Canada

PE-backed Licaplast buys polyethylene products maker M'Plast

Licaplast Industries Emballages Inc has acquired M'Plast Inc, a Montréal-based manufacturer and converter of polyethylene products. No financial terms were disclosed. Founded in 1988 by Roger Damdjee, M'Plast makes and converts polyethylene film into bags or u-film for use in horticulture, agriculture, industrial and other markets. Licaplast, a Montréal-based producer of flexible plastic packaging, said the acquisition provides additional capabilities that will help it meet the requirements of Canadian and U.S. customers. Licaplast was recapitalized last year by Charter Oak Equity, a U.S. private equity firm, and Fonds de solidarité FTQ, a Canadian development capital firm.

ONCAP-backed Chatters acquires hair salon chain Enviro Trends

Chatters LP has acquired Enviro Trends, a Pembroke, Ontario-based hair salon chain, for an undisclosed amount. Based in Red Deer, Alberta, Chatters provides hair care services and products under its Style Happy brand. Operating through 117 locations in seven provinces, the company said the deal advances a cross-country acquisition strategy by giving it a larger presence in Eastern Canada. Earlier this year Chatters appointed industry veteran Greg Moreau as its new president and CEO. Founded in 2011, Chatters was acquired in 2015 by ONCAP, the mid-market investment platform of Canadian private equity firm Onex Corp.

Blackstone to acquire Dream Global REIT in $6.2 bln deal

Blackstone Group has agreed to acquire Dream Global Real Estate Investment Trust (TSX: DRG.UN), a Toronto-based owner and operator of office and industrial properties in Europe. Unit-holders of Dream Global will receive $16.79 per unit in an all-cash transaction valued at $6.2 billion. The deal is expected to close in December. Established in 1996 by Chair and CEO Michael Cooper, Dream Global has a portfolio of more than 200 properties located in over 100 Western European cities. The company, publicly traded since 2011, is primarily focused on real estate opportunities in Germany and the Netherlands. Blackstone, a U.S. alternative investment firm, is making the acquisition through its real estate private equity funds.

Mansell to exit Onex Partners

David Mansell, a long-time managing director at Onex Partners, is leaving the firm, reported Buyouts. The reason for Mansell's departure is not clear but in an investor letter seen by Buyouts, Mansell is leaving in the next few weeks. Mansell joined Onex in 2002. He is based in Toronto and focuses on deals in the consumer and packaging industries. Onex also has offices in New York, London and New Jersey.

Element AI scores Series B

Element AI, a developer of artificial intelligence-powered software solutions, has raised C$200 million (US$151.4 million) in Series B financing. The investors included Caisse de dépôt et placement du Québec, McKinsey & Company, QuantumBlack, Gouvernement du Québec, DCVC, Hanwha Asset Management, BDC Capital and Real Ventures. With this funding, Element AI has raised a total of C$340 million (US$257 million). Allen & Company LLC was financial adviser for the financing. Element AI has offices in Montreal, Toronto, London, Seoul and Singapore.

CEMEX Ventures backs GoFor Industries

GoFor Industries, a last-mile logistics marketplace with operations in Canada and the U.S., has raised an undisclosed amount of funding. The investor was CEMEX Ventures. Founded in 2016, GoFor is focused on the supplier and retailer supply chain.

PE-backed Taymax acquires Planet Fitness franchisee Southfit

Taymax Group Holdings LP, which is backed by Trilantic North America, has acquired Southfit, a Planet Fitness franchisee. No financial terms were disclosed. Taymax operates nearly 90 Planet Fitness health clubs in the greater San Antonio, Nashville, Huntsville, Jacksonville, Pittsburgh, Sacramento, Toronto, western Ontario and Ottawa regions.

Stellex to sell Morbark to Alamo Group

Stellex Capital Management has agreed to sell Morbark LLC, a maker of high-performance equipment and aftermarket parts for forestry, tree maintenance, biomass, land management and recycling markets, to Alamo Group Inc. The purchase price is US$352 million. Morbark is based in Winn, Michigan with subsidiary operations in Wooster, Ohio and Roxton Falls, Québec.

Ardian racks up $2.5 bln for fifth co-investment fund

Ardian has raised US$2.5 billion for its fifth co-investment fund. Arcian Co-Investment 5's limited partners include major pension funds, insurance companies, endowments and foundations and financial institutions. The fund has already co-invested in Alvest, a manufacturer in the aviation industry, alongside CDPQ; and in Zayo, a provider of fiber infrastructure alongside EQT Partners.

Blood Tribe and Indigena invest in Kainai Forage

The Blood Tribe and Indigena Capital LP have made an investment in Kainai Forage LP, Blood Tribe's on-reserve forage processing and export business. No financial terms were disclosed. Located approximately south of Calgary, Alberta, the Blood Tribe has the largest reserve in Canada.