Canadian private equity firm Penfund has provided an incremental US$7.5 million second lien term facility to Pediatric Services Holding Corp (PSA Healthcare), a provider of home nursing services to medically fragile children in the United States. The facility, together with an incremental US$25.0 million first lien term facility, were used to support PSA's buy of Care Unlimited, a provider of pediatric home nursing services in western Pennsylvania. Last year, Penfund invested US$37 million of debt and equity in Atlanta, Georgia-based PSA. This was announced shortly after the company's acquisition by U.S. private equity firm J.H. Whitney Capital Partners.
3 min read · 17 February 2016
PSP Investments Credit USA LLC, an affiliate of the Public Sector Pension Investment Board (PSP Investments), is participating in the debt financing of Apollo Global Management's proposed acquisition of The ADT Corp (NYSE: ADT). The buyout deal, announced this week at a value of about US$7 billion, is the largest so far this year, according to Reuters. Boca Raton, Florida-based ADT is a provider of security and automation solutions. Montréal-based PSP Investments launched its private debt affiliate under the leadership of David Scudellari last November.
10 min read · 17 February 2016
BDC Capital has launched its second information technology venture fund, IT Venture Fund II, sized at $150 million. The fund, which brings capital managed by the BDC Capital IT Venture Fund group to $300 million, will be focused on Series A and B financings of mature startups that "have a product in market and are already generating revenues from customers,” Managing Partner Robert Simon said. The fund will thereby help address a mid-stage financing gap now facing Canadian software companies, Simon said. Fund II, which will continue to lead most of its deals and leverage syndicate partners, has already made 11 investments. They include online retailer Cymax, which raised US$25 million last October.
3 min read · 17 February 2016
Mobify, a Vancouver-based mobile commerce and engagement platform, has secured $10 million in financing. The round was led by Acton Capital Partners, a German venture capital firm. With the deal, Hannes Blum, a venture partner at Acton, will join the company's board of directors, as will Influitive CEO Mark Organ. Founded in 2007, Mobify delivers technology and services that help businesses engage with connected consumers to increase revenue online and in-store. The company said it plans to accelerate global growth beyond its existing customers, which currently total 150. Last December, Mobify acquired Dónde, a Chicago-based provider of location-aware mobile technology.
4 min read · 16 February 2016
Mister Car Wash, a portfolio company of Canadian private equity firm Penfund, has bought four Bill’s Car Washes in the Florida communities of Casselberry, East Orlando, Sanford and Chickasaw. The deal's financial terms were not released. As a result, Mister Car Wash now operates 164 car wash locations in 19 states. Penfund invested US$15.1 million of debt and equity in the Tucson, Arizona-based company in 2014, not long after it was acquired by Leonard Green & Partners. Mister Car Wash was previously owned by ONCAP, the mid-market investment platform of Onex Corp.
2 min read · 12 February 2016
Tricor Pacific Founders Capital has shown a sweet tooth with its buy of Totally Chocolate, a North American custom chocolate manufacturer. It is the second platform investment of the family office, launched two years ago by senior professionals at Tricor Pacific Capital to acquire food and other consumer packaged goods companies.
3 min read · 12 February 2016
Forefront Dermatology, a provider of practice management services to dermatology clinics, has been acquired by OMERS Private Equity from Varsity Healthcare Partners. No financial terms were released. Varsity, a U.S. healthcare private equity firm, invested in Manitowoc, Wis.-based Forefront in 2014. Since then, the company has grown to 82 clinics with 90 board-certified dermatologists operating in 11 states. Forefront said it will work with its new partner to continue growing and expanding into new markets. OMERS Private Equity, the private equity arm of the Ontario Municipal Employees Retirement System (OMERS), last year bought Kenan Advantage and Environmental Resources Management.
3 min read · 11 February 2016
Toronto-based mid-market private equity firm Bedford Capital has sold its portfolio company L.B. Maple Treat Corp (LBMT). The buyer was Champlain Financial Corp, a mid-market private equity firm based in Montréal. The deal's financial terms were not disclosed. Headquartered in Granby, Québec, LBMT is a manufacturer and bottler of branded and private label maple syrup. Founded in 1975, it sells a range of maple syrup-related products, including cookies, maple sugar and maple butter, around the world. CCC Investment Banking was the exclusive financial advisor to the company on the deal. Bedford Capital Fund IV acquired an interest in LBMT in November 2009.
2 min read · 10 February 2016
Seven Generations Energy Ltd (TSX: VII) has proposed a bought deal private placement financing that is targeted to raise $300 million in gross proceeds. In an earlier statement, the company said it will use the proceeds chiefly for investment in natural gas production at its Kakwa River Project in Alberta. Based in Calgary, Seven Generations went public in November 2014, raising $931.5 million. It has since remained a portfolio investment of Canadian private equity firms ARC Financial Corp and Azimuth Capital Management, as well as Canada Pension Plan Investment Board.
5 min read · 10 February 2016
Long Run Exploration Ltd (TSX: LRE), a Canadian intermediate oil and natural gas company, has identified the Chinese buyer in its previously announced acquisition deal as Sinoenergy Investment Corp. Long Run made the announcement while preparing for its meeting of shareholders and debentureholders on February 29, which will vote on the $770 million deal. Calgary-based Long Run has been backed by Canadian private equity firm Sprott Resource Corp since 2009.
5 min read · 10 February 2016
