Private Equity
Canadian mid-market private equity firm Clairvest Group has completed the sale of its stake in Rivers Casino, a Des Plaines, Illinois-based gaming and entertainment complex. The deal, announced last year, saw Rivers acquired by Churchill Downs Inc at an enterprise value of US$1.45 billion. Clairvest invested in the company in 2010. Rivers subsequently did two recapitalizations, including a 2016 transaction worth US$600 million. Clairvest said it realized cash proceeds of about US$135 million from the sale, which when combined with other proceeds received represents 8.4 times invested capital and an internal rate of return of 46 percent.
3 min read · 06 March 2019
Ceridian (TSX, NYSE: CDAY) has acquired most of the assets of Clearview Logix, a Richmond, Virginia-based decision support analytics company, and certain intellectual property assets from Paysa, a Palo Alto, California-based artificial intelligence-enabled personal career advisor. Terms weren't disclosed. Ceridian, a Minneapolis, Minnesota-based human capital management software company led by Canadian entrepreneur David Ossip, said the purchases will enhance its offerings and expand its customer base. Last year, Ceridian closed a US$462 million Canada-U.S. initial public offering along with an investment from existing backers Thomas H. Lee Partners and Cannae Investors.
3 min read · 06 March 2019
Canadian private equity firm Onex Corp has completed its sale of BrightSpring Health Services, a Louisville, Kentucky-based provider of home and community health services to complex, high-cost populations. The purchase price was about US$1.32 billion, according to U.S. private equity firm KKR, which acquired BrightSpring and merged it with portfolio company PharMerica Corp. Onex acquired a minority interest in BrightSpring in 2004. In 2010, the investor acquired a majority stake in a take-private transaction. Onex said it received total proceeds of about US$1 billion, reflecting a blended gross multiple of invested capital of 5.7 times and a 17 percent gross rate of return.
2 min read · 06 March 2019
Integrated Asset Management Corp (IAM) has provided a $36 million loan to Wolverine Management Services Inc (TSX-V: WEII), a Nisku, Alberta-based energy and infrastructure service company. The proceeds of the deal, IAM's fifth with Wolverine, will be used to fund a $50 million acquisition of an environmental services unit from an unidentified midstream business. Founded in 1952, Wolverine provides midstream environmental services and oilfield services and rentals in Western Canada and the United States. In January, IAM, a Canadian alternative asset management firm, closed its sixth private corporate debt fund, raising $843 million.
2 min read · 05 March 2019
Cologix has acquired Metro Optic, a Montréal-based provider of interconnect solutions for the enterprise, carrier and cloud markets. No financial terms were disclosed. The seller was Exelerence Holdings, a holding company focused on the internet infrastructure sector. Exelerence is backed by Canadian growth equity firm Tandem Expansion Fund. Cologix, a Denver, Colorado-based interconnection and data centre company, said the deal adds data centre capacity and strengthens its ability to support wholesale, carrier and hyperscale customers. Cologix was acquired in 2017 by U.S. infrastructure investment firm Stonepeak Infrastructure Partners.
3 min read · 05 March 2019
Alberta Investment Management Corp (AIMCo) has closed its acquisition of a majority stake in Eolia Renovables de Inversiones SCR SA, a Spanish renewable energy company. Terms weren't released for the deal, which was announced in November. It saw the Canadian pension fund acquire more than 90 percent of Eolia from U.S. private equity firm Oaktree Capital Management. Oaktree acquired the business, a developer, builder and operator of wind farms and solar photovoltaic plants, in 2015. Eolia said the partnership with AIMCo will help it develop and strengthen its platform and capitalize on growth opportunities in the Spanish market.
4 min read · 05 March 2019
NFP Corp has acquired PBL Insurance Ltd, a Windsor, Ontario-based provider of property and casualty and employee benefits services. No financial terms were released for the deal, which closed last month. PBL President and CEO Michael Robinson will join NFP as a managing director with a focus on commercial lines. NFP, a New York-based insurance broker and consulting business, said the acquisition furthers its Canadian expansion. In December, the company bought Mass Insurance Brokers Ltd and Easyway Insurance Brokers Inc. NFP was acquired in 2013 by U.S. private equity firm Madison Dearborn Partners for about US$1.3 billion.
3 min read · 05 March 2019
Caisse de dépôt et placement du Québec (CDPQ) has agreed to invest about US$250 million in ECL Finance Ltd, a non-banking financial company affiliated with Indian financial services provider Edelweiss Group. The deal is intended to establish a large and diversified credit platform in India, with a focus on the retail sector. The proceeds of CDPQ's investment will help ECL Finance capitalize on credit opportunities, invest in technology, grow organically and undertake acquisitions. The initiative builds on a 2016 partnership which saw CDPQ agree to invest up to US$700 million in stressed assets and private debt opportunities in India.
5 min read · 05 March 2019
Quorum Information Technologies Inc (TSX-V: QIS), a Calgary-based provider of automotive dealership software and services, has closed a $15 million debt financing facility. The facility was provided by BDC Capital's growth and transition capital group. The deal's proceeds will be used to retire a bridge loan facility from Covington Capital. They will also be used to fund Quorum's January purchase of Oasis Auto Complete Systems Ltd, a London, Ontario-based provider of automotive dealership software and hardware, as well as potential future acquisitions.
4 min read · 04 March 2019
Gateway Casinos & Entertainment Ltd has acquired Chances Signal Point, a Williams Lake, British Columbia-based gaming company. No financial terms were disclosed. Gateway, a Vancouver-based diversified gaming and entertainment business, said the acquisition increases the number of properties it operates in British Columbia, Alberta and Ontario to 27. Gateway, owned since 2010 by Canadian private equity firm Catalyst Capital Group, filed in November for an initial public offering on the New York Stock Exchange.
3 min read · 04 March 2019
