Private Equity
The private equity group of Brookfield Asset Management has made a non-binding proposal to buy the publicly held common units it does not already own of Teekay Offshore Partners LP (NYSE: TOO), a Hamilton, Bermuda-based midstream services provider to the offshore oil industry. Brookfield offered to pay US$1.05 in cash per unit. In 2017, Brookfield acquired 60 percent of Teekay Offshore from Teekay Corp (NYSE: TK), a Vancouver-based marine energy transportation, storage and production business, for US$750 million. It also holds 51 percent of Teekay Offshore's general partner. Last month, Teekay Corp agreed to sell its general partner stake and related interests to Brookfield for US$100 million.
2 min read · 21 May 2019
SNC-Lavalin Group Inc (TSX: SNC) has cancelled its sale to OMERS Infrastructure of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR). SNC-Lavalin said Canada Pension Plan Investment Board (CPPIB), which owns 40 percent of 407 ETR, exercised its right of first refusal (ROFR). As a result, the agreement with OMERS, announced in April, was terminated. The deal was valued at $3.25 billion. SNC-Lavalin said it will sell the interest to CPPIB or CPPIB and Ferrovial SA. Ferrovial, which holds a 43.23 percent stake, also sought to exercise its ROFR, but SNC-Lavalin disputes its ability to take this action.
5 min read · 17 May 2019
PDFTron Systems, a Vancouver-based document processing technology company, has secured a $96 million (US$71 million) investment from U.S. growth equity firm Silversmith Capital Partners. Debt financing was provided by THL Credit. Founded in 1998 and led by CEO Catherine Andersz, PDFTron provides a software development kit that enables document processing, conversion and collaboration by enterprise customers in a range of industries. The company reports more than doubling its workforce since the start of 2018. PDFTron said the partnership with Silversmith, its first with an institutional investor, will support accelerated R&D as well as acquisitions in North America and Europe.
4 min read · 16 May 2019
BDC Capital recently provided undisclosed quasi-equity financing to Fiasco Gelato Cafés Ltd, a Calgary-based artisan gelato and sorbetto maker and wholesaler. BDC, which invested through its Growth & Transition Capital group, said the financing is part of a broader deal that includes equity investors and government grants. No details were released. Founded in 2003 and led by Chief Idea Officer and CEO James Boettcher, Fiasco sells its products through more than 2,800 retailers across Canada. It will use the funds raised to expand distribution in Ontario, Québec and Atlantic Canada as well as develop and market new flavours.
3 min read · 16 May 2019
Ontario Teachers' Pension Plan has agreed to sell BluEarth Renewables LP, a Calgary-based builder, owner and operator of wind, hydro and solar facilities, to DIF, a Dutch infrastructure investment firm. No financial terms were released for the deal, which is expected to close later this year. Following the close, DIF will own 100 percent of BluEarth, the company said. Ontario Teachers' invested in BluEarth alongside Canadian energy private equity firm ARC Financial Corp when the business was established in 2010. Ontario Teachers' acquired ARC's interest in 2015. The year before, BluEarth said it had raised more than $250 million in equity from its investor base. BluEarth is led by President and CEO Grant Arnold.
2 min read · 15 May 2019
Fengate Asset Management has raised $1.1 billion in committed capital in the final close of its third core infrastructure fund. Fengate Core Infrastructure Fund III exceeded both its $750 million target and initial $1 billion hard cap. It was backed by new and existing limited partners, including public and corporate pension plans, insurance companies and funds of funds, based in North America, Europe and Japan. Fund III, already about 50 percent deployed or committed to seven North American assets, will maintain Fengate's strategy of investing in mid-sized infrastructure assets emphasizing greenfield projects. Based in Toronto, Fengate invests in infrastructure, private equity and real estate.
3 min read · 15 May 2019
Caisse de dépôt et placement du Québec (CDPQ) has acquired a 45 percent stake in DP World Chile, which operates terminals in Puerto Central and Puerto Lirquen, serving Chilean consumption and industrial centres. CDPQ invested through its $5 billion investment platform with Dubai port operator DP World, established in 2016. CDPQ said its acquisition will be executed at the same price as DP World’s April purchase of Puertos y Logística SA (now DP World Chile) for US$502 million. Earlier this month, the CDPQ-DP World platform agreed to acquire Vancouver-based marine terminal Fraser Surrey Docks from Macquarie Group.
3 min read · 15 May 2019
Northleaf Capital Partners has hired Sophia Damianou as managing director, business development, Europe, the Middle East and Africa (EMEA). Operating from Northleaf’s London office, Damianou will lead initiatives to develop relationships with institutional investors, consultants and advisors across the EMEA region. Damianou was previously director of marketing and investor relations at CapeView Capital, a U.K. hedge fund manager. Before then, she managed EMEA business development for Mesirow Financial. Toronto-based Northleaf, a global private equity, private credit and infrastructure manager, oversees more than US$12 billion in capital commitments.
3 min read · 15 May 2019
Montrose Environmental Group Inc has agreed to acquire Target Emission Services Inc, a Calgary-based provider of fugitive emission management services to the oil and gas and petrochemical industries. No financial terms were disclosed. Established in 2007, Target uses infrared optical thermal imaging to locate hydrocarbon gas leaks and vents. Led by Managing Director Terence Trefiak, it has its U.S. headquarters in Houston. Montrose, an Irvine, California-based environmental services company, said the deal will enhance its leak detection and repair business and expand its geographic footprint. Last year, Montrose secured an investment from U.S. alternative investment firm Oaktree Capital Management.
3 min read · 14 May 2019
U.S. enterprise software private equity firm Rubicon Technology Partners has completed its sale of Aucerna, a Calgary-based provider of integrated planning, execution and reserves solutions to the oil and gas industry. Terms weren't disclosed. The buyer, Thoma Bravo, announced its acquisition of the company in February. Aucerna provides its software solutions to more than 500 customers from 12 offices worldwide. It is led by Founder and CEO Wayne Sim. Rubicon invested in Aucerna in 2015, when the company was known as 3esi-Enersight. The firm said it supported Aucerna's global growth and closing of four strategic acquisitions.
3 min read · 14 May 2019
