Private Equity
Ivanhoé Cambridge and Oxford Properties have formed a 50:50 joint partnership to invest in IDI Logistics, an Atlanta-based developer and manager of logistics real estate. Terms weren't disclosed. Bloomberg reported the deal's value at US$3.5 billion ($4.7 billion). Ivanhoé closed the initial acquisition in November. The seller was Brookfield Asset Management. Established in 1989, IDI Logistics has developed more than 100 business parks and 750 warehouses totalling over 200 million square feet in North America. Ivanhoé is the real estate arm of Caisse de dépôt et placement du Québec, while Oxford is the real estate arm of Ontario Municipal Employees Retirement System.
5 min read · 30 January 2019
Brampton, Ontario-based lifestyle company Giftcraft Ltd has been acquired by CID Capital, a U.S. private equity firm, and ORIX Mezzanine & Private Equity, an affiliate of Japan's ORIX Corp. Terms weren't disclosed. The deal facilitates Giftcraft's succession plan and will back its growth opportunities over the next few years, both organically and through acquisitions. President and CEO Trevor Cohen and Executive Vice-President Gary Polan will remain in their current roles to support the company's transition. Founded in 1946, Giftcraft services the product and merchandising needs of a network of more than 25,000 décor and giftware retailers in North America.
3 min read · 30 January 2019
An affiliate of Werklund Family Office has acquired control of RS Technologies Inc, a Calgary-based designer and maker of composite utility poles and structures. No financial terms were disclosed. The seller was Melbye Skandinavia AS, a Norwegian provider of infrastructure network solutions for the energy and telecommunications markets. Werklund and Melbye jointly acquired RS in 2013, helping the business emerge from Companies' Creditors Arrangement Act proceedings. Established in 2003, RS has installed poles with more than 400 customers in 25 countries. David Werklund, who heads the Canadian family office, is the company's chairman.
3 min read · 30 January 2019
Everbowl, a San Diego-based craft superfood restaurant chain, has raised US$3 million in financing from Serruya Private Equity (SPE). Founded in 2016, Everbowl has a menu focused on build-your-own craft superfood bowls and smoothies. It currently operates 17 locations in California and is slated to open as many as 45 locations this year. Managing Director Aaron Serruya said his firm will support Everbowl's national and international growth. SPE, which invests on behalf of Canada’s Serruya family, and its 2018 investment in Global Franchise Group, were profiled by PE Hub Canada in December.
3 min read · 29 January 2019
London, U.K.-based renewable energy company Cubico Sustainable Investments has agreed to acquire five solar projects totalling 580 megawatts located in South Carolina, North Carolina and Texas. In addition to the tax equity and debt, Cubico said it will invest up to US$165 million to construct the projects. They will become operational by Q4 2020. Cubico, which is buying the assets from Cypress Creek Renewables LLC, said the transaction facilitates its entry into the U.S. market. Launched in 2015, Cubico is owned by Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP Investments).
3 min read · 29 January 2019
Alimplus has acquired AOF Service Alimentaire, a Drummondville, Québec-based distributor of food products to customers in the hotel, restaurant and institutional sectors. No financial terms were disclosed. Alimplus, a Montréal-based food distributor, said the acquisition provides a third facility, expands its geographic coverage in Québec, and allows it to continue consolidating a fragmented industry. Alimplus and its food wholesale affiliate, Mayrand, are backed by Canadian private equity firm Walter Capital Partners. Walter acquired a minority stake in the companies in 2014 and added to the investment in 2017.
3 min read · 29 January 2019
BDC Capital has provided undisclosed mezzanine financing to Hayabusa, a Kingston, Ontario-based designer and maker of equipment and apparel for boxing, jiu-jitsu, Muay Thai and other combat sports. BDC made the investment through its growth and transition capital group. Founded in 2006, Hayabusa's products are used by both fitness enthusiasts and professionals. Last year, the company moved to a primarily direct-to-consumer sales model through its online store. Hayabusa will use the funds raised for working capital, with a focus on producing inventory required to ramp up sales in the fitness training market.
2 min read · 28 January 2019
Vector Solutions has acquired Global Risk Innovations (GRI), a Guelph, Ontario-based provider of fire department software. Terms weren't disclosed. Founded in 2006, GRI, also known as Medteq Solutions CA Ltd, provides online training, professional development and risk management solutions for first responders in Canada. Vector, a Tampa, Florida-based provider of e-learning and performance support solutions, said the deal will expand the Canadian presence of its affiliate TargetSolutions, an online training management system for public safety agencies. Vector was acquired last year by U.S. private equity firm Golden Gate Capital.
3 min read · 28 January 2019
Canada’s private equity market had a banner year in 2018, especially in terms of dollars invested. As in the past, the lion’s share of deals engaged mid-market companies. Most of the cash, however, was accounted for by a small collection of large caps. Among them was the $5.1 billion recap of GFL Environmental, which headed the top 10 PE deals last year. Combined, they had disclosed values of $32 billion, up 70 percent from the $19 billion the top 10 deals of 2017 drew. The number is based on PE Hub Canada’s list of the largest deals announced in 2018, supplemented by preliminary data from Refinitiv. It suggests that large caps fueled the most substantial dollar flows in the market’s history.
3 min read · 25 January 2019
Syntax Systems has acquired EmeraldCube Solutions, an Atlanta-based company providing business technology solutions to JD Edwards customers. No financial terms were disclosed. Syntax, a Montréal-based provider of cloud-managed enterprise resource planning (ERP) services, said the acquisition will enhance its Oracle JD Edwards offering with Amazon Web Services' public cloud capabilities. The deal comes on the heels of Syntax's agreement earlier this week to acquire Freudenberg IT, a cloud provider and information technology service provider. Canadian mid-market private equity firm Novacap, which acquired Syntax in 2016, provided equity financing for both transactions.
4 min read · 25 January 2019
