Private Equity
U.S. private equity firm Platinum Equity has wrapped up its acquisition of Livingston International Inc, a Toronto-based customs brokerage and trade services company. No financial terms were disclosed for the deal, which was announced in February. The sellers were Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners, which acquired the listed Livingston in 2010 for $324 million. Established in 1945, Livingston is the largest pure-play customs brokerage in North America.
3 min read · 03 May 2019
Calgary-based power generation company TransAlta Corp (TSX: TA) has initially closed a $750 million investment by Brookfield Asset Management. Brookfield Renewable Partners invested $350 million in exchange for unsecured, subordinated debentures. The rest will be invested in October 2020 in exchange for a new series of redeemable, retractable first preferred shares. The deal, announced in March, is intended to help TransAlta become a clean energy producer by 2025. Brookfield's Harry Goldgut and Richard Legault were recently elected to the board.
3 min read · 02 May 2019
Deal values in Canada’s buyout and private equity (PE) market slowed in the first three months of 2019 following a record-breaking 2018, according to final data released by Refinitiv. PE investing reflected values of $4.9 billion in Q1 2019, down 50 percent from Q1 2018, and marking the slowest first quarter in dollar terms in five years. Transaction volumes, however, were up 8 percent year over year. Oil and gas companies captured the largest share of dollar flows between January and March, at 39 percent. In the global market, Canadian investors joined 45 transactions valued at $32 billion in Q1 2019, the largest first-quarter amount on record.
3 min read · 02 May 2019
Entertainment Cruises has acquired Gananoque Boat Line (GBL), a Gananoque, Ontario-based tour boat operator in the Thousand Islands. No financial terms were disclosed. The sellers were Harry Clarke and Chris McCarney. The business will continue to operate independently under the existing GBL brand and remain headquartered locally. Entertainment Cruises, a Chicago-based dining and sightseeing cruise company, said the deal, which follows last year's acquisition of Toronto-based Mariposa Cruises, extends its Canadian presence and grows its portfolio to 53 vessels. Entertainment Cruises is a portfolio company of PPC Partners, a U.S. mid-market private equity firm.
4 min read · 02 May 2019
Kensington Private Equity Fund has led a recapitalization of Agnora Ltd, a Collingwood, Ontario-based fabricator of oversized architectural glass. Terms weren't disclosed for the deal, which saw Kensington partner with the company's management and co-investors. Founded in 2011 by President Richard Wilson and Vice President, Administration Laura Wilson, Agnora operates a 225,000-square foot production facility that makes oversized architectural glass for high-end retail, commercial, institutional and residential applications in North America. The partnership with Kensington will support Agnora's growth. The Kensington fund is managed by Kensington Capital Partners, a Canadian alternative investments firm.
2 min read · 02 May 2019
Hansen Technologies has agreed to acquire Sigma Systems, a Toronto-based provider of catalog-driven software solutions for communications, media and technology companies. In a separate release, Hansen, an Australian billing, data management and customer care company, said the deal values Sigma at $157 million. It is expected to close this month. Founded in 1996 and led by President and CEO Tim Spencer, Sigma serves more than 80 customers in 40 countries. Hansen said the acquisition will enhance its value proposition in the telecommunications, Pay-TV and energy verticals. Sigma is majority owned by Canadian mid-market private equity firm Birch Hill Equity Partners. Birch Hill invested in 2015.
4 min read · 01 May 2019
Digital Colony, a U.S. digital infrastructure private equity firm, has closed its acquisition of Cogeco Peer 1, a Toronto-based provider of colocation, network connectivity and managed services. The deal, announced in February, was valued at $720 million. The seller was Cogeco Communications Inc (TSX: CCA). Cogeco Peer 1, led by CEO Susan Bowen, will now operate as a standalone business with headquarters in Toronto, focused on neutral-host digital infrastructure solutions. Cogeco Communications formed Cogeco Peer 1 following its 2013 acquisition of PEER 1 Network Enterprises Inc from Canadian mid-market private equity firm Clairvest Group.
3 min read · 01 May 2019
Athletica Sport Systems Inc has acquired Becker Arena Products Inc, a Shakopee, Minnesota-based provider of dasher board systems and arena aftermarket products targeting entertainment facilities in the United States. No financial terms were disclosed. Based in Waterloo, Ontario, Athletica designs, makes, installs and services dasher board systems for hockey arenas and multi-sport facilities. The company said the acquisition, which follows last year's purchase of Cascadia Sport Systems Inc, will complete its North American footprint. Athletica was acquired in 2018 by Canadian mid-market private equity firm Fulcrum Capital Partners.
3 min read · 01 May 2019
Canadian family office Walter Group of Cos has appointed Éric Phaneuf as president and CEO of Walter Capital Partners. Phaneuf joined Montréal-based Walter Capital, the family office's private equity arm, in 2015. He formerly served as a managing partner, helping to develop strategy and oversee $100 million of investments by the firm's $200 million fund. Before 2015, Phaneuf was a senior executive at such companies as Cascades, MediaGrif and Megabrands. As reported by PE Hub Canada, Walter Capital in 2018 hired Sam Ramadori, formerly of Dundee Sarea, as a managing partner.
2 min read · 01 May 2019
Investment Management Corp of Ontario (IMCO) has appointed Kathy Jenkins as chief financial officer. Jenkins joins IMCO from Canada Pension Plan Investment Board (CPPIB), where she served as managing director of corporate finance. She previously held comparable senior roles at Scotiabank, Fairmont Raffles Hotels International and CIBC. Jenkins succeeds Michel Paradis, who is retiring. Launched in 2017, Toronto-based IMCO manages $63 billion in assets on behalf of Ontario Pension Board and Workplace Safety and Insurance Board.
2 min read · 01 May 2019
