Knoxville, Tennessee physician services organization Team Health Holdings Inc has closed its take-private acquisition deal with U.S. private equity firm Blackstone Group. Announced last October at a value of about US$6.1 billion, the deal included investments by Canadian pension funds Caisse de dépôt et placement du Québec (CDPQ) and Public Sector Pension Investment Board (PSP Investments). Established in 1979, Team Health provides outsourcing services, including emergency medicine, anesthesiology and ambulatory care, to hospitals and physician groups in the United States.
5 min read · 06 February 2017
Vancouver gaming company Gateway Casinos & Entertainment Ltd plans to refinance its existing secured debt to include a $125 million revolving credit facility and a US$440 million term loan facility, as well as US$255 million of second priority notes. The refinancing's proceeds will be used in part to fund acquisitions of gaming properties in Ontario. The seller in that deal, announced in December, is Ontario Lottery and Gaming Corp. Gateway, which is backed by Canadian private equity firm Catalyst Capital Group, said its new capital structure will also support initiatives in Western Canada.
3 min read · 06 February 2017
Canadian growth equity firm Georgian Partners has invested in Integrate.AI, a Toronto startup focused on applied artificial intelligence (AI) technologies. The deal's terms not were disclosed; however, the Globe and Mail reports it was a seed round of US$5 million. Integrate.AI was founded last month by CEO Steve Irvine, formerly the head of Facebook Inc’s marketing partner program, as a software platform to help enterprises adopt AI solutions and make greater use of consumer data sets. Georgian Managing Partner Justin LaFayette said his firm's investment will help Integrate.AI to "scale quickly," in part by leveraging "the rich pool" of AI talent in Toronto.
3 min read · 06 February 2017
Fengate Real Asset Investments has closed its acquisition of three operating, fully-contracted solar assets from Canadian Solar Inc for an undisclosed amount. The acquired assets are solar farms located in Sault Ste. Marie, Ontario with a combined capacity of 59.8 MWac. Fengate, a Toronto investment firm focused on infrastructure, real estate and private equity opportunities, said the deal represents its largest power investment to date. The firm has a renewable energy portfolio that includes solar, wind, hydro and biomass projects in North America and the United Kingdom.
2 min read · 06 February 2017
Toronto-based energy storage project developer NRStor Inc has secured $11 million in equity financing as well as access to $200 million in additional capital. The funding commitment is the result of a partnership with Labourers' Pension Fund of Central and Eastern Canada (LiUNA). LiUNA's investment will be managed by Fengate Real Asset Investments. Launched in 2012 by CEO Annette Verschuren, NRStor will use the funds raised to support its projects, which are intended to scale renewable capacity and make the electricity system more efficient. The company's other Canadian investors are Lake Bridge Capital and Northwater Capital Management.
4 min read · 06 February 2017
California Capital Equity (CCE), the investment vehicle of Dr. Patrick Soon-Shiong, has exercised all share purchase warrants held in ProMetic Life Sciences Inc (TSX: PLI), a Laval, Québec biopharmaceutical company. The result was an increase in CCE's equity stake and the generation of proceeds of more that $21 million. ProMetic, whose technologies are focused on drug purification, drug development, proteomics, and the elimination of pathogens, said the deal supports preparations for a debut commercial launch in 2017. Led by President and CEO Pierre Laurin, ProMetic has also raised funding from Thomvest Seed Capital.
2 min read · 06 February 2017
Brookfield Asset Management’s private equity group earned more than twice the amount it paid to acquire Maax, a bathroom-fixtures maker recently sold to American Bath. The Toronto investor said it sold Maax, a company it held for nearly a decade, to American Bath in January. The buyer, a Savannah, Tennessee, tub-and-shower business, is owned by Lone Star Funds, which acquired it from Sterling Group last year. Brookfield also announced a new platform investment. It struck a deal to acquire a roughly 85 percent stake in Greenergy, a supplier of road fuels to consumers in the United Kingdom.
3 min read · 06 February 2017
3 min read · 06 February 2017
Leankor, a visual workflow and project management solution company, has secured $1 million in follow-on financing. The identities of the investors, both new and existing, were not disclosed. The company has previously been funded by Accelerate Fund, a Canadian angel co-investment fund. Calgary-based Leankor, founded in 2013 by CEO Emilio Bernabei and COO Tony Meibock, also announced the launch of a new order-to-cash solution. Canadian growth equity firm Yaletown Partners was selected to manage the recapitalized Accelerate Fund last November.
2 min read · 03 February 2017
Canadian private equity firm Quantum Capital has acquired Apache Industrial Services Inc, a Houston, Texas provider of multi-craft industrial services, including scaffolding, coatings and linings, refractory, fireproofing and insulation. No financial terms were disclosed. As part of the deal, Apache has been combined with Skyway Canada Ltd, a Toronto scaffolding and shoring solutions company backed by Quantum. The merged business will have revenue of US$500 million, Apache said. Quantum, which invests on behalf of Canadian-Australian businessman Jack Cowin, acquired Skyway in 2007 for $84 million.
3 min read · 03 February 2017
