Private Equity
Altium Packaging Canada, an affiliate of Consolidated Container Co (CCC), has acquired Plastique Micron Inc (PMI), a Sainte-Claire, Québec-based manufacturer of plastic containers. No financial terms were disclosed. Established in 1970 by Jean-Guy Roy and Victor Fortier, PMI and its subsidiaries serve global customers in the pharmaceuticals, nutraceuticals, healthcare, food, industrial chemicals and cosmetics industries. CCC, an Atlanta, Georgia-based maker of rigid plastic packaging solutions, said the deal expands its portfolio and footprint in Canada. Investissement Québec and Fonds de solidarité FTQ acquired a majority stake in PMI in 2016.
3 min read · 26 March 2019
BDC Capital's Growth & Transition Capital said it has invested more than $180 million in business change-of-ownership deals since December 2017. The activity is part of BDC's commitment to invest $900 million in Canadian business transition and acquisition strategies over five years. Companies recently backed include BID Group, David Aplin Group, Deslaurier Custom Cabinets, Industries Polykar, Kendrick Equipment and Sancton. PE Hub Canada reported on the 2017 deal involving BID, a Prince George, British Columbia-based turnkey supplier to the forest products industry, led by Highland West Capital and joined by BDC and other investors.
3 min read · 26 March 2019
Canadian non-bank lender Fairstone Financial Inc has closed an inaugural asset-backed security (ABS) transaction totalling $322.4 million. Fairstone said the deals marks the first personal loan ABS transaction in Canada and "signals the creation of a new asset class" in the market. Based in Montréal, Fairstone provides lending solutions to near-prime and non-prime borrowers. Formerly CitiFinancial Canada, the company was acquired in 2016 from Citigroup Inc by a consortium led by U.S. private equity firms J.C. Flowers and Värde Partners.
2 min read · 25 March 2019
USSC Group has acquired Child Check-Mate System Inc (CCM), an Ottawa-based school bus safety technology company. Terms weren't disclosed. Founded in 1993 by President Gordon Both, CCM provides an alarm system that reminds drivers to ensure children have safely disembarked. It works with more than 500 school districts and its products are installed in over 400,000 commercial vehicles. USSC, an Exton, Pennsylvania-based maker of extreme-duty safety and survivability solutions, said it will implement the technology across a range of commercial transportation markets. USSC was acquired in 2015 by U.S. private equity firm Dubin Clark & Co.
3 min read · 25 March 2019
Innergex Renewable Energy Inc (TSX: INE) has agreed to sell Magma Energy Sweden AB, holder of a 53.9 percent interest in Icelandic geothermal operator HS Orka hf, for $408.8 million. The buyer is a European fund managed by Macquarie Infrastructure and Real Assets, the infrastructure and real assets arm of Australia's Macquarie Group. The deal is expected to close in the second quarter. HS Orka owns two operating geothermal facilities totalling 174 megawatts. Based in Longueuil, Québec, Innergex is a developer, acquirer and operator of hydroelectric facilities, wind farms, solar farms and geothermal power generation plants.
4 min read · 25 March 2019
Dane Creek Capital Corp has acquired RawPaw Natural Foods, a Dorval, Québec-based distributor and marketer of natural pet health supplements. No financial terms were disclosed for the cash-and-stock deal. Founded in 2012 by President Farah Socran, RawPaw sells supplements designed for a raw pet food diet to specialty retailers across Canada. Dane Creek, a Canadian pet-focused merchant bank, will hold RawPaw through its pet supplements holding vehicle, United Supplements Inc. The RawPaw deal follows Dane Creek's recent acquisition of Bonnie & Clyde Premium Pet Goods.
3 min read · 25 March 2019
Kineticor Resource Corp has acquired a 32 megawatt cogeneration facility from Tidewater Midstream and Infrastructure Ltd, a Calgary-based provider of midstream energy solutions. Kineticor, a Calgary-based power developer focused on thermal generation, paid $85 million in cash for the facility, which is under construction. Kineticor agreed to supply power and heat to Tidewater's Pipestone Gas Plant once construction is complete. Kineticor is backed by Canadian pension fund manager OPTrust. OPTrust invested $125 million in the business in 2017. Tidewater is a portfolio company of Canadian private equity firm Birch Hill Equity Partners. Birch Hill increased its stake last year as a result of asset purchases from AltaGas Ltd.
2 min read · 25 March 2019
Canadian private equity firm Onex Corp has agreed to acquire 100 percent of Gluskin Sheff + Associates Inc (TSX: GS), a Toronto-based wealth management firm. The deal, expected to close in H1 2019, will see Onex pay about $14.25 per share for the company, for a total cash consideration of about $445 million. Established in 1984 by Ira Gluskin and Gerald Sheff, Gluskin Sheff will continue to be led by existing management and operate under its brand. Onex Chairman and CEO Gerry Schwartz said the combination of his firm's private equity and private debt platforms and Gluskin Sheff’s public securities investing platforms will provide clients of both with "greater investment options.”
5 min read · 25 March 2019
Fiera Capital Corp (TSX: FSZ) has agreed to acquire Integrated Asset Management Corp (TSX: IAM), a Toronto-based alternative asset manager and investor in private debt, infrastructure debt and real estate. The deal, expected to close in Q2 2019, is valued at $74 million, representing an IAM enterprise value of $64 million and $10 million of cash on hand. IAM's private debt investment team will merge with Fiera Private Lending and the industrial real estate team will join Fiera Properties. Fiera, a $136.7 billion asset manager based in Montréal, said the acquisition will augment its private alternative investments platform and create a pan-Canadian private lending capability.
7 min read · 22 March 2019
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and affiliates of Desjardins Group have acquired Regional Power Inc, a Mississauga, Ontario-based developer and operator of hydroelectric power plants. No financial terms were disclosed. The seller was Manulife Financial Corp. Regional Power's Canadian assets include three run-of-river hydroelectric projects with an installed capacity of about 70 megawatts and a pipeline of wind and hydro generation opportunities. CC&L Infrastructure, an investor in mid-market infrastructure and infrastructure-like assets, is part of Canadian asset manager Connor, Clark & Lunn Financial Group Ltd.
3 min read · 21 March 2019
