Private Equity
Montréal-based luxury vacation rentals company Luxury Retreats has secured $11 million in Series B financing. The round was led by Canadian venture capital firm iNovia Capital, which led the company's prior funding in September 2012. Other investors in the latest deal included Claridge Inc, led by Pierre Boivin and Stephen Bronfman, Peter Kern of InterMedia Partners, and Andrew Lufty, CEO of Groupe Dynamite. Founded by President and CEO Joe Poulin in 1999, Luxury Retreats offers travellers a closed network of over 2,800 private homes in 90 destinations around the world and is focused on refining its existing operations and developing opportunities in new markets.
4 min read · 08 June 2015
U.S. oil and gas company Apache Corp (NYSE, Nasdaq: APA) has completed the previously announced sale of its Australian subsidiary Apache Energy Ltd to a consortium of private equity funds managed by Brookfield Asset Management and Macquarie Corporate Holdings. The transaction had a total value of about US$2.1 billion, or US$1.9 billion net of US$225 million in post-closing adjustments. The sale's effective close date was October 1, 2014.
2 min read · 05 June 2015
The private equity group of Brookfield Asset Management has completed its previously announced acquisition of substantially all of the assets of Armtec Infrastructure Inc, a Canadian manufacturer of infrastructure products and engineered construction solutions. While the deal's value was not published, Brookfield previously told peHUB Canada that its investment in the company totals about US$110 million. Prior to the acquisition, Brookfield was a lender to Armtec, providing it with a $125 million senior secured loan in 2011. The Armtec transaction follows last month's agreement by Brookfield to buy GrafTech International Ltd, a U.S. graphite material solutions provider.
2 min read · 04 June 2015
Private equity-backed Nelson Education, a Canadian educational publisher, recently obtained creditor protection and is expected to soon yield control of the business to a group of first lien lenders. In a website statement, Nelson said it has agreed with top lenders to create a new entity to acquire substantially all of the company’s assets and obligations. The deal is expected to close in June.
2 min read · 04 June 2015
Oxford Networks, a portfolio company of Canadian private equity firm Novacap, has agreed to merge with BayRing Communications. The financial terms of the deal were not disclosed. Oxford said the combined entity will be the largest competitive telecommunications provider headquartered in Northern New England. The merger will also enable both businesses to leverage their strengths to expand services to existing client bases and continue growth in New England and beyond. Based in Lewiston, Maine, Oxford, is a provider of end-to-end technology solutions. As reported by peHUB Canada, the technology group of Novacap acquired a majority interest in the company in 2014.
4 min read · 04 June 2015
Kahala Brands, a quick-service restaurant franchising business, has bought the Planet Smoothie and Tasti D‑Lite brands based in Brentwood, Tennessee. The financial terms of the deal were not disclosed. Kahala said the acquisitions strengthen its leadership position in the healthy treats segment. It said it will consolidate operations and run the franchising platform for both brands from the company's headquarters in Scottsdale, Arizona. Kahala is a portfolio investment of Canadian private equity firm Serruya Private Equity, which invests on behalf of the Serruya family. It is also backed by the Delavaco Group.
2 min read · 04 June 2015
Hub International Ltd has bought the shares of Gamble & Associates Insurance Ltd, a full-service commercial and personal lines brokerage with offices across Southwestern Ontario. The financial details of the transaction were not published. Hub, a global insurance brokerage, said the acquisition doubles its offices in Ontario to 18. Headquartered in Chicago, Hub has been a portfolio company of U.S. private equity firm Hellman & Friedman since 2013.
2 min read · 03 June 2015
Canadian private equity firm Novacap is likely to see a strong multiple from its investment in Montréal’s Stingray Digital Group following the company’s successful IPO on Wednesday. Novacap President and Managing Partner Pascal Tremblay told peHUB Canada he expects to see an eight-fold return from a concurrent secondary transaction that sold most of the firm's 29.4 percent interest in Stingray.
3 min read · 03 June 2015
ONCAP, the mid-market platform of Canadian private equity firm Onex Corp, has acquired a "substantial portion" of the shares of Ingersoll Tillage Group Inc, a global manufacturer of consumable wear components embedded into agricultural soil preparation and seeding equipment implements. The financial terms of the deal were not dislosed. ONCAP is making the investment in partnership with Canadian entrepreneur Robert “Butch” Mandel, who has ownership interests in steel processing and distribution businesses in addition to his interests in Ingersoll Tillage. The company, which sells products in 80 countries around the world, has its primary offices in Hamilton, Ontario and Legazpi, Spain.
2 min read · 02 June 2015
U.S. freight transportation services provider XPO Logistics Inc (NYSE: XPO) has agreed to receive additional equity totaling US$1.26 billion from its institutional backers. The Ontario Teachers' Pension Plan, Public Sector Pension Investment Board (PSP Investments) and Singapore sovereign wealth fund GIC, which invested US$700 million in XPO last September, intend to increase their holdings in the company. They will be joined in the new funding transaction by 12 other institutional investors. Net proceeds of the deal will help finance XPO's purchase of Norbert Dentressangle SA, a European transport, logistics, and freight business, as well as other acquisitions.
7 min read · 01 June 2015
