2017
Canada Pension Plan Investment Board has agreed to invest US$400 million of equity in William Morris Endeavor Entertainment LLC (WME/IMG), a U.S. event organizer and talent agency. The investment, part of a US$1 billion deal also backed by Singapore's GIC, will give CPPIB an 8 percent interest in the company. Beverly Hills, California-based WME/IMG represents artists and creators in the entertainment and sports industries. It also owns and operates sports, fashion and entertainment events, such as the Miami Open, and produces sports programming, among other activities. WME/IMG's other investors include Silver Lake Partners.
3 min read · 02 August 2017
Canadian mining company Wellgreen Platinum Ltd (TSX: WG) has agreed to raise more than $9.5 million in a private placement offering of common shares and warrants. The backers will include new investor Tocqueville Gold Fund and existing U.S. private equity investors Drake Private Investments, Electrum Group and Resource Capital Funds. The deal's proceeds will be used for the continuing development of the company's 100 percent-owned Wellgreen platinum group metal and nickel project, located in the Yukon Territory. Based in Vancouver, Wellgreen is led by President and CEO Diane Garrett.
3 min read · 02 August 2017
