Private Equity
EStruxture Data Centers Inc, a Montréal-based provider of network and cloud-neutral data centre solutions, has secured an expanded $170 million credit facility with a group of Canadian banks. The group was led by Scotiabank and National Bank of Canada. The facility's proceeds will be used by eStruxture to expand existing data centres and acquire new facilities and businesses across Canada. Launched in 2017, eStruxture previously raised $180 million from various sources, including Caisse de dépôt et placement du Québec and Fengate Real Asset Investments.
3 min read · 24 June 2019
Toronto-based waste management company GFL Environmental Inc is preparing to launch an initial public offering (IPO) this fall, the Globe and Mail reported, citing a source. GFL is seeking to raise up to $1.98 billion through a dual listing on the Toronto Stock Exchange and an undetermined U.S. exchange, the report said. The company hired a syndicate of investment banks to advise on the IPO, with Royal Bank of Canada and Bank of Montreal managing the deal in Canada, the report said. Last year, GFL was recapitalized by an investor group led by BC Partners, Ontario Teachers’ Pension Plan and others. The transaction valued the business at $5.1 billion.
1 min read · 24 June 2019
Chevron Phillips Chemical Co, a joint venture of Chevron Corp and Phillips 66, has offered to acquire Nova Chemicals Corp, a Calgary-based maker of chemicals and plastic resins, Reuters reported, citing sources. The proposed purchase price is more than US$15 billion, including debt, the report said. Mubadala Investment Co, Abu Dhabi's sovereign wealth fund, owns Nova. Another Abu Dhabi affiliate acquired the company in 2009 for US$500 million. Mubadala has recently been exploring a full or partial sale of Nova, the report said. Based in The Woodlands, Texas, Chevron Phillips is a petrochemicals producer.
1 min read · 24 June 2019
Area One Farms has initially closed its fourth farmland private equity fund, securing $120 million. The investors were not disclosed. Area One Farms Fund IV, which is targeted to raise $250 million, last year received a $100 million cornerstone commitment from a Canadian institution, Buyouts reported. Area One Farms Fund III raised $130 million in 2017. Founded in 2011 by Joelle Faulkner and Benji Faulkner, Area One invests in family farms, helping them scale operations, acquire new land, develop assets, and transfer ownership to the next generation. The Toronto-based firm, which currently has farm partnerships in Alberta, Saskatchewan, Manitoba and Ontario, said Fund IV has completed two new partnership allocations.
2 min read · 24 June 2019
Imperial Capital Group wrapped up its seventh mid-market fund, raising $650 million. The Toronto private equity firm closed Imperial Capital Acquisition Fund VII in May, exceeding a $500 million target and hitting its hard cap in less than five months of fundraising, Managing Partners Jeff Rosenthal and Justin MacCormack told PE Hub Canada. Fund VII, Imperial’s largest fund to date, secured 30 percent more than Fund VI, which raised $500 million in 2017. It brings assets managed to more than $1.5 billion. The fund was backed by 300-plus new and existing limited partners, consisting of wealthy investors based primarily in Canada as well as eight Canadian institutional investors.
3 min read · 21 June 2019
Alaris Royalty Corp has invested $70 million in Amur Financial Group Inc, a Surrey, British Columbia-based originator, manager and servicer of home equity loans. Alaris, a Canadian alternative equity firm, committed $50 million in exchange for debt and preferred units in Amur, which will result in an annualized cash distribution of $6.5 million. Alaris also invested $20 million for a minority interest. The deal's proceeds were used for partial liquidity of existing shareholders. Amur facilitates loans for customers looking to use home equity for debt consolidation, renovations and other priorities. Its operates through Alpine Credits, a mortgage originator, and fund management brands.
5 min read · 21 June 2019
British Columbia Investment Management Corp is selling a portfolio of private equity fund stakes valued between $250 million and $500 million, two sources told Buyouts. The portfolio includes stakes in some large buyout funds, including two TPG funds, one of the sources said. BCI, a Canadian pension fund manager, has been working to build up its co-investment capabilities and increase in-house asset management. As part of that it’s been divesting fund commitments from what it considers non-core relationships.
1 min read · 21 June 2019
Canadian pension fund OMERS has agreed to acquire through a private placement about 5.1 million units of Brookfield Business Partners for US$39.40 per unit, generating proceeds of about US$200 million, or $264 million. The deal is part of a broader US$795 million equity offering launched by Brookfield Business Partners, the listed vehicle of Brookfield Asset Management's private equity group. Toronto-based Brookfield said the proceeds of the entire offering will be used for future growth opportunities and other priorities. Brookfield last year began fundraising for its fifth mid-market private equity fund, Brookfield Capital Partners V.
4 min read · 21 June 2019
Canadian private equity firm Entrepreneur Capital has acquired a controlling interest in Spencer Supports Canada Ltd, a Montréal- and Stanstead, Québec-based operator of apparel brands HB Heller and GSL Creations. Terms weren't were released for the deal, which was done in partnership with President Markus Haug. HB Heller is a designer, maker and distributor of ladies intimates and swimwear. In 2013, it acquired GSL, a supplier of fashion clothing for ladies and teens. The platform deal is Entrepreneur's fifth of its type since 2013. Partner André La Forge said his firm will help Spencer grow organically and through acquisitions. Entrepreneur recently sold its majority stake in Voyages Traditours to Clearspring Capital Partners.
3 min read · 20 June 2019
Vancouver-based mining company Ximen Mining Corp (TSX-V: XIM) has secured a draw-down equity facility of up to $8 million from Alumina Partners, a U.S. private equity firm. Ximen will use the facility's proceeds over a 24-month period to finance further exploration and acquisition of gold assets in British Columbia. Established in 2006, Ximen owns a 100 percent interest in the Gold Drop Project, the Brett Epithermal Gold Project and the Treasure Mountain Silver Project, all located in the province.
3 min read · 20 June 2019
