Private Equity
Mitel Networks Corp is in talks to combine with Avaya Holdings Corp, a Santa Clara, California-based telecommunications equipment and software company, according to a report by the Wall Street Journal. Mitel, an Ottawa-based provider of business communications, collaboration and contact-centre solutions, has proposed a stock deal valued at between roughly US$2.2 billion and US$2.4 billion, the report said. An agreement could come next month. Last year, Mitel, then a listed company, was acquired by a consortium led by U.S. private equity firm Searchlight Capital Partners. The purchase price was about $2.6 billion.
1 min read · 25 April 2019
The private equity group of Brookfield Asset Management has agreed to sell BGRS, a Burr Ridge, Illinois-based provider of talent mobility solutions. Brookfield said it expects to generate net proceeds of US$230 million from the sale of the company to Relo Group Inc, a Tokyo, Japan-based corporate outsourcing services provider. The deal is expected to close in the second quarter. BGRS, formerly Brookfield Global Relocation Services, has been owned by Toronto-based Brookfield for many years. Established in 1963, BGRS manages more than 60,000 corporate and government client relocations annually in over 140 countries. The company has a second office in Toronto.
2 min read · 25 April 2019
The Center for Aquaculture Technologies (CAT), an aquaculture contract research company based in San Diego, California and Souris, Prince Edward Island, has been acquired by U.S. aquaculture private equity firm Cuna del Mar. Terms weren't disclosed. The seller was Linnaeus Capital Partners, a Dutch private equity firm. Established in 2012 and led by President and CEO John Buchanan, CAT focuses on the application of biotechnologies to improve productivity and sustainability in aquaculture and related industries. The company's divisions include breeding and genomics, diagnostics and genotyping, molecular biology, and fish health and nutrition.
2 min read · 25 April 2019
Clairvest Group held the first and final close of its sixth mid-market fund, securing about $1.1 billion (US$850 million) in committed capital. Clairvest Equity Partners VI, the largest fund in the Toronto private equity firm’s 32-year history, reached its hard cap after less than four months of fundraising, according to a news release. Clairvest, a listed firm, was CEP VI’s largest investor, committing US$230 million alongside US$620 million from limited partners. The LPs were not identified. Prior Clairvest funds were backed mostly by North American institutional investors, such as pension systems, insurers and family offices.
2 min read · 25 April 2019
SLR Consulting has acquired Novus Environmental Inc, a Guelph, Ontario-based consultancy specializing in air quality, wind and climate, sound and vibration, and sustainable water. Terms weren't disclosed. Founded in 2010, Novus also has an office in Calgary. The company will continue to operate under existing management, including Principal Darron Chin-Quee. SLR, a Buckinghamshire, U.K.-based provider of environmental and advisory solutions, said the Novus team will join its Canadian business. SLR was acquired last year by U.K. private equity firm Charterhouse Capital Partners. The sellers included 3i Group.
2 min read · 24 April 2019
Quikserv Corp has acquired Easi-Serv Products, a Burnaby, British Columbia-based maker of transaction windows and related systems for the quick-service restaurant industry. No financial terms were disclosed. The seller was Franke Foodservice Solutions Inc. Quikserv, a Houston-based maker of pass-thru and security transaction systems, said the acquisition creates synergies and strengthens its position in the North American market. Quikserv was acquired in 2018 by U.S. private equity firm River Associates Investments.
2 min read · 24 April 2019
U.S. private equity firm Centerbridge Partners is in talks to acquire Advisor Group Inc, a Phoenix, Arizona-based network of independent financial advisors, sources told Bloomberg. The purchase price is more than US$2 billion, the sources said. Advisor Group is owned by U.S. private equity firm Lightyear Capital and Canadian pension fund Public Sector Pension Investment Board (PSP Investments). Lightyear and PSP Investments acquired the business in 2016 from American International Group Inc.
1 min read · 24 April 2019
Togetherwork has acquired UnionWare, a Winnipeg-based union membership management software company. No financial terms were disclosed. Founded in 1991 by President Jim Perchaluk, UnionWare serves labour organizations in Canada, the United States and Australia representing more than 3.5 million members. Togetherwork, a New York-based provider of software and payments for groups and organizations of all types and sizes, said the acquisition, its first internationally, expands its geographic footprint. Togetherwork was acquired last year by U.S. private equity firm GI Partners. The seller was Aquiline Capital Partners.
2 min read · 24 April 2019
Hardy Capital has acquired LD Vision Group Inc, a Richmond, British Columbia-based direct retailer of eyewear products. Terms weren't disclosed. Founded in 2002 and led by CEO Arshil Abdulla, LD Vision operates a family of Canadian and U.S. brands, including ContactsExpress.ca, LensDiscounters.com and OptiContacts.com. It has delivered 2.7 million orders to more than 1.1 million customers. Hardy Capital is the investment firm of Canadian entrepreneur Roger Hardy. Hardy co-founded and led online eyewear retailer Coastal Contacts, acquired in 2014 by Essilor. The investor said it expects to announce broader expansion into the eyecare industry in the months ahead.
3 min read · 24 April 2019
Extendicare Inc (TSX: EXE), a Markham, Ontario-based provider of care and services for seniors, has secured an undisclosed investment from Sandpiper Group, a Canadian real estate private equity firm. The deal gave Sandpiper 9 percent ownership of the company's issued and outstanding shares. As a result, Extendicare will nominate Samir Manji, Sandpiper's founder and CEO, to its board. Established in 1968, Extendicare operates a network of 121 senior care and retirement living centres and home health care services across Canada.
4 min read · 23 April 2019
