Private Equity
SemCAMS Midstream ULC has closed its acquisition of Meritage Midstream ULC's midstream infrastructure assets in the Alberta Montney resource play. The deal, announced in January, reflects a purchase price of $600 million. The seller was U.S. energy private equity firm Riverstone Holdings. SemCams, a Calgary-based midstream infrastructure platform operating in Western Canada, is co-owned by SemGroup Corp (NYSE: SEMG) and U.S. private equity firm KKR. The $1.75-billion platform was created in part by Tulsa, Oklahoma-based SemGroup's contribution of the shares and assets of its Canadian unit.
3 min read · 25 February 2019
Onex Credit Partners LLC has priced its 16th U.S. collateralized loan obligation (CLO) for about US$505 million. The transaction will be issued by a special purpose vehicle, backed by a diversified portfolio of broadly syndicated leveraged loans. With the offering’s close, Onex Credit will oversee nearly US$11 billion. Onex Credit, which invests in non-investment grade debt through CLOs, private debt funds and other credit strategies, is an affiliate of Canadian private equity firm Onex Corp.
2 min read · 25 February 2019
Northleaf Capital Partners has hired Thomas Petty as a vice president, private equity. Based in the firm's New York office, Petty will participate in the origination, evaluation and monitoring of private equity investments. He joins Northleaf from Adams Street Partners, where he most recently served as a vice president, private credit. Previously, Petty was an investment banking associate at Morgan Stanley. Toronto-based Northleaf is a global private equity, private credit and infrastructure manager, overseeing more than $12 billion in capital commitments.
1 min read · 25 February 2019
InstarAGF Asset Management has sold its interest in Nieuport Aviation Infrastructure Partners GP, the owner and operator of the passenger terminal at Billy Bishop Toronto City Airport. Terms weren't disclosed. The buyer was U.S. asset manager J.P. Morgan Asset Management. In 2015, InstarAGF partnered with J.P. Morgan, Kilmer Van Nostrand Co, Partners Group and other investors to acquire the terminal from Porter Aviation Holdings Inc, reportedly for more than $750 million. InstarAGF, a Toronto-based investor in North American infrastructure and real assets sectors, bought its stake through InstarAGF Essential Infrastructure Fund, which raised $740 million in 2017.
3 min read · 25 February 2019
Caisse de dépôt et placement du Québec deployed more than $9 billion in the global private equity market in 2018, ending the year with net assets of $42.9 billion. PE investments generated a net return of 16.6 percent last year, exceeding a benchmark of 8.7 percent, according to the pension fund’s financial report. CDPQ has been steadily shifting its PE focus to solo deals, co-sponsorships and co-investments, Stephane Etroy, executive vice president and head of private equity, told PE Hub Canada last March. This is reflected in the 2018 report, which said direct deals currently account for three-quarters of PE portfolio activity.
2 min read · 22 February 2019
Toronto-based mining company Rockcliff Metals Corp (TSX-V: RCLF) has launched a financing of up to $30 million led by U.K. metals and mining private equity firm Greenstone Resources. Rockcliff also agreed to acquire assets from Canadian resource merchant bank Norvista Capital Corp and an affiliate for $13.3 million in stock. The acquisition, expected to close in April, will enable Rockcliff's reorganization and undertaking of an exploration and development program in the Flin Flon-Snow Lake metals mining camp in Manitoba. The proceeds of the financing will support the program and provide working capital. Greenstone Senior Partner Mark Sawyer will join the board.
10 min read · 22 February 2019
OMERS Infrastructure has acquired a 22.4 percent interest in IndInfravit Trust, a Chennai, India-based holder of a portfolio of five operational toll road concessions. The investment, OMERS' first in India's infrastructure sector, was valued at $160 million. The toll roads were initially constructed and operated by L&T Infrastructure Development Projects Ltd (L&T IDPL), an affiliate of Larsen & Toubro Ltd. IndInfravit's other shareholders include Canada Pension Plan Investment Board, which last year added to its initial 2014 investment in L&T IDPL. OMERS opened a Singapore office in 2018 to increase its investing in the Asia Pacific region.
3 min read · 22 February 2019
Hyphen Solutions has agreed to acquire HomeFront Software, a Calgary-based provider of home builder software, and Zybertech Construction Software Services, a Calgary-based distributor of construction and real estate software. Terms weren't released for the deal, which is expected to close this month. HomeFront and Zybertech are both led by President and CEO Daryl Shenner. Hyphen, an Addison, Texas-based provider of cloud construction management software, said the buy will widen its reach in the residential construction space. Hyphen has been backed since 2016 by PWP Growth Equity, a private equity fund managed by U.S. advisory firm Perella Weinberg Partners.
3 min read · 21 February 2019
Canadian private investment firm Hillcore Group has acquired Lakeside Pacific Forest Products Ltd, a Chilliwack, British Columbia-based forestry company. No financial terms were disclosed. Lakeside’s operations are on the east and west sides of Harrison Lake, near Chilliwack. Hillcore said the acquisition is part of its forestry investment strategy that includes the consolidation of fibre supply and the creation of value-added opportunities and vertical integration.
2 min read · 21 February 2019
Canadian junior capital provider Penfund has closed a $100 million second lien credit facility provided to GoodLife Fitness Centres Inc, a London, Ontario-based fitness club operator. The deal's proceeds, combined with the proceeds of a $310 million first lien term loan and revolving credit facility provided by a syndicate of banks, will be used to refinance debt. Penfund has provided and arranged more than $430 million for GoodLife in seven financings. Founded in 1979 by CEO David Patchell-Evans, GoodLife operates 400 clubs across Canada and has more than 1.5 million members. In December, Penfund wrapped up its sixth mid-market fund, Penfund Capital Fund VI, raising $1.15 billion.
3 min read · 21 February 2019
