Private Equity
La Coop fédérée has agreed to acquire select assets of F. Ménard, a Ange-Gardien, Québec-based company specializing in hog breeding and pork processing. No financial terms were released for the deal, which will see La Coop fédérée's Olymel and Sollio Agriculture affiliates take on F. Ménard's pork and milling assets. The agreement does not include F. Ménard's activity in the poultry production sector. Based in Montréal, La Coop fédérée is an agri-food co-operative. In 2017, it raised a $200 million investment from National Bank of Canada, Fonds de solidarité FTQ, Fondaction and Capital régional et coopératif Desjardins to support the company's five-year growth plan.
6 min read · 10 July 2019
BDC Capital and Desjardins Capital have invested $3.4 million in the acquisition of the Pit Caribou microbrewery located in L'Anse‑à‑Beaufils in the Gaspé region of Québec. The acquisition, also backed by Investissement Québec, was made by entrepreneurs Vincent Coderre and Jean‑François Nellis. Terms weren't disclosed. Established in 2007, Pit Caribou produces craft beers and operates pubs in Percé and Montréal. Co-founder Francis Joncas will remain with the company for the next three years. BDC invested through its Growth and Transition Capital group. Desjardins Capital is the investment arm of Canadian financial co-operative Desjardins Group.
3 min read · 10 July 2019
Arterra Wines Canada Inc (AWC) has acquired Culmina Family Estate Winery, an Oliver, British Columbia-based premium boutique winery, for an undisclosed amount. The seller was the Triggs family. Don Triggs and Elaine Triggs, who founded Culmina in 2007, are retiring but will support the company's transition over the next several months. AWC, a Mississauga, Ontario-based producer and marketer of Canadian and imported wines, said the acquisition complements its diverse selection of 100-plus brands. AWC, formerly known as Constellation Brands Canada, was acquired in 2016 by Ontario Teachers' Pension Plan. The deal was valued at $1.03 billion.
3 min read · 09 July 2019
Toronto-based CDI Technologies and Phoenix, Arizona-based Troxell Communications, both providers of technology solutions to educational institutions, have merged. Terms weren't released for the deal, which will see the combined business called Troxell-CDI. Founded in 1981, CDI provides recertified technology, white-glove services and device lifecycle management to schools in North America. Its CEO, Erez Pikar, will lead Phoenix-based Troxell-CDI. The merger will enable expanded offerings, enhanced sales coverage and support, and a broader portfolio of vendors and partners, the companies said. CDI has been backed since 2014 by HIG Growth Partners. Troxell was acquired in 2008 by AEA Investors.
4 min read · 09 July 2019
GFL Environmental Inc, a Toronto-based waste management company, has acquired Soil Safe Inc, a Columbia, Maryland-based soil recycling specialist, for an undisclosed amount. Established in 1989, Soil Safe has recycled more than 30 million tons of non-hazardous petroleum contaminated soil for reuse outside of landfills in a range of construction and development projects. The deal follows GFL's agreement earlier this month to acquire Canada Fibers Ltd, a Toronto-based operator of facilities for the recovery and processing of recyclable materials. Last year, GFL was recapitalized by an investor group led by BC Partners, Ontario Teachers’ Pension Plan (OTPP) and others. The transaction valued the business at $5.1 billion.
2 min read · 09 July 2019
Northleaf Capital Partners has promoted nine investment professionals operating in the Toronto-based firm's global private equity, private credit, infrastructure, and portfolio strategy and analytics teams. On the private equity team, Northleaf promoted Michael Bowman to director, Ian Carew to managing director and venture partner, Vishal Shah to director, and Matthew Sparks to managing director. On private credit side, Michael Morris was promoted to managing director and Christopher Wang to vice president, while on the infrastructure side, Kriti Madan was promoted to vice president. And on the portfolio strategy and analytics team, Northleaf promoted Jon McKeown to managing director and Lance Mu to director.
3 min read · 08 July 2019
Cascades Inc (TSX: CAS) has agreed to acquire substantially all the assets of Orchids Paper Products Co, a Brentwood, Tennessee-based maker of tissue products, following approval of the deal by a U.S. bankruptcy court. Cascades, a Kingsley Falls, Québec-based supplier of packaging and tissue products, agreed to pay US$207 million in cash. The transaction is expected to wrap up in August or September. According to the Wall Street Journal, Cascades topped an offer made by U.S. hedge fund Black Diamond Capital Management. Black Diamond and Brant Paper Investment Co earlier in 2019 agreed to acquire Orchids' assets in exchange for US$175 million the company owed them.
5 min read · 08 July 2019
U.S. alternative asset manager Anson Funds, a shareholder of Cobalt 27 Capital Corp (TSX-V: KBLT), said it will vote against the proposed acquisition of Cobalt by Pala Investments. Pala, a Swiss mining private equity firm, agreed in June to acquire the issued and outstanding common shares it does not already own of Cobalt, a Toronto-based battery metals streaming business, for $501 million. Anson said the deal undervalues Cobalt, primarily because it effectively results in the sale of the company's Voisey’s Bay cobalt stream at a discount to the price paid for the asset last year. It added that the transaction is unlikely to receive the required majority approval of minority shareholders.
6 min read · 08 July 2019
U.S. mid-market private equity firm O2 Investment Partners has invested in Frontier Dental Laboratories, a Vancouver-based provider of high-end dental prosthetics, removable dental products and implants. No financial terms were disclosed. Founded in 1982, Frontier serves more than 500 customers, most of them located in the cosmetic dentistry industry. It operates two dental laboratories in El Dorado Hills, California and Vancouver. O2 said it will help President Brent West and other members of Frontier's management team expand the company's product and service capabilities, enhance its technology, and grow its global customer base.
4 min read · 08 July 2019
BDC Capital has provided $1 million of mezzanine financing to Fredac Corp, a Québec-focused manufacturing investment firm. The proceeds will be used by Fredac to acquire Laurin Containers, a Laval, Québec-based maker of steel refuse containers in North America. No financial terms were disclosed. The acquisition is Fredac's first in the steel industry. BDC invested through its Growth & Transition Capital group. The financing was led by Director Jean-Philippe Poissant. Fredac, the investment platform of Canadian entrepreneurs Frédéric Albert and Frédéric Chabanne, in 2010 acquired Fibrobec, a Beloeil, Québec-based maker of fibreglass truck covers.
3 min read · 08 July 2019
