Private Equity
The Canadian government is looking into complaints that Restaurant Brands International Inc is not meeting the terms set out by Ottawa when it allowed the takeover of coffee and doughnut chain Tim Hortons, Reuters reported. Lawyers representing Tim Hortons franchisees sent a letter to Innovation Minister Navdeep Bains this month alleging the company has not lived up to commitments including maintaining the rent and royalty structure of Canadian franchises. Restaurant Brands was formed in 2014 when 3G Capital-backed Burger King acquired Tim Hortons for $12.6 billion.
2 min read · 13 April 2018
Vancouver's Enterra Feed Corp, one of an emerging crop of insect growers, processes bugs into protein-rich food for fish, poultry - even pets, Reuters reported. The company is part of a small but growing insect farming sector that has captured attention and investments from some heavyweights in the US$400 billion-a-year animal feed business, including U.S. agricultural powerhouse Cargill Inc. Enterra's backers include Calgary-based venture capital firm Avrio Capital and U.K.-based Wheat Sheaf.
6 min read · 13 April 2018
Gases groups Linde and Praxair have picked second-round bidders for a package of planned divestitures to facilitate their planned US$79 billion merger, sources told Reuters. The companies have invited buyout firm CVC Capital Partners, which has tied up with gases group Messer, to make further bids, as well as private equity investors Carlyle Group, Onex Corp and Blackstone Group, the sources said, adding that the investors are expected to bid for all assets on offer.
2 min read · 12 April 2018
Macquarie picked three suitors for a final bidding round for the sale of German metering group Techem, which may be valued at around 4 billion euros (US$4.9 billion), sources told Reuters. A consortium comprising buyout firm CVC Capital Partners, Canada Pension Plan Investment Board and Government of Singapore Investment Corp (GIC) as well as another group that includes Ontario Teachers’ Pension Plan and Caisse de dépôt et placement du Québec and Partners Group has prevailed in the auction, the sources said. Separately, buyout firm Silver Lake Partners is still competing for the asset.
2 min read · 12 April 2018
European medical laboratory services operator Cerba Healthcare is raising an additional €408 million leveraged loan to back an acquisition of France-based clinical analysis specialist Groupe Bio7, banking sources told Reuters. Cerba announced that it had signed an exclusive agreement to buy Bio7 from French private equity firm Ardian last month. Cerba was last in Europe’s loan market in March 2017 when it raised a €794 million as part of a financing backing its acquisition by European private equity firm Partners Group and Canada’s Public Sector Pension Investment Board (PSP Investments).
2 min read · 11 April 2018
Swiss packaging maker SIG Combibloc is moving ahead with preparations for an autumn stock market listing in Zurich that could value it at about 4.5 billion euros (US$5.5 billion), sources told Reuters. Its Canadian private equity owner Onex Corp has hired Goldman Sachs, Credit Suisse and Bank of America as global coordinators for the listing. Ahead of the listing, Onex will also sound out potential buyers for the beverage and food manufacturer it bought in 2015 from New Zealand billionaire Graeme Hart in a deal valued at 3.75 billion euros (US$4.62 billion), one source said.
2 min read · 09 April 2018
Leucadia National Corp (LUK.N), the parent of Jefferies Group LLC, said on Monday it would sell stakes in two non-financial companies for about $1.33 billion and reorganize its operations to focus on investment banking and advisory services.
1 min read · 09 April 2018
Cation Capital, a private investment firm led by the former deputy head of global oil and gas at Macquarie Group, said this week it intends to nominate four candidates to Crescent Point Energy Corp’s board at a shareholders meeting next month, Reuters reported. Cation said it was “compelled to take this action given the significant destruction of shareholder value and the abject failure of the Canadian oil producer’s current leadership across all aspects.” Calgary's Crescent Point, in return, said Cation’s last-minute demand was unreasonable and reckless, adding that the firm “appears to have been created for the sole purpose of creating conflict and havoc.”
2 min read · 09 April 2018
U.S. investment firm General Atlantic is in talks to buy a minority stake in closely held Brazilian online lending startup Geru Tecnologia e Serviços SA, Reuters reported.
2 min read · 09 April 2018
Three large pension fund managers said this week they had invested 1 billion euros (US$1.22 billion) in Madrid-based Globalvía Inversiones SA, a transportation infrastructure developer, Reuters reported. Globalvia is 40.8 percent owned by the Netherlands’ PGGM, 40.3 percent owned by Canada’s OPTrust, and 18.9 percent owned by Britain’s USS. Toronto-based OPTrust, which has more than $20 billion in assets under management, and PGGM first invested in Globalvia in 2011 as part of a recapitalization deal.
1 min read · 06 April 2018
