Private Equity
Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) has closed the sale of pipeline system Transportadora Associada de Gás SA (TAG) to a group led by Engie SA and Caisse de dépôt et placement du Québec (CDPQ), Reuters reported. According to a securities filing, Petrobras received a total of 33.5 billion reais (US$8.7 billion) from the buyers last week for the 90 percent stake it had in TAG, the report said. TAG owns about 4,500 kilometres (2,800 miles) of natural gas pipelines in northeast Brazil. In 2016, Brookfield Asset Management acquired Nova Transportadora do Sudeste (NTS) from Petrobras for US$5.2 billion.
1 min read · 17 June 2019
OMERS Private Equity (OPE) has agreed to sell its minority stake in National Veterinary Associates (NVA), an Agoura Hills, California-based owner and operator of more than 700 veterinary hospitals and related facilities. Terms weren't released. Ares Management, NVA's majority shareholder, is also selling its interest. The buyer is JAB Investors, a European consumer-focused private investment firm. OPE, the private equity arm of the $97-billion Ontario Municipal Employees Retirement System (OMERS), invested in NVA in 2017.
6 min read · 17 June 2019
Right Time Heating and Air Conditioning Canada has acquired Home Aire Care Heating and Cooling, a Kingston and Trenton, Ontario-based provider of residential heating, ventilation and air-conditioning (HVAC) and hot water services. No financial terms were disclosed. Based in St. Catharines, Ontario, Right Time is an HVAC contractor focused on the residential replacement market in Ontario and Manitoba. The company said Home Aire Care is its first acquisition since last November's investment by Clairvest Group, a Canadian mid-market private equity firm.
2 min read · 17 June 2019
OPTrust has made a minority investment in AmeriVet Veterinary Partners, a San Antonio, Texas-based veterinary clinic management business. Terms weren't disclosed. AmeriVet is a portfolio company of Imperial Capital Group, a Canadian mid-market private equity firm. Imperial helped launch the company in 2016. AmeriVet acquires majority positions in U.S. veterinary practices and supports their operations. At present, it has interests in 33 practices in 15 states. The $20-billion OPTrust invests and manages Canada's OPSEU Pension Plan. Sandra Bosela, managing director and global head of private equity, said the investment will back further growth of the AmeriVet platform.
3 min read · 14 June 2019
A consortium of Sagard, Bpifrance and TowerBrook have acquired a majority interest in Sabena Technics, a Paris-based provider of aircraft maintenance and modification services in Europe. No financial terms were disclosed. The seller was France's TAT Group, which will remain a minority shareholder. TAT, which acquired Sabena Technics in 2005, said the new majority owners will provide the company with the resources needed to support its growth. Sagard is the French investment arm of Canadian management and holding company Power Corp.
2 min read · 14 June 2019
Clairvest Group said portfolio company Accel Entertainment Inc, a Bolingbrook, Illinois-based video gaming terminal operator, has agreed to merge with TPG Pace Holdings Corp, a special purpose acquisition company (SPAC). In a separate release, TPG Pace said the combined business, which will retain the name Accel, is expected to have an initial value of about US$884 million. Clairvest, a Canadian mid-market private equity firm, said it has not consented to the transaction and is considering options. As reported by PE Hub Canada, Clairvest acquired a minority stake in Accel in 2016, investing US$32.5 million. TPG Pace is sponsored by an affiliate of U.S. private equity firm TPG.
2 min read · 14 June 2019
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has acquired a majority stake in Bremner Trio Hydro Corp, owner of two construction-stage hydro projects near British Columbia's Harrison Lake. Terms weren't released. The deal saw CC&L Infrastructure partner with Greengen Holdings Ltd and Sts'ailes Energy Development LP. Debt financing of $197 million for construction of the 27-megawatt Trio Creek and 23-megawatt Bremner Creek projects was also closed. Once operational, the facilities will have a combined expected output of about 150 gigawatt hours per year. CC&L Infrastructure is part of Canadian asset manager Connor, Clark & Lunn Financial Group Ltd.
3 min read · 13 June 2019
5 min read · 13 June 2019
Arjun Infrastructure Partners and Fengate Asset Management have acquired ONroute Services Centres, a Toronto-based operator of a chain of 23 service plazas and rest areas along highways in Ontario. Terms weren't disclosed. The sellers are KD Infrastructure LP, an affiliate of Canadian family office Kilmer Group, and the Canadian subsidiary of U.S.-based HMSHost Corp. Founded in 2010, ONroute currently serves more than 40 million motorists per year. It exclusively operates centres for Highways 400 and 401 and has a first right of opportunity to develop centres for other 400 series highways. Arjun is a U.K. infrastructure investment firm. Fengate is a Canadian investor in infrastructure, private equity and real estate.
3 min read · 13 June 2019
Jack’s Family Restaurants, a U.S. operator of quick-service restaurants, is exploring a sale, according to a report by the Wall Street Journal. Homewood, Alabama-based Jack's, backed since 2015 by Canadian private equity firm Onex Corp, could reach a valuation of about US$800 million or more, the report said, based on its growth and multiples that other restaurant groups are securing. Established in 1960, Jack's specializes in burgers, fried chicken, made-from-scratch biscuits, crinkle-cut fries and hand-dipped shakes.
1 min read · 13 June 2019
