Private Equity
Sagard Healthcare Royalty Partners (SHRP) has acquired a portion of a royalty interest in novel cancer drug Rubraca for US$31 million in cash. The seller is the U.K.-based University of Newcastle upon Tyne, which developed Rubraca in partnership with Cancer Research UK’s Cancer Research Technology Ltd and Pfizer Inc. Rubraca treats adults with ovarian cancer, fallopian tube or primary peritoneal cancer whose cancer has come back and are in response to a platinum-based chemotherapy, as well as other conditions. The investment is the first made by SHRP, launched this year by Sagard Holdings, an affiliate of Canada’s Power Corp.
6 min read · 01 April 2019
Alignvest Student Housing (ASH) has agreed to acquire four off-campus purpose-built student accommodation (PBSA) properties in Ontario. No financial terms were disclosed. The purchases include two Waterloo PBSA assets near Wilfrid Laurier University and the University of Waterloo. ASH will also buy assets close to McMaster University in Hamilton and the University of Ontario Institute of Technology in Oshawa. ASH, an affiliate of Alignvest Management Corp, said the deals will grow its asset base to nearly $400 million. Earlier this month, PE Hub Canada wrote about ASH's strategy to consolidate Canada's PBSA sector.
5 min read · 29 March 2019
Canada Pension Plan Investment Board (CPPIB) has agreed to invest about US$750 million in Aqua America Inc (NYSE: WTR), a Bryn Mawr, Pennsylvania-based water and wastewater utility. As a result, CPPIB will acquire about 21.7 million newly issued shares of the company's common stock. The proceeds will support Aqua's acquisition of Peoples Natural Gas Co LLC, a Pittsburgh, Pennsylvania-based provider of natural gas services, from SteelRiver Infrastructure Partners. The deal, announced in October, is valued at US$4.3 billion, including debt.
4 min read · 29 March 2019
Doxim has acquired MessagingDirect Ltd (MDL), an Edmonton-based encrypted messaging and customer communications management technology company. Terms weren't disclosed. Led by CEO Mark Miller, MDL provides its solutions to financial services organizations and their service providers. Doxim, a Toronto-based provider of customer communications and engagement technology to financial and regulated markets, said the deal, which follows last month's acquisition of Market Connections Inc, adds secure messaging capabilities to its platform. Last year, U.S. private equity firm GI Partners acquired a majority stake in Doxim from Strattam Capital.
3 min read · 28 March 2019
A joint venture of Hudson Pacific Properties Inc (NYSE: HPP) and the property arm of Blackstone Group has agreed to acquire the 1.45 million-square-foot Bentall Centre office and retail complex in Vancouver. Terms weren't released for the deal, which is expected to close in Q2 2019. The seller is China's Anbang Insurance Group Co Ltd. Anbang acquired Bentall Centre in 2016, reportedly for $1.06 billion. Hudson, a U.S. real estate investment trust, will own 20 percent of the joint venture and be responsible for operations and development. Blackstone will own 80 percent and serve as managing partner.
4 min read · 28 March 2019
Ag Growth International Inc (TSX: AFN) (AGI) has completed its acquisition of Milltec Machinery Ltd, a Bangalore, India-based maker of rice milling and processing equipment. The purchase price was $109.5 million, with the potential for up to an additional $38.4 million based on the achievement of Ebitda targets. AGI, a Winnipeg-based provider of equipment solutions for agriculture bulk commodities, said the deal enables its entry into the rice equipment industry and establishes its platform in India. Indian private equity firm Multiples Alternative Asset Management acquired a minority stake in Milltec in 2014.
3 min read · 28 March 2019
Canada Jetlines Ltd (JET: TSX-V), a Vancouver-based ultra-low-cost carrier airline, has entered into a letter of intent to receive financing of up to $14 million. The financing, consisting of convertible debentures, is being provided by a fund managed by InHarv Partners, a South Korean venture capital and private equity firm. Once closed, the deal entitles the fund to appoint two board members. Mark Morabito, executive chairman of Canada Jetlines, said the funds raised will support the launch of the company's airline operations in Canada.
6 min read · 28 March 2019
Noverco Inc, owner of 71 percent of Énergir LP, a Montréal-based energy company, has agreed to acquire the issued and outstanding shares of Valener (TSX: VNR), Énergir's public affiliate. The deal implies an enterprise value for Valener of about $1.2 billion, including debt. Noverco is indirectly held by Caisse de dépôt et placement du Québec (CDPQ), Fonds de solidarité FTQ, British Columbia Investment Management Corp, Régime de retraite de l'Université du Québec and Enbridge Inc. CDPQ owns about 65 percent of the vehicle that holds Noverco. Énergir, formerly Gaz Métro LP, is a natural gas distributor and electricity producer operating in Québec and the United States.
6 min read · 28 March 2019
OMERS Infrastructure has closed its investment in SFR FttH, a French alternative fibre-to-the-home infrastructure wholesale operator. OMERS Infrastructure led a consortium, including Allianz Capital Partners and AXA Investment Managers, that acquired a 49.99 percent stake in SFR FttH alongside Altice France. Terms weren't disclosed. The seller, Altice Europe NV, said the deal is valued at €1.7 billion ($2.6 billion). OMERS Infrastructure, an affiliate of Canadian pension fund OMERS, said the deal is its first in France and its first major greenfield investment in the telecom infrastructure space.
2 min read · 27 March 2019
Orolia SA has acquired Skydel Solutions, a Montréal-based provider of GNSS simulation and test solutions to scientists and engineers who develop navigation systems. No financial terms were disclosed. Skydel, founded in 2014 by CEO Stéphane Hamel, CTO Iurie Ilie and CDO Serge Malo, will remain located in Montréal as Orolia Canada. Orolia, a Valbonne, France-based provider of positioning, navigation and timing solutions, said the acquisition increases its capabilities and gives it a presence in Canada. French private equity firm Eurazeo acquired Orolia in 2016.
3 min read · 27 March 2019
