Private Equity
Citron Hygiene LP has acquired 1st Class Hygiene, a Moira, Leicestershire, U.K.-based provider of washroom hygiene, pest control services and related products. Terms weren't disclosed. The seller was the Fantham family. Paul Fantham and Philip Fantham will join Citron in leadership roles within its U.K. organization. Citron, a Toronto-based provider of washroom hygiene, pest control, ware-washing, chemicals and life-safety solutions, said the deal will help grow the company's platforms in the United Kingdom. Citron was acquired in 2016 by Canadian mid-market private equity firm Birch Hill Equity Partners in partnership with CEO Peter Farrell.
3 min read · 03 June 2019
CAI Capital Partners initially closed its sixth lower-mid-market fund, targeted to raise $100 million, the Vancouver private equity firm said in a news release. The amount of capital committed to the first close of CAI Capital Partners VI was not released. The money came from new and returning limited partners, CAI said, anchored by Export Development Canada, a first-time investor. Other LPs included high-net-worth individuals, family offices and institutions. Along with Fund VI’s initial close, the firm expanded its partnership team to include Rob Wildeman, best known for his more than 12 years as an investment pro with Parallel49 Equity and its predecessor Tricor Pacific Capital.
2 min read · 03 June 2019
U.S. private equity firm Thoma Bravo has acquired Autodata Solutions Group, a London, Ontario-based provider of data and software solutions to the automotive industry. Terms weren't disclosed. Bloomberg reported in April the deal is valued at about US$1 billion. The seller was Internet Brands Inc, a U.S. online media and software services organization backed by KKR. Founded in 1990, Autodata Solutions provides SaaS and software solutions ranging from back-end automation systems that enable dealer-to-original equipment manufacturer vehicle ordering to consumer-focused marketing initiatives. The management team, led by President Craig Jennings, will continue to run the company from its Canadian headquarters.
3 min read · 31 May 2019
Ontario Teachers’ Pension Plan has promoted six investment professionals to managing director. They include Maggie Fanari, who will assume this London-based role in the recently formed growth equity and venture capital group Teachers’ Innovation Platform (TIP). Additional managing director appointments were made in Ontario Teachers' private capital group. They include Kevin Mansfield in consumer and retail; Blake Sumler in industrials; Ashvin Malkani in technology, media and telecommunications; Jeff Markusson in financial services; and Terry Woodward in healthcare.
4 min read · 30 May 2019
Morningstar Inc (Nasdaq: MORN) has agreed to acquire DBRS, a Toronto-based credit ratings agency, for about $904 million (US$669 million). The sellers include U.S. private equity firms Carlyle Group and Warburg Pincus, which acquired DBRS in 2014, reportedly for more than US$500 million. Founded in 1976 by Walter Schroeder, DBRS rates more than 2,400 issuer families and nearly 50,000 securities. Morningstar, a Chicago-based investment research business, said the acquisition will grow its asset class coverage and provide an enhanced platform for fixed-income analysis and research. With the deal's closing, expected in Q3 2019, DBRS will continue to be led by its existing management team.
5 min read · 30 May 2019
Northern Private Capital (NPC) has agreed to invest $35 million in Loop Industries Inc (Nasdaq: LOOP), a Terrebonne, Québec-based plastics technology company. The deal will give NPC, an investment arm of CFFI Ventures, the holding company of Canadian billionaire John Risley, a 10.5 percent stake. NPC also has the option to invest $45 million more within three years. Founded in 2014 by CEO Daniel Solomita, Loop has developed technology that depolymerizes no- and low-value waste polyethylene terephthalate plastic and polyester fibre. The company will use the funds raised for building its first manufacturing facility, research and development, and other priorities.
6 min read · 29 May 2019
U.S. private equity firm Thoma Bravo has agreed to acquire a majority stake in Cority, a Toronto-based provider of environmental, health, safety and quality (EHSQ) solutions. Terms weren't released. The Globe and Mail reports the transaction values Cority at between $500 million and $750 million. Previous majority investor Norwest Venture Partners, a U.S. growth equity firm, will retain a significant stake in the company and re-invest more than half of its proceeds. Canadian growth equity firm Georgian Partners will also re-invest a portion of its existing investment and continue to advise Cority. Led by CEO Mark Wallace, Cority provides an EHSQ software-as-a-service platform that serves more than 800 clients in 100 countries.
4 min read · 29 May 2019
Québec Iron Ore Inc (QIO), an affiliate of Champion Iron Ltd (TSX: CIA), has struck a deal with Caisse de dépôt et placement du Québec (CDPQ) for a preferred share offering of $185 million. The proceeds of the offering and a US$200 million credit facility will be used for strategic initiatives and to refinance outstanding credit facilities. QIO, operator of Québec's Bloom Lake Mining Complex, also concluded an agreement to acquire Ressources Québec (RQ)'s 36.8 percent stake in QIO for $211 million. The deal increases Champion's ownership to 100 percent. Champion, an Australian mining company, acquired the Bloom Lake iron ore project in 2016.
6 min read · 29 May 2019
Refinitiv has agreed to acquire AlphaDesk, a cloud-based order management system (OMS), from SGGG Group, a Toronto-based provider of software and administration services to investment funds. Terms weren't disclosed. Refinitiv, a London, U.K.-based provider of financial markets data and infrastructure, said the deal will add OMS capabilities to its end-to-end trading solution. Refinitiv emerged last year with the acquisition of Thomson Reuters' financial and risk unit by a consortium led by U.S. private equity firm Blackstone Group. The deal valued the business at about US$20 billion.
3 min read · 29 May 2019
Private equity investors disbursed $1.9 billion to 130 deals in Canada in the first quarter of 2019, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). CVCA said investments levels in Q1 2019 were 72 percent lower as compared to the same time last year. CEO Kim Furlong said CVCA members see their PE deal opportunities being impacted by the current high valuation environment. A fifth of all deals in Q1 2019 were closed in the information and communication technology sector, which also took almost half of the total invested. The industrial and manufacturing and consumer and retail sectors together captured 29 percent of all dollars.
3 min read · 28 May 2019
