Private Equity
Canadian private equity firm Ardenton Capital Corp has sold its 50 percent equity stake in Interpro Technical Services Ltd, a Port Coquitlam, British Columbia-based specialist in field maintenance services for critical rotating machinery. Terms weren't released for the deal, which was wrapped up last month. Ardenton's interest was acquired by Interpro CEO Carey Healey. Interpro, acquired in 2010 by Ardenton Founder and CEO James Livingstone and a partner, was the firm's inaugural investment. Ardenton will use the proceeds of the sale to fund new majority acquisitions.
2 min read · 14 January 2019
Canadian private equity firm Onex Corp and Baring Private Equity Asia (BPEA) have agreed to publicly list Clarivate Analytics, a Philadelphia-based owner and operator of subscription-based businesses. Clarivate will list on the New York Stock Exchange as a result of its merger with Churchill Capital Corp. The deal, expected to close in Q2 2019, implies an enterprise value of about US$4.2 billion. Onex and BPEA will retain their equity, which converts to about 74 percent ownership of the combined entity's outstanding shares at closing. Clarivate was launched in 2016 with the US$3.55 billion acquisition by Onex and BPEA of Thomson Reuters' intellectual property and science unit.
5 min read · 14 January 2019
Ocean Group has acquired Techsol Marine Inc, a Québec City-based specialist in electrical and electronic marine engineering. No financial terms were released. Established in 1996, Techsol installs and ensures the commissioning of automated systems for controlling and monitoring machinery used on ships worldwide. Ocean, a Québec City-based maritime services provider, said the deal will support its Canadian and global growth. Last year, Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ acquired a minority stake in Ocean for $112 million.
2 min read · 14 January 2019
Linxis Group has acquired Unifiller Systems Inc, a Vancouver-based designer and maker of portioning and depositing equipment for small and mid-sized bakeries. No financial terms were disclosed. Founded in 1988, Unifiller is led by President and CEO Mark Soares. Linxis, a Nantes, France-based provider of specialized equipment solutions for the bakery, pharmaceutical and cosmetics industries, said the deal will further expand its global footprint and equipment portfolio. In 2017, European private equity firm IK Investment Partners acquired a majority stake in Linxis from Equistone Partners Europe.
2 min read · 14 January 2019
NanoXplore Inc (TSX-V: GRA), a Montréal-based graphene company, has closed a $31 million bought deal private placement. Business Development Bank of Canada (BDC) contributed $10 million in convertible unsecured subordinated debentures to the deal. BDC invested through Ottawa's $700-million clean technology strategy, announced last year. Established in 1995, NanoXplore manufactures graphene powder for use in industrial markets, as well as standard and custom graphene enhanced plastic and composite products. It will use the funds raised for expanding its plant, adding new production lines, buying equipment and other priorities.
3 min read · 11 January 2019
PharmHouse Inc, a joint venture of Canopy Rivers and North American greenhouse produce companies, has secured a debt facility of up to $80 million. Bank of Montreal was the facility's agent and lead lender. The other lenders were Canadian Imperial Bank of Commerce and Concentra Bank. The proceeds will be used to finalize the purchase of a 1.3 million square-foot greenhouse facility in Leamington, Ontario and fund project equipment and construction costs. Canopy Rivers, the investment arm of Canadian cannabis producer Canopy Growth Corp, owns 49 percent of PharmHouse.
4 min read · 10 January 2019
BDC Capital has provided mezzanine financing of $6 million to Verdant Environmental Technologies Inc, a Montréal-based developer of smart thermostats for commercial and institutional buildings. BDC made the investment through its growth and transition capital group. Established in 2008, Verdant primarily serves the hospitality industry. CEO Alain Bélanger said the funds raised will help accelerate the company's expansion. Verdant is backed by Canadian mid-market private equity firm Fulcrum Capital Partners. Fulcrum acquired the business in 2016.
3 min read · 10 January 2019
Hub International Ltd has acquired Forum Risques et Assurance Inc, a Montréal-based boutique insurance brokerage and risk management company. Terms weren't disclosed. Founded in 2013 by President François Jean and Executive Vice President Alain Giroux, Forum specializes in providing solutions to high-risk sectors, such as technology, manufacturing and construction. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, a Chicago-based insurance brokerage, joining existing owner Hellman & Friedman.
2 min read · 10 January 2019
SemGroup Corp (NYSE: SEMG) and U.S. private equity firm KKR have agreed to partner in the creation of a Canadian midstream infrastructure platform, SemCAMS Midstream ULC. SemGroup will contribute the shares and assets of its Canadian unit, valued at $1.15 billion, in exchange for $615 million and a 51 percent stake in the platform. KKR will commit $515 million for a 49 percent stake and $300 million to acquire preferred equity. As part of the deal, the partners have agreed to acquire Meritage Midstream ULC from Riverstone Holdings for $600 million. With the deal's close in Q1 2019, Calgary-based SemCAMS Midstream will have assets of $1.75 billion and own natural gas processing capacity in Alberta's Montney region.
8 min read · 10 January 2019
Canadian private equity firm Regimen Equity Partners has closed its inaugural fund at more than $60 million in committed capital. Regimen Equity Partners LP and a parallel vehicle were backed by high-net-worth individuals and three institutional investors. The fund will invest in Canadian small and medium-sized businesses over a long horizon. Managing Director Cooper Seeman said the strategy will allow Regimen to stay invested in each company for 15 years or more. Regimen, which since 2015 has acquired five companies, has offices in Vancouver, Toronto and Edmonton. It is led by Seeman and Managing Directors Gerry Bellerive and David Eisler and Vice Presidents David Koa and Paul Shaw.
2 min read · 10 January 2019
