Private Equity
U.S. private equity firm ATL Partners and British Columbia Investment Management Corp (BCI) have together acquired Valence Surface Technologies LLC, a Houston-based aerospace surface finishing platform. Terms weren't disclosed. Owl Rock Capital Corp and Antares Capital provided debt financing. Established in 2013, Valence provides critical surface treatments to aerospace and defence components that require complex finishing. Operating from eight U.S. facilities, it serves more than 3,000 customers. ATL said the deal will support the company's growth through both organic initiatives and add-on acquisitions.
3 min read · 08 July 2019
GFL Environmental Inc has agreed to acquire Canada Fibers Ltd, a Toronto-based operator of facilities for the recovery and processing of recyclable materials. Terms weren't released for the deal, which is expected to close in Q3 2019. Established in 1990, Canada Fibers provides its services primarily to Ontario municipalities and institutional, commercial and industrial customers. GFL, a Toronto-based waste management company, said the acquisition will create new opportunities to provide integrated collection, sorting, processing and marketing 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 · 05 July 2019
Aveo Group Ltd, a Sydney, Australia-based owner, operator and manager of retirement communities, said Brookfield Asset Management is the preferred party in the company's strategic review process. Aveo said it is negotiating with Brookfield Property Group, the Toronto-based alternative asset manager's real estate arm, about an indicative acquisition proposal with the view to entering a definitive agreement. The company will provide a further update later this month. Reuters reported a transaction would value Aveo at A$1.2 billion (US$844 million).
1 min read · 04 July 2019
Canadian mid-market private equity firm Clairvest Group has invested in the recapitalization of Durante Rentals LLC, a Flushing, New York-based construction equipment rental provider. Terms weren't released for the deal, which saw Clairvest partner with Anthony Durante, the company's co-founder and CEO. Established in 2009, Durante primarily serves small to mid-sized contractors through 10 branches across New York, New Jersey and Connecticut. The platform investment is Clairvest's third in the equipment rental sector and the ninth by Clairvest Equity Partners V. Earlier this year, Clairvest closed its sixth mid-market fund, raising about $1.1 billion (US$850 million).
3 min read · 04 July 2019
Toronto-based commercial broker Navacord Corp has acquired Benefit Consultants Inc (BCI), an Edmonton-based benefits and retirement consulting company, for an undisclosed amount. Founded in 1975 by Wayne Smith, BCI will now form part of Lloyd Sadd Insurance Brokers, a Navacord broker partner. Its management team will continue to be led by Darcy Smith. Navacord said the deal, which follows last month's purchase of Future Benefits Management Inc, will give it a group benefits and retirement presence in Western Canada. In 2018, Navacord undertook a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners (MDP).
3 min read · 03 July 2019
Genesee & Wyoming Inc (NYSE: GWR), a Darien, Connecticut-based freight railroads operator, has agreed to be acquired by Brookfield Infrastructure and GIC, Singapore's sovereign wealth fund. The take-private deal, expected to close this year or in early 2020, is valued at about US$8.4 billion, including debt. Established in 1899, Genesee & Wyoming owns a portfolio of 120 short-line railroads, predominantly in North America, with operations in Europe and Australia. It serves 3,000 customers. Brookfield Infrastructure is an affiliate of Brookfield Asset Management, a Toronto-based alternative asset manager.
7 min read · 03 July 2019
Hub International Ltd has acquired Berk Bilgen Insurance Ltd, an Edmonton-based insurance brokerage offering personal and commercial insurance solutions, including home, auto, life and travel. Terms weren't released for the deal, which comes on the heels of Hub's acquisition of BenefitLink Resource Group Edmonton Holdings Inc. The sellers were Berk Bilgen and Heather Bilgen, who will support the transition of the business to Hub, a Chicago-based insurance brokerage. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman (H&F).
2 min read · 03 July 2019
NFP Corp has acquired McLean Hallmark Insurance Group Ltd, a Toronto-based provider of property and casualty solutions, for an undisclosed amount. McLean Hallmark specializes in trucking, car dealerships, moving and storage, marine and surety solutions, private client insurance, as well as employee benefits and pension services. President and CEO Daryn McLean and COO John Belyea will join NFP Canada. NFP, a New York-based insurance broker and consulting business, said the deal strengthens its specialty capabilities and ability to serve Canadian clients. NFP was acquired in 2013 by U.S. private equity firm Madison Dearborn Partners for about US$1.3 billion.
3 min read · 03 July 2019
Canada Pension Plan Investment Board (CPPIB) has agreed to sell London, U.K.-based student accommodation business Liberty Living Group Plc to The Unite Group Plc. CPPIB, which acquired Liberty Living in 2015, said the sale will generate pre-closing net proceeds of about $1.3 billion. Reuters said the cash-and-stock deal is valued at US$1.8 billion. CPPIB will retain a 20 percent interest in the combined business, which will oversee more than 73,000 beds across 173 properties in the United Kingdom. Two European assets within Liberty Living are not included in the transaction and are currently being marketed.
4 min read · 03 July 2019
U.S. private equity firm KKR has acquired Corel Corp, an Ottawa-based provider of graphics and office productivity packaged software. No financial terms were disclosed. Buyouts reported in May that KKR was expected to buy Corel for more than US$1 billion ($1.3 billion). The seller was Vector Capital, a U.S. technology private equity firm. Vector acquired Corel in 2003, took it public in 2006, raising US$104 million, and took it private again in 2010. KKR said it will support Corel's continued growth by enhancing internal capabilities and building on the company's recent acquisitions. The latter include Parallels, bought by Corel last year. Founded in 1985 by Michael Cowpland, Corel is today led by CEO Patrick Nichols.
4 min read · 03 July 2019
