Private Equity
Vance Street Capital last month acquired Measurand Group, a Fredericton-based designer and maker of geotechnical instrumentation for monitoring the deformation of soil and structures. Terms weren't disclosed. Debt financing was provided by BMO's Canadian sponsor coverage group. Founded in 1993, Measurand produces tools, including its ShapeArray products, to monitor critical assets, such as mines, tailings ponds, bridges, tunnels, geohazards, dams and levees. Vance Street, a U.S. mid-market private equity firm, said the deal complements its 2017 acquisition of RST Instruments, a Maple Ridge, British Columbia-based geotechnical instrumentation provider, from Hammond, Kennedy, Whitney & Co.
3 min read · 03 April 2019
Canadian real estate private equity firm Tricon Capital Group has agreed to acquire a portfolio of 23 multi-family properties located primarily in the U.S. Sun Belt. The deal, valued at about US$1.4 billion, will see Tricon issue shares to unit-holders of a fund managed by Starlight Group Property Holdings Inc and assume existing debt. Tricon President and CEO Gary Berman said the acquisition will give his firm a "significant presence in U.S. multi-family, which is the largest investible property type in residential real estate." Following the transaction, Tricon's market capitalization is expected to total about $2.3 billion.
10 min read · 03 April 2019
Epiq has acquired H&A eDiscovery, a Toronto-based provider of electronic discovery litigation support. Terms weren't disclosed for the deal, which will see H&A begin operating under the Epiq brand. Epiq, an Atlanta, Georgia-based provider of professional services and technology to the legal profession, said the acquisition adds to its solutions and expertise. Epiq was acquired in 2016 by OMERS Private Equity and Harvest Partners for about US$1 billion. It was at the same time merged with OMERS-backed DTI. Last year, Epiq bought Bruneau Group, an Ottawa-based settlement administrator.
3 min read · 03 April 2019
Paradigm Outcomes has acquired Restore Rehabilitation, an Owings Mills, Maryland-based case management company operating across the United States. No financial terms were disclosed. Paradigm, a Walnut Creek, California-based provider of catastrophic and complex case management, said the deal expands its solutions' capabilities as well as its national footprint. Last year, OMERS Private Equity acquired Paradigm from U.S. private equity firm Summit Partners.
3 min read · 02 April 2019
Hub International Ltd has acquired Del Fisher Insurance Inc, a Calgary-based broker providing personal and commercial insurance solutions, including home, auto, business and contract bonding. No financial terms were disclosed. Jeff Alderman, a Del Fisher partner, will join Hub International Barton Ltd and be a member of the Prairie-Arctic team. The company's other partners are retiring. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, a Chicago-based insurance brokerage, joining existing owner Hellman & Friedman (H&F).
2 min read · 02 April 2019
Canaccord Genuity Growth II Corp (CGGC II), a Canadian special purpose acquisition corporation (SPAC), has filed a final prospectus with regulatory authorities outside of Québec for an initial public offering. The IPO is for Class A restricted voting units of CGGC II at a price of $3 per unit, for total proceeds of $87 million, not including the greenshoe option. CGGC II, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $100 million to $1 billion. Last year, CGGC II's predecessor agreed to merge with Columbia Care LLC, a New York-based medical cannabis business. Prior to the agreement, the SPAC estimated Columbia Care's value at US$1.35 billion.
5 min read · 02 April 2019
Caisse de dépôt et placement du Québec (CDPQ) has agreed to acquire a 30 percent stake in the main affiliate of Vertical Bridge Holdings LLC, a Boca Raton, Florida-based owner and operator of communications infrastructure. Terms weren't disclosed. Vertical Bridge will use the proceeds to grow its U.S. portfolio of broadband and broadcast towers, small cells, real estate and other wireless infrastructure assets ahead of 5G deployment. CDPQ joins a group of investors that has backed Vertical Bridge since its 2014 founding. They include Digital Bridge, Jordan Co, Goldman Sachs Infrastructure Partners, Stonepeak Infrastructure Partners, Edgewater Funds, CalSTRS and Dock Square Capital LLC.
4 min read · 02 April 2019
Flair Airlines, a Kelowna, British Columbia-based ultra-low-cost carrier (ULCC) airline, has secured an undisclosed investment from 777 Partners, a U.S. private equity firm. The investment gave 777 a 25 percent equity stake in the company. Originally founded as a charter airline in 2005, Flair transitioned into a full commercial scheduled service two years ago. CEO Jim Scott said the partnership with 777 will ensure that Flair is able to compete and continue on "our strong trajectory for domestic growth while meeting the clear demand for ULCC airline options in Canada." The airline currently operates 188 flights per week, coast to coast.
3 min read · 02 April 2019
Stephen Smith and U.S. private equity firm Centerbridge Partners have acquired Walmart Canada Bank from discount retailer Walmart Canada Corp. No financial terms were disclosed. Concurrent with the deal's closing, the bank, which will be renamed Duo Bank, agreed to continue to provide new and existing financial services products through Walmart Canada. CEO Trudy Fahie said the bank will work with Smith and Centrebridge to execute on its long-term growth strategy. Smith is chairman and CEO of Canada's First National Financial Corp. He is also one of the backers of Peloton Capital Management, a Canadian private equity firm launched last year.
4 min read · 01 April 2019
Metalla Royalty & Streaming Ltd (TSX-V: MTA), a Vancouver-based precious metals royalty and streaming company, has secured a convertible loan facility of $12 million from Beedie Capital. Established in 2016, Metalla is engaged in the acquisition and management of royalties, streams and similar production-based interests with a focus on gold, silver and other precious metals. It will use the facility's proceeds to fund purchases of new royalties and streams. Beedie Capital is the family office arm of Beedie Group, a Canadian industrial owner, developer and property manager led by President Ryan Beedie.
3 min read · 01 April 2019
