Canada

Concert buys majority of Iqaluit airport project from InfraRed

Concert Infrastructure Fund has acquired a majority stake in Arctic Infrastructure LP, the developer and operator of the Iqaluit International Airport in Nunavut. Terms weren't disclosed. The seller was InfraRed Capital Partners, a U.K. infrastructure and real estate investment firm. InfraRed invested in the airport project, a public-private partnership with the Nunavut government, in 2013. With the deal, Concert assumes responsibility for the project, while an affiliate of Winnipeg Airport Authority remains in charge of facility and airport operations. Vancouver-based Concert is an infrastructure investor, developer and manager.

CPPIB OKs Waste Management's $4.9 bln buy of Advanced Disposal

Waste Management Inc (NYSE: WM) has agreed to acquire Advanced Disposal Services Inc (NYSE: ADSW), a Ponte Vedra, Florida-based solid waste company. The deal, expected to close in Q1 2020, reflects an enterprise value of US$4.9 billion, including debt. Canada Pension Plan Investment Board (CPPIB), which owns about 19 percent of Advanced Disposal’s outstanding shares, agreed to vote for the transaction. CPPIB invested US$280 million in Advanced Disposal in 2016. Waste Management, a Houston, Texas-based waste management environmental services provider, said the acquisition grows its footprint in the Eastern United States.

Tiny leads repurchase of Pixel Union from Teligence Capital

Tiny Capital, a Canadian technology holding company, has acquired a majority stake in Pixel Union, a Victoria, British Columbia-based e-commerce apps and themes agency and partner in the Shopify ecosystem. The purchase price was not disclosed. Tiny said it led an investment alongside Freemark Partners, Saltwater and Syrus Partners to rebuy Teligence Capital’s stake in Pixel Union. It also committed $25 million to acquire related businesses. Tiny founded Pixel Union in 2009 and sold it to Teligence in 2014. Pixel Union CEO Ben Moore will continue to run the company as it seeks to increase its interests in the Shopify ecosystem.

IAM provides $22 mln of acquisition financing to Lagasco

Integrated Asset Management Corp (IAM) has provided a $22 million loan to Lagasco Inc, a London, Ontario-based oil and gas production and exploration company. The funds raised will be used by Lagasco to acquire a portfolio of producing assets in Southwestern Ontario. The deal will make Lagasco, a family-owned business established in 1976, the largest oil and gas producer in Ontario, IAM said. Last month, IAM, a Toronto-based alternative asset manager and investor in private debt, infrastructure debt and real estate, agreed to be acquired by Montréal-based asset manager Fiera Capital Corp.

MTY to buy Lee Equity-backed Papa Murphy’s in $253 mln deal

MTY Food Group Inc (TSX: MTY) has agreed to acquire Papa Murphy’s Holdings Inc (Nasdaq: FRSH), a Vancouver, Washington-based franchisor and operator of the Take ‘n’ Bake pizza brand. MTY agreed to pay US$6.45 per share, representing a total value of about US$190 million, or $253.2 million, including debt. The deal is expected to close in Q2 2019. MTY, a Montréal-based franchisor and operator of quick-service and casual dining restaurants, said the acquisition will support its U.S. market expansion goals. Papa Murphy’s was taken public in 2014 by Lee Equity Partners. The U.S. private equity firm continues to hold a stake in the business.

Northleaf raises $800 mln more for global private credit program

Northleaf Capital Partners has raised an additional US$800 million for its global private credit investment program, increasing managed commitments to more than US$2.2 billion. The program, led by Head of Private Credit David Ross, includes first lien, unitranche and second lien loans to a portfolio of mid-market companies in North America and Europe. The new commitments include an initial US$500 million-plus raised for a recently launched evergreen private credit fund focused on building a portfolio of senior secured loans and intended to complement the closed-end program. Toronto-based Northleaf currently oversees more than US$12 billion in private equity, private credit and infrastructure commitments.

U.S. investors seek TransAlta vote on Brookfield deal: G&M

U.S. activist investors want Calgary-based power company TransAlta Corp to postpone an annual shareholders' meeting and hold a vote on its deal with Brookfield Asset Management, according to a report by the Globe and Mail. In March, TransAlta agreed to receive $750 million from Brookfield to use toward becoming a clean energy producer by 2025. Mangrove Partners, Bluescape Energy Partners and Cove Key Management argue the deal undervalues the company’s assets and prevents the potential for better opportunities, the Globe said. Mangrove applied to securities regulators, requesting a vote among shareholders without an interest in the transaction.

Sunny River-owned FSP acquires Allard Fire Protection

Fire Safety & Protection LLC (FSP) has acquired Allard Fire Protection Inc, an Ottawa-based one-stop provider of fire protection services. No financial terms were disclosed. The seller was CEO Derek Allard, who established the company in 1996. Going forward, the management of Noti-Secur, a Canadian affiliate of FSP, an Atlanta-based fire and life safety business, will oversee Allard's operations. FSP was formed in 2018 by Sunny River Management, a U.S. family office private equity investor.

Ninepoint Partners unveils U.S. mid-market private debt fund

Canadian alternative asset manager Ninepoint Partners has launched a new fund focused on the U.S. mid-market private debt space. Ninepoint has engaged Monroe Capital LLC, a U.S. private credit asset management firm, as an advisor. Ninepoint Monroe U.S. Private Debt Fund, designed for institutional and wealthy investors and their advisors, will back a vehicle that invests in secured debt positions with U.S. companies with annual revenue of $10 million to $1 billion. The fund's target size was not disclosed.

Equicapita acquires auto repair franchisor Master Mechanic

Canadian private equity firm Equicapita has acquired The Master Mechanic Inc, a Mississauga, Ontario-based franchisor of aftermarket automotive maintenance and repair service centres. Terms weren't disclosed. The sellers were owner-operators Hugh Welsford and Jamie Holmes, who acquired the company in 2004. Established in 1982, Master Mechanic has 39 franchise locations throughout Ontario. The acquisition is Equicapita’s eleventh to date, its first in the automotive aftermarket maintenance and repair service space, and its third involving a franchise business. It was led by Managing Director Adam Jezewski.