By all measures, deal making in Canada’s venture capital market was on fire in 2015. Despite growing economic uncertainty, some investors believe last year's momentum is not yet spent. Jim Orlando, managing director at OMERS Ventures, told PE Hub Canada that while the nature of domestic VC investments may change in the months ahead, activity should generally stay on course.
3 min read · 28 February 2016
U.S. private equity firm OpenGate Capital has agreed to acquire the Window and Door division (Royal W&D) of Royal Building Products, a maker of vinyl window profiles and patio doors based in Woodbridge, Ontario. No financial terms were disclosed for the deal, which is expected to close next month. The seller is Axiall Corp (NYSE: AXLL), which is divesting Royal W&D to focus on its core business. Royal W&D has been operational for more than 40 years and currently has seven manufacturing sites in Canada and the United States. Headquartered in Los Angeles, OpenGate was founded in 2005 by Managing Partner Andrew Nikou, a native of Vancouver, British Columbia.
2 min read · 26 February 2016
Brad Nathan, president of Lynx Equity, says he launched his Toronto-based private equity firm in 2007 because he “has always been interested in owning small businesses.” Nine years on, that ambition appears to have been fulfilled with Lynx controlling some 40 North American mid-market companies sold to it by retiring family owners.
3 min read · 25 February 2016
Nasdaq (Nasdaq: NDAQ) has closed its acquisition of Marketwired LP, a Canadian provider of news distribution services and analytics for communications professionals. No financial terms were disclosed for the previously announced deal; however, an earlier report said it could value Marketwired for as much as US$200 million. The transaction provides an exit to OMERS Private Equity, which has backed the company since 2006. It also provides an exit to Manulife Capital, which was a minority investor in Marketwired over the same period.
2 min read · 25 February 2016
The Louisiana Public Service Commission has decided not to allow the sale of Cleco Corp (NYSE: CNL) to an investor group led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corp (bcIMC). The deal, announced in October 2014, valued Cleco, the parent of regulated electric utility Cleco Power LLC, at about US$4.7 billion, including debt. The investor group, which included John Hancock Financial and other infrastructure investors, said it will "review our options regarding this decision."
5 min read · 25 February 2016
Calgary-based oil and gas producer Boulder Energy Ltd (TSX: BXO) has agreed to be taken private by Canadian private equity firm ARC Financial. ARC has offered $2.59 in cash for each of Boulder's issued and outstanding common shares, which implies a total value of about $268 million, including the company's net debt of about $143 million. Boulder's board of directors is recommending the transaction to shareholders and is expecting it will be completed on or about April 15th. Founded in May 2015, Boulder is primarily focused on operations at its multi-zone Belly River pool at Brazeau in the Alberta Deep Basin. ARC is investing in the company via ARC Energy Fund 8, which raised $1.5 billion last June.
9 min read · 25 February 2016
Fundraising is off to a great start in 2016 despite a weak loonie, and venture funds south of the Canadian border shared in the excitement
3 min read · 24 February 2016
RimRock Oil & Gas, a new oil and gas exploration and production company, has secured a line-of-equity investment of up to US$500 million from U.S. private equity firm Warburg Pincus. Founded in December 2015, RimRock is led by President and CEO Jim Fraser and Managing Director Bob Rooney, both former senior executives of Calgary-based Talisman Energy Inc, now Repsol Oil & Gas Canada Inc. The company will focus on acquiring and developing unconventional oil and gas assets across select basins in the United States and Canada. RimRock's headquarters and other office locations were not identified.
3 min read · 24 February 2016
Independent proxy advisory firms Glass Lewis & Co LLC and Institutional Shareholder Services Inc have recommended that shareholders of Capstone Infrastructure Corp approve the previously announced acquisition of the Toronto-based infrastructure investor. The deal, which will see Capstone sold to an affiliate of U.K.-based iCON Infrastructure LLP for $480 million, will be subject to a vote on March 10. It is expected to close in April.
10 min read · 23 February 2016
GuestLogix Inc (TSX: GXI), which earlier in February was granted protection under the Companies' Creditors Arrangement Act, has received court approval to implement a sale and investment solicitation process. The company has also obtained approval for a US$3 million interim facility from its secured lenders. Based in Toronto, GuestLogix is a provider of merchandising, payment, and business intelligence technology to the passenger travel industry. Last June, it closed a credit agreement of up to $9 million with Canadian growth investors Vistara Capital Partners and Beedie Capital Partners.
6 min read · 22 February 2016
