Ontario Teachers' Pension Plan has closed its acquisition of an additional 29 percent stake in Metronode, an Australian data centre provider, from CIMIC Group Ltd. No financial terms were disclosed. Ontario Teachers' acquired a 70 percent interest in Metronode as part of its June 2013 investment in its parent company, Nextgen Group Pty Ltd. In August, CIMIC agreed to sell its interest in Nextgen to the Canadian pension fund. CIMIC said it expects to receive net proceeds of about US$190 million to US$210 million from the exit.
2 min read · 05 December 2016
The Second Cup Ltd (TSX: SCU) has obtained an $8 million secured term loan from SPE Finance LLC, an affiliate of Serruya Private Equity (SPE), which invests on behalf of Canada's Serruya family. As a result of the deal, Second Cup agreed to nominate an SPE representative to its board of directors. The loan's proceeds will be used to repay the company's $6 million credit facility and for other purposes. Toronto-based Second Cup is a specialty coffee retailer operating over 295 franchised and directly-owned cafes. SPE Managing Director Michael Serruya said his firm will help build the "iconic Canadian brand."
2 min read · 05 December 2016
OMERS Private Equity (OPE) has agreed to sell V.Group, a provider of maritime services to the commercial shipping, cruise, energy and defence industries, to U.S. private equity firm Advent International. No financial terms were disclosed for the deal, which will see OPE re-invest in a minority stake in the company. OPE acquired London, U.K.-based V.Group for US$520 million in 2011. During its period of majority ownership, OPE said it supported the company's organic growth and growth via acquisitions, including Bibby Ship Management and Selandia Ship Management. Mark Redman, global head of OPE, said the sale is OPE's first realization in Europe and fourth exit this year.
5 min read · 05 December 2016
Dubai's DP World and Caisse de dépôt et placement du Québec (CDPQ) have launched a new platform to invest in global port and terminal businesses. The platform has been capitalized at $5 billion, with DP World holding a 55 percent share and CDPQ the remaining 45 percent. Investments, to be made in countries outside of the United Arab Emirates, will be focused on existing assets, with up to 25 percent earmarked for greenfield project opportunities. The platform has been seeded with two of DP World's Canadian container terminals, located in Vancouver and Prince Rupert. CDPQ acquired a 45 percent stake in these assets for $865 million.
4 min read · 02 December 2016
IWG Technologies Inc (TSX-V: IWG), the holding company for Canada's International Water-Guard Industries Inc, has agreed to be acquired for about $16.5 million. The buyer is a private Canadian affiliate of WM Capital Management and BASE Equity Partners, a U.S. private equity firm. IWG shareholders are expected to vote on the proposed deal in January 2017. Burnaby, British Columbia-based International Water-Guard is a provider of aircraft potable water treatment, water systems, water heaters and components.
5 min read · 02 December 2016
Portag3Ventures, a fintech fund launched in October by Canadian holding company Power Corp, is led by an executive who knows a thing or two about disrupting the financial world. Adam Felesky, Portag3’s president and managing partner, spent much of his career in the exchange-traded-funds business. He likens the public-market experience of ETFs to today’s fintech startups, whose innovations reflect a new source of challenge and opportunity to traditional financial services providers.
3 min read · 02 December 2016
Canadian specialty finance firm Crown Capital Partners has invested $15 million in Source Energy Services, a Calgary-based provider of frac sand and logistical services to oil and gas producers active in the Western Canadian Sedimentary Basin. Crown's investment forms part of the company's $130 million offering of senior secured first lien notes. Source, which has operations in British Columbia, Alberta, Saskatchewan, Wisconsin and Texas, supplies about 50 percent of Western Canada's proppant market. Last month, Crown provided $15 million in debt funding to Touchstone Exploration Inc.
2 min read · 02 December 2016
Securus Technologies Inc has acquired the corrections telemedicine hardware, software, management and development assets of Baie d’Urfe, Québec's PHD Medical Inc. The terms of the all-cash deal were not released. Securus, a Dallas provider of civil and criminal justice technology solutions, said the acquisition is its 20th to date. The company plans to bundle PHD Medical's telemedicine business into its existing product set. Securus is a portfolio investment of U.S. private equity firm ABRY Partners. ABRY acquired it from Castle Harlan in April 2013.
3 min read · 01 December 2016
Premium Brands Holdings Corp (TSX: PBH) has acquired Island City Baking, a maker of fresh and frozen artisan breads, and its affiliate Conte Foods, a distributor of specialty food products. The companies, both of which are located in the Greater Vancouver region, sold for $20.3 million. Premium Brands also announced its buy of Larosa Fine Foods, a Vancouver maker and wholesaler of specialty Italian products, for $700,000. Premium Brands, a Vancouver-based specialty branded food producer, has been a portfolio investment of Canadian private equity firm Pender West Capital Partners since 2005.
4 min read · 01 December 2016
3 min read · 01 December 2016
