The private equity group of Brookfield Asset Management has agreed to acquire half of the interest held by Clayton, Dubilier & Rice (CD&R) in BrandSafway, a Kennesaw, Georgia-based industrial services company. Terms weren't released, however, Brookfield said its investment will be funded with about US$1.3 billion of equity. With the deal's close, expected in Q1 2020, Brookfield and CD&R will each own about 45 percent of BrandSafway.
5 min read · 30 September 2019
Canadian impact venture capital firm Renewal Funds has closed its latest fund, Renewal4, at $145 million. The fund was backed by more than 140 investors, including BDC Capital, The Co-operators and the clean technology stream of Ottawa's Venture Capital Catalyst Initiative (VCCI). Based in Vancouver, Renewal Funds invests in environmental technology and sustainable consumer products across North America. The fundraising brings the firm's total assets under management to $240 million.
3 min read · 30 September 2019
Los Angeles-based fashion retailer Forever 21 Inc said it has filed for Chapter 11 bankruptcy protection in the United States and that its Canadian subsidiary was granted protection under the Companies’ Creditors Arrangement Act (CCAA) by the Ontario Superior Court of Justice (Commercial List) in Toronto. Forever 21 has also obtained US$275 million in financing from JPMorgan Chase Bank, as well as US$75 million in new capital from TPG Sixth Street Partners, to facilitate the company's restructuring.
3 min read · 30 September 2019
Brookfield Asset Management has closed its acquisition of 61.2 percent of Oaktree Capital Group, a Los Angeles-based alternative investments manager. The cash-and-stock deal saw Brookfield buy all of the outstanding Oaktree class A units and about 20 percent of the units of Oaktree Capital Group Holdings (OCGH) held by founders, senior management, and current and former employees. Brookfield said cash payable to class A unit-holders and OCGH unit-holders is about US$2.4 billion. Reuters previously estimated the deal's total value at US$4.8 billion.
3 min read · 30 September 2019
3 min read · 27 September 2019
Georgian Partners is targeting nearly $1 billion (US$750 million) for its fifth growth equity fund, according to an SEC filing. The filing confirms a June report by the Globe and Mail. Toronto-based Georgian has a North America investment strategy focused on applied analytics, as well as applied artificial intelligence, conversational business, and security in software design. The firm closed Georgian Partners Growth Fund IV last year at its $715 million (US$550 million) hard cap.
1 min read · 27 September 2019
Ardenton has recently been active in the U.K. market, completing four platform investments there since mid-2018.
2 min read · 26 September 2019
Canadian private equity firm Yellow Point Equity Partners announced earlier this month it closed an investment in Securiguard Services Ltd, a Vancouver-based provider of uniformed guard and related security services. No financial terms were disclosed. Securiguard has more than 2,200 security officers deployed across British Columbia and Alberta. Yellow Point invested from its fourth mid-market fund, which raised $150 million in 2015.
2 min read · 26 September 2019
Canada Pension Plan Investment Board (CPPIB) has hired U.S. investment bank Citi to explore the sale of its 39 percent stake in European car park management company Interparking Group, sources told Reuters. Brussels-based Interparking has more than 800 car parks in nine countries. CPPIB acquired the stake in 2014 from AG Real Estate for about 376 million euros (US$412 million).
1 min read · 25 September 2019
2 min read · 25 September 2019
