Private Equity
Caisse de dépôt et placement du Québec (CDPQ) has acquired a 27 percent stake in Hilco Trading LLC (Hilco Global), a Northbrook, Illinois-based financial services firm. Terms weren't disclosed for the deal, which initiates a long-term partnership between the two organizations. It will see CDPQ target annual investments of about US$150 million, alongside Hilco Global, in distressed assets and other special situations. CDPQ Vice President and Head of Private Equity Stéphane Etroy said the Canadian pension system's long-term strategy aligns with Hilco Global's role in transitioning "existing and often undervalued assets into profitable use."
3 min read · 21 March 2019
Hunt Valve Co has acquired Montreal Bronze Ltd, a Terrebonne, Québec-based supplier of severe-duty bronze marine valves used in naval and commercial ships. No financial terms were disclosed. Established in 1985 and led by President David Bala, Montreal Bronze also provides bronze and alloy steel products for naval, pharmaceutical and nuclear applications. Hunt Valve, a Salem, Ohio-based specialty valve maker, said the deal expands its product offering and provides access to additional U.S. Navy and international shipyards and industrial customers. Hunt Valve was recapitalized last year by U.S. private equity firm May River Capital.
4 min read · 21 March 2019
Pleatco LLC has acquired Milton Manufacturing Inc, a Milton, Ontario-based provider of spun bond, paper, felt and pleated bag filters for original equipment manufacturers. Terms weren't disclosed. Led by President Dave Brunner, Milton serves the dust collection needs of customers in North America. Pleatco, a Louisville, Kentucky-based maker of aftermarket cartridge filters for the pool and spa industry, said the purchase of Milton and APEL International Inc enables its entry into the industrial air filtration market. Pleatco has been backed since 2017 by U.S. private equity firm Align Capital Partners.
3 min read · 20 March 2019
Canadian pet-focused merchant bank Dane Creek Capital Corp has acquired Bonnie & Clyde Premium Pet Goods, a Québec City-based natural health products brand for dogs and cats. No financial terms were disclosed for the cash-and-stock transaction. Established in 2015 by Jon Caldwell, Bonnie & Clyde sells its oil and health-powder supplements through specialty pet retail stores in Canada and online channels in the United States. As a result of the deal, Caldwell will assume the role of president of United Supplements Inc, a holding company for pet supplements businesses acquired by Dane Creek. Dane Creek remains the majority owner.
3 min read · 20 March 2019
Access has acquired Docu-Dépôt, a LaSalle, Québec-based document management, destruction and storage services company. No financial terms were disclosed. Established in 1991, Docu-Dépôt provides mobile secure shredding, remote document management software, and climate-control systems to businesses in Québec. Access, a Woburn, Massachusetts-based records and information management solutions provider, said the deal expands its services to 58 Canadian markets. Backed by U.S. private equity firms Berkshire Partners and GI Partners, Access acquired 10 companies in Canada last year. They include six businesses operating as Innovative Records Systems Corp.
3 min read · 20 March 2019
United Steelworkers Local 6254 and Bedrock Industries have reached an agreement-in-principle on a collective agreement renewal that will restart the Pointe-Noire iron ore pellet plant in Sept-Îles, Québec. The plant was shutdown in 2013 by U.S. mining company Cliffs Natural Resources Inc, now Cleveland-Cliffs Inc, which filed for creditor protection in 2014. Currently owned by Société ferroviaire et portuaire de Pointe-Noire, the plant will be taken over by Bedrock, a U.S. private equity firm, when an agreement between the two firms is finalized. Bedrock, a metals, mining and natural resources investor, is an affiliate of Lindsay Goldberg.
2 min read · 19 March 2019
Hugh O’Reilly has resigned as president and CEO of OPTrust, effective immediately. O’Reilly left to "pursue other interests," OPTrust said. O’Reilly has led the Canadian pension fund manager since 2015, when he joined from the pension benefits and insolvency practice group of law firm Cavalluzzo Shilton McIntyre Cornish LLP. CFO Doug Michael stepped in as interim president and CEO. With assets of more than $20 billion, OPTrust invests and manages OPSEU Pension Plan. It invests in private equity and infrastructure through OPTrust Private Markets Group.
2 min read · 18 March 2019
Public Sector Pension Investment Board (PSP Investments) and QuadReal Property Group have agreed to invest in the Cherry Park Partnership, a London, U.K.-focused rental housing scheme. PSP and QuadReal are partnering with Unibail-Rodamco-Westfield (URW) in the €750 million ($1.1 billion) scheme, which will develop and operate new residential properties adjacent to Westfield Stratford City in London. PSP and QuadReal, which is owned by British Columbia Investment Management Corp (BCI), will each take a 37.5 percent stake in Cherry Park. URW will hold a a 25 percent interest.
5 min read · 18 March 2019
IPipeline has acquired Bluesun, a Toronto-based maker of software products to automate business processes for MGAs, national accounts, mutual fund dealers, banks and insurers. No financial terms were disclosed. Founded in 2001 by CEO Simon Tomlinson and Chairman Stewart Wigg, Bluesun has a client base that includes nearly 70 percent of Canadian life insurers and agencies. IPipeline, an Exton, Pennsylvania-based provider of cloud software solutions to the life insurance industry, said the deal extends its reach into the Canadian market. U.S. private equity firm Thoma Bravo acquired iPipeline in 2015 from the company's venture capital investors.
4 min read · 18 March 2019
Imperial Capital Group is only weeks away from wrapping up a seventh mid-market fund at its $650 million hard cap. Imperial Capital Acquisition Fund VII, launched in December, has already raised or hard-circled commitments above its $500 million target, Managing Partners Jeff Rosenthal and Justin MacCormack told PE Hub Canada. They expect to see a final close at $650 million in April. If this happens, the fund will be the largest in the Toronto private equity firm’s three-decade history, exceeding by 30 percent the $500 million secured by Fund VI in 2017.
3 min read · 15 March 2019
