OMERS Private Equity (OPE) has agreed to acquire a minority interest in National Veterinary Associates (NVA), an Agoura Hills, California-based owner and operator of veterinary hospitals and pet boarding and daycare centres in the United States, Canada, Australia and New Zealand. No financial terms were released for the deal, which is expected to close in the third quarter. OPE is partnering with NVA's management and U.S. private equity firm Ares Management, the majority shareholder. Ares acquired the business in 2014. Founded in 1996, NVA has 502 locations and more than 1,800 veterinary affiliations.
4 min read · 06 July 2017
U.S. private equity firm Swander Pace Capital has sold Lavo Inc, a Montréal-based maker and marketer of laundry detergent, household cleaners, fabric softeners and bleach, to KIK Custom Products Inc. No financial terms were disclosed. Lavo, which distributes and markets under owned brands La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power, and ABC, was acquired by Swander Pace in 2008. KIK, a Concord, Ontario-based maker of consumer packaged goods, is owned by U.S. private equity firm Centerbridge Partners. Centerbridge bought it from CI Capital Partners in 2015. Earlier this year, Swander Pace sold Kicking Horse Coffee Ltd to Luigi Lavazza SpA.
3 min read · 06 July 2017
Enwave Energy Corp has closed its acquisition of the district energy systems in London, Ontario and Charlottetown, Prince Edward Island from Veresen Inc, a Calgary energy infrastructure company. No financial terms were released. Toronto-based Enwave, an integrated energy services provider, said the deal expands its network and capabilities as well as its presence across Canada. Enwave is owned by Brookfield Asset Management and its institutional partners. Brookfield acquired the business from Borealis Infrastructure and the City of Toronto for $480 million in 2012.
2 min read · 05 July 2017
Ottawa has launched its Strategic Innovation Fund, a program intended to attract and support innovative business investments across all sectors of the Canadian economy. The fund, capitalized at $1.26 billion, will back a range of activities, including R&D and commercialization of new products and services, growth and scale-up of companies, attraction of non-resident investments to Canada, and public-private collaborations in developing and demonstrating new technologies.
2 min read · 05 July 2017
3 min read · 05 July 2017
Fonds de solidarité FTQ generated nearly $1.1 billion in profits in the fiscal year ending on May 31, marking the first time in its history the firm exceeded the $1 billion level. The Fonds also reported an annual shareholder return of 9.1 percent in this period, which contributed to an increase in net assets under management to $13.1 billion. The Fonds, which provides development capital to mostly private companies located in Québec, also reported investing $873 million in the past year. The Montréal-based investor is led by President and CEO Gaétan Morin.
4 min read · 05 July 2017
Canada’s top 10 venture-capital financings in the second quarter drew $518 million from investors, up 8 percent from the $480 million that went into the top 10 deals a year earlier. The number is based on PE Hub Canada’s list of the largest deals announced from April through June, supplemented by preliminary data from Thomson Reuters. It suggests Canadian VC investment activity this year is so far keeping pace with the robust trend lines of 2016. At the end of June, VC funds invested $1.75 billion in Canada, preliminary data show, not far behind the $1.78 billion invested in the first half of last year.
3 min read · 05 July 2017
Evoqua Water Technologies LLC has acquired ADI Systems Inc, Lange Containment Inc and Geomembrane Technologies Inc, all providers of wastewater solutions. No financial terms were released. The seller is ADI Group Inc, a Fredericton, New Brunswick specialist in wastewater treatment, waste-to-energy solutions, cover and liner systems, construction services, mushroom farming and composting. U.S.-based Evoqua said the deal will expand its position in industrial wastewater solutions. The company was created in 2014 with AEA Investors' buy of Siemens Water Technologies LLC.
2 min read · 05 July 2017
Canada Pension Plan Investment Board announced several senior executive changes and appointments. They include the appointment of Senior Managing Director Ed Cass, formerly the pension fund's chief investment strategist, to global head of real assets, replacing Graeme Eadie. Geoffrey Rubin will step into the role previously held by Cass, joining the senior management team. Additionally, CPPIB hired Neil Beaumont as senior managing director and chief financial and risk officer. Beaumont was most recently an executive with BHP Billiton.
3 min read · 05 July 2017
C.H. Guenther & Son Inc (CHG) has bought Les Plats du Chef Inc, a Dollard-des-Ormeaux, Québec frozen food company specializing in snacks, hors d'oeuvres and soups. No financial terms were disclosed. The seller in the deal is an affiliate of Claridge, the private equity family office of Stephen Bronfman. Founded in 1981 by Michel and Monique Lachapelle, Plats Du Chef operates manufacturing facilities in Montréal and Toronto, producing retail food products for a number of channels. Claridge, which acquired the company in 2002, helped it grow through acquisition activity and new product development. U.S.-based CHG also operates in the food industry.
3 min read · 05 July 2017
