Private Equity
Custom Air Conditioning Ltd has acquired Mavco Plumbing and Heating Ltd, a Penticton, British Columbia-based provider of heating, ventilation, air conditioning, refrigeration and plumbing services. Terms weren't disclosed. Founded in 1994, Mavco provides its services to local residential and commercial customers, stratas, care homes, hospitals, government facilities, restaurants and wineries. Custom Air, a Port Coquitlam, British Columbia-based mechanical services provider, said the deal significantly expands its presence in the B.C. Interior. Last year, Custom Air secured an investment from Canadian private equity firm CAI Capital Partners to support its Western Canada-focused growth strategy.
3 min read · 28 May 2019
NFI Group Inc (TSX: NFI) has acquired Alexander Dennis Ltd (ADL), a Larbert, Scotland-based maker of bus and coach vehicles, including double-deck buses. NFI, a Winnipeg-based bus maker, paid about $546 million (£320 million). NFI said the deal creates a global bus original equipment manufacturer with market positions in the United Kingdom, Hong Kong and North America and a footprint in other regions. ADL was established in 2004 by a group of Scottish entrepreneurs led by Brian Souter, head of U.K. family office Souter Investments. In a separate release, Souter said it will retain an equity stake in NFI and ADL as part of the transaction.
8 min read · 28 May 2019
Alberta Investment Management Corp (AIMCo) has agreed to acquire an 85 percent interest in Northern Courier Pipeline, a 90-kilometre Alberta pipeline system. The seller is Calgary-based energy company TC Energy Corp (TSX, NYSE: TRP), which in a separate release said it expects to realize proceeds of about $1.15 billion. Following the deal's close, expected in Q3 2019, TC Energy will hold a 15 percent stake in the pipeline and remain its operator. Completed in 2017, Northern Courier transports bitumen and diluent between the Fort Hills mine site and Suncor Energy's terminal north of Fort McMurray. AIMCo Senior Vice President Ben Hawkins said the acquisition will add geographic diversity to the Canadian pension system's infrastructure portfolio.
3 min read · 28 May 2019
OCR Canada Ltd has acquired Multisource Group Corp, a Calgary-based provider of barcode and radio-frequency identification (RFID) data collection solutions. No financial terms were disclosed. OCR Canada is an affiliate of Barcodes Group, a Chicago-based provider of automated products and services, including barcode scanners, mobile computers, label printers, point-of-sale systems, identification cards and RFID equipment. Barcodes said the deal reinforces OCR Canada's presence in Western Canada. Barcodes was acquired in January by U.S. private equity firm Odyssey Investment Partners from Cortec Group.
4 min read · 27 May 2019
U.S. hedge fund JDP Capital Management said it and other minority unit-holders of Teekay Offshore Partners LP (NYSE: TOO) oppose Brookfield Asset Management's proposed acquisition of the midstream services provider. Brookfield's private equity group, which owns 73 percent of the company, this month offered to buy the remaining interest for US$1.05 per unit. In an open letter, JDP said it believes Teekay Offshore is worth at least US$4 per unit today based on a cash flow analysis and peer comparisons. Teekay Offshore is an affiliate of Teekay Corp (NYSE: TK), a Vancouver-based marine energy transportation, storage and production business.
3 min read · 27 May 2019
Canadian mid-market private equity firm Clairvest Group has agreed to merge portfolio company Chilean Gaming Holdings with Sun Dreams SA, a Las Condes, Chile-based operator of casino properties. No financial terms were disclosed. In a separate statement, Sun International Ltd, Sun Dreams' parent organization, said the deal will create one of Latin America's largest gaming groups, owning and operating casino assets in Argentina, Chile, Colombia and Peru. Clairvest, which first backed Chilean Gaming in 2006, will be an investor in the merged business. Last month, Clairvest closed its sixth mid-market fund, raising about $1.1 billion (US$850 million).
2 min read · 27 May 2019
Canadian financial services firm Purpose Financial has acquired CreditGenie Inc, a Toronto-based digital alternative payment solution. Terms weren't disclosed. Founded in 2016 by Alex Kaplunov and Daniel Shain, CreditGenie helps small and medium-sized businesses in the retail, healthcare and education sectors to extend financing to their customers for large purchases. It partners with nearly 500 merchants across Canada. Purpose CEO Som Seif said CreditGenie's point-of-sale solution "represents a natural extension of our Banking Solutions platform." Purpose is a portfolio company of OMERS Growth Equity, the recently launched growth equity arm of OMERS. The Canadian pension fund acquired a minority stake in 2017.
3 min read · 27 May 2019
Canadian Solar Inc (Nasdaq: CSIQ) has sold its Aguascalientes solar power project in Mexico to a fund managed by BlackRock Infrastructure. No financial terms were disclosed. Canadian Solar developed, arranged construction and financing, built and energized the 68 megawatt-peak project in January. It is expected to generate 145 gigawatt hours of electricity annually. The Guelph, Ontario-based solar power company said it has a remaining Mexican pipeline of more than 600 megawatt-peak solar projects at various stages of development.
3 min read · 23 May 2019
Canadian private equity firm Lynx Equity has acquired Sundby Trapper A/S, a Danish manufacturer of specialized steel staircases and related products. No financial terms were disclosed. The sellers were CEO Soren Iversen and Chief Mounting Officer Carsten Nielsen, who will continue in their current positions for the foreseeable future. Founded in 1964, Sundby Trapper provides its products and services to residential, commercial and institutional customers in Denmark. Two years ago, Lynx acquired PartnerService Hver Gang ApS, a Danish facility maintenance provider.
3 min read · 23 May 2019
Canadian junior capital provider Penfund has partnered as a follow-on investor in a US$225 million second lien credit facility for Mister Car Wash (MCW), a Tucson, Arizona-based car wash operator. The facility's proceeds, along with the proceeds of a US$800 million first lien term loan, have been used to refinance MCW’s existing debt and pay a distribution to shareholders. Senior lenders also provided a US$75 million revolving credit facility and US$40 million delayed draw term loan. MCW was acquired in 2014 by U.S. private equity firm Leonard Green & Partners. In December, Penfund closed its sixth mid-market fund, Penfund Capital Fund VI, raising $1.15 billion.
3 min read · 23 May 2019
