Private Equity
Cooper Equipment Rentals Ltd has acquired Prime Rentals Ltd, a Lethbridge, Alberta-based provider of equipment rental solutions. Terms weren't disclosed. The sellers were Prime owners Kim and Trina Tymko, who will support the company's transition. Cooper, a Mississauga, Ontario-based provider of compact, aerial and heavy construction and industrial equipment, said the deal expands its operations into Southern Alberta and moves it closer to establishing a national network of branches. Cooper, which currently has 40 rental locations, was acquired in 2013 by Canadian private equity firm SeaFort Capital.
2 min read · 04 March 2019
Canadian specialty finance firm Crown Capital Partners has up-sized Crown Capital Power LP with $43 million in commitments, bringing total capital to $58 million. The resources were provided by existing institutional investors as well as Crown, which grew its overall commitment to $25 million. Launched last year, the fund invests in integrated energy platforms (IEP) that supply electric and thermal energy to mid- to large-scale consumers, such as industrial and commercial businesses, recreational facilities and condominiums. Crown said the new capital will support additional projects identified by the fund’s expanded network of operator partners in and outside of the Ontario market.
3 min read · 04 March 2019
Corelle Brands LLC, a Rosemont, Illinois-based housewares company, has agreed to merge with Instant Brands Inc, an Ottawa-based designer and maker of small kitchen appliances, including multicooker Instant Pot. Terms weren't released for the deal, which is expected to close in Q2 2019. The merger will create a global housewares business with a comprehensive suite of culinary products and accessories. It will be led by Corelle CEO Ken Wilkes, with Robert Wang, CEO of Instant Brands, serving as chief innovation officer. Instant Brands, founded in 2009, will retain its Canadian headquarters. Corelle was acquired in 2017 by U.S. private equity firm Cornell Capital.
5 min read · 04 March 2019
U.K. private equity firm BC Partners (BCP) and Canada Pension Plan Investment Board (CPPIB) have sold about one-third of their stake in Altice USA Inc (NYSE: ATUS), a New York-based broadband communications and video services provider. Altice USA purchased about 7 million of the Class A shares sold for US$150 million. Following these transactions, BCP and CPPIB together own about 10.5 percent of the company. BCP and CPPIB became shareholders of Altice USA with Altice SA's 2015 acquisition of Suddenlink. The deal created Altice USA , which went public two years later.
2 min read · 01 March 2019
Fleet Complete, a Toronto-based technology company focused on the connected vehicle sector, has completed an investment partnership with Ontario Teachers' Pension Plan. Terms weren't released for the deal, which was announced in November. Ontario Teachers’ acquired equity from existing investors, including U.S. private equity firm Madison Dearborn Partners (MDP). MDP, which acquired Fleet Complete in 2014, remains a "significant" shareholder, the company said. Established in 2000, Fleet Complete provides solutions that address fleet and mobile workforce tracking and management needs.
3 min read · 01 March 2019
A joint venture of Starlight Investments and Blackstone Property Partners (BPP) has acquired a second portfolio of multi-family real estate assets in Canada. No financial terms were disclosed. The portfolio consists of eight mid-rise and high-rise buildings totalling 1,067 units in neighbourhoods in the Toronto region. Starlight, a Toronto-based real estate investment and asset management firm, and BPP marked the formation of their joint venture last year with the acquisition of six multi-family properties in Toronto and Montréal.
2 min read · 27 February 2019
Canadian private equity firm Onex Corp has hired João Pedro Silva as managing director, group procurement. Silva, based in Onex's New York office, will be responsible for driving operations, procurement and supply chain excellence for portfolio companies. He will also support due diligence activity. Silva joins the firm from Bain & Co, where he most recently served as a principal. Toronto-based Onex is currently investing from Onex Partners V, which raised US$7.15 billion in 2017.
2 min read · 27 February 2019
LXRandCo Inc (TSX: LXR), a Montréal-based omni-channel retailer of branded vintage luxury handbags and accessories, has launched a private placement to raise about $5 million. The investors are affiliates of Gibraltar & Co, a Canadian consumer-focused private investment firm, and Star Orange Enterprise Pte Ltd, an affiliate of Rattha Group. LXR will use the proceeds to fund its strategic plan, which includes expanding the company's retail network in Canada and the United States. In 2017, Gibraltar Growth Corp, a Canadian special purpose acquisition corporation (SPAC), acquired LXR Produits de Luxe International Inc for $82.5 million. The SPAC was renamed LXRandCo.
5 min read · 26 February 2019
Swiss mining private equity firm Pala Investments has acquired about $19 million worth of common shares in Cobalt 27 Capital Corp (TSX-V: KBLT), a Toronto-based electric metals investment vehicle. The deal increases Pala's interest in the company to about 18.5 percent. Established in 2017, Cobalt 27 invests in metals key to technologies of the electric vehicle and battery energy storage markets. It is led by Chairman and CEO Anthony Milewski, a Pala managing director. In January, Cobalt 27 agreed to acquire Highlands Pacific Ltd, an Australian mining company.
2 min read · 26 February 2019
Equinox Gold Corp (TSX-V: EQX) has struck a deal to receive $172 million (US$130 million) in convertible notes from Mubadala Investment Co, an affiliate of the Abu Dhabi government. With full conversion of the notes, Mubadala would hold an 18 percent stake in Equinox. The investor will also be able to nominate a board member. The Vancouver-based mining company will use the deal's proceeds for refinancing debt, working capital and construction of Phase One of its Castle Mountain Gold Mine in California. Equinox was established in 2017 through a merger. It is also backed by Australian mining private equity firm Pacific Road Resources Funds.
4 min read · 26 February 2019
