Private Equity
Caisse de dépôt et placement du Québec has provided $75 million in subordinated debt financing to Medavie Inc, a Moncton, New Brunswick-based provider of not-for-profit health solutions in Canada. The Canadian pension system said the financing could be increased to $100 million. Medavie operates Medavie Blue Cross, a benefits carrier and public health program administrator, as well as Medavie Health Services, a provider of ambulance services, medical communications, community health solutions and clincial training. The financing's proceeds will be used by the Medavie to pursue growth initiatives.
3 min read · 23 May 2019
AudienceView, a Toronto-based provider of e-commerce software for events and entertainment organizations, has acquired Vendini, a San Francisco-based ticketing and box office management company. No financial terms were disclosed. Taken together, the companies process $3 billion in annual ticketing and fundraising transactions and serve more than 8,000 venues globally. Founded in 2002 and led by CEO Mark Fowlie, AudienceView has been backed since 2016 by Rubicon Technology Partners, a U.S. enterprise software private equity firm. Vendini closed a US$20 million Series A financing in 2016 with U.S. growth equity firm Level Equity Management.
3 min read · 23 May 2019
Global Restoration Holdings LLC, the parent of U.S.-based Interstate Restoration and Canada's FirstOnSite Restoration, has agreed to be acquired by FirstService Corp (TSX, Nasdaq: FSV), a Toronto-based property services provider. FirstService agreed to pay $505 million for a 95 percent stake in the business. Global Restoration is being sold by U.S. private equity firm Delos Capital. In 2016, Delos-backed Interstate acquired FirstOnSite, a Toronto-based disaster restoration company, from Canadian private equity firm TorQuest Partners. FirstOnSite and Interstate will together become an independent brand under the FirstService umbrella. FirstService said the acquisition facilitates its expansion in the disaster restoration space.
4 min read · 23 May 2019
MTY Food Group Inc (TSX: MTY) has closed its acquisition of Papa Murphy’s Holdings Inc, a Vancouver, Washington-based franchisor and operator of the Take ‘n’ Bake pizza brand. The deal, announced last month, was valued at $253.2 million, including debt. As a result, Papa Murphy’s shares ceased trading today on the Nasdaq Stock Market. MTY, a Montréal-based franchisor and operator of quick-service and casual dining restaurants, previously said the acquisition will support its growth in the U.S. market. Papa Murphy’s was backed by U.S. private equity firm Lee Equity Partners, which took the company public in 2014.
3 min read · 23 May 2019
Invesque Inc (TSX: IVQ) has agreed to acquire Commonwealth Senior Living LLC, a Charlottesville, Virginia-based developer, owner and operator of senior living communities. The deal, which includes 20 communities comprising 1,440 units with 1,716 beds, reflects a purchase price of US$340.4 million ($458 million). It is expected to close in Q3 2019. Commonwealth was founded in 2002 by Richard Brewer and Municipal Capital Appreciation Partners (MCAP), a U.S. real estate private equity firm. Following the deal, Invesque, a Toronto-based healthcare real estate company, said it will have more than US$1.8 billion of asset value with 122 properties.
6 min read · 22 May 2019
Canopy Growth Corp (TSX: WEED, NYSE: CGC) has acquired This Works Ltd, a London, U.K.-based provider of natural skincare and sleep solution products. The all-cash deal was valued at $73.8 million. This Works CEO Anna Persaud will continue to lead the company. Canopy Growth, a Smith Falls, Ontario-based cannabis, hemp and cannabis device business, said the acquisition facilitates its entry into the natural wellness industry and expands its global presence. Canopy Growth added that it will collaborate with This Works to develop a new line of skin care and sleep solution products infused with cannabidiol. This Works was backed by Tengram Capital Partners, a U.S. consumer and retail private equity firm. Tengram invested in 2015.
4 min read · 22 May 2019
IBS Software has agreed to acquire AD OPT, a Montréal-based provider of airline crew planning optimization software solutions. Terms weren't released for the deal, which IBS described as a "multi-million dollar acquisition." The seller is Kronos Inc, which acquired AD OPT in 2004. Kronos, a U.S. workforce management software and services company, is owned by Hellman & Friedman. IBS, an Indian software company focused on the travel, hospitality, logistics and oil and gas sectors, said the purchase will make it a top technology provider to the aviation industry. IBS is backed by U.S. private equity firm Blackstone Group, which acquired a minority stake in 2015.
4 min read · 21 May 2019
Broadridge Financial Solutions Inc (NYSE: BR) has agreed to acquire RPM Technologies, a Toronto-based provider of enterprise wealth management software solutions and services. Broadridge agreed to pay about $404 million (US$300 million). The sellers include Bayshore Capital, a Canadian real estate, financial services and technology private equity firm. Led by President and CEO Dave Poppleton, RPM currently supports more than 15 million customer accounts. Broadridge, a U.S. financial technology company, said the acquisition will enhance its wealth management product offering in Canada.
4 min read · 21 May 2019
CBRE Caledon Capital Management and CapMan Infra have agreed to jointly acquire Norwegian ferry and express boat operator Norled AS. Terms weren't released for the deal, which is expected to close next month. The seller is Det Stavangerske Dampskibsselskab. Founded in 1855, Norled operates a fleet of 59 ferries and 28 express boats that transport more than 17 million passengers and 9 million cars annually. CBRE Caledon, a Toronto-based infrastructure and private equity manager, said the deal is the first by its London office, opened last year. CBRE Caledon was formed in 2017 with CBRE Group’s acquisition of a majority stake in Caledon Capital Management.
4 min read · 21 May 2019
Canada Pension Plan Investment Board (CPPIB) has invested about $200 million in Premium Brands Holdings Corp (TSX: PBH), a Vancouver-based owner of specialty food manufacturing and distribution businesses in Canada and the United States. As a result of the private placement, CPPIB will hold 7.1 percent of outstanding common shares. Premium Brands also launched a $60 million concurrent financing with certain shareholders. The proceeds of both deals will be used for debt repayment, organic and acquisition growth, and other priorities. President and CEO George Paleologou said the partnership with CPPIB will allow Premium Brands to "look beyond North America."
4 min read · 21 May 2019
