Private Equity
Oxford Properties Group has closed its take-private acquisition of Investa Office Fund, a Sydney, Australia-based developer and manager of office buildings. The purchase price was about $3.3 billion (A$3.4 billion). Investa was renamed Oxford Investa Property Partners. Oxford, the real estate arm of the Ontario Municipal Employees Retirement System (OMERS), waged a high profile bidding war for the company with Blackstone Group. In October, Blackstone declined to match Oxford's last offer. Oxford said it plans to divest certain non-core properties in order to re-position the portfolio and recycle capital to fund future growth.
5 min read · 17 December 2018
Pestell Group has acquired Targeted Pet Treats (TPT), a Warren, Pennsylvania-based co-manufacturer of dental treats and long-lasting chews for pets. Terms weren't disclosed. Based in New Hamburg, Ontario, Pestell is an animal feed minerals and ingredients distributor, and cat litter and small animal bedding products maker. It said the acquisition facilitates the company's entry into the dental treat market. Pestell was acquired in June by U.S. private equity firm Wind Point Partners in collaboration with Matt Miller. The TPT deal's debt financing was led by Antares Capital, BMO Sponsor Finance and PennantPark.
4 min read · 17 December 2018
Mistras Group Inc (NYSE: MG) has acquired Onstream Pipeline Inspection Services Inc, a Calgary-based technology-enabled pipeline inspection and data analytics platform. The preliminary purchase price was about $191 million (US$143 million). The main seller was Canadian mid-market private equity firm Novacap, which acquired Onstream in 2015. Founded in 2005, Onstream primarily serves the North American small to mid-bore gathering and midstream pipeline market. Key executives, including President and CEO Chad Niehaus, will continue to lead the company. Mistras, a U.S. provider of technology-enabled asset protection solutions, said the deal will help diversify its business.
6 min read · 14 December 2018
Canadian mining private equity firm Waterton Global Resource Management has urged Hudbay Minerals Inc to replace its CEO and said it would nominate several candidates to the miner’s board, Reuters reported. Waterton, which raised its stake in the company to nearly 10 percent from 7 percent, also reiterated that the Toronto-based miner avoid any near-term acquisition or joint venture. Hudbay, which said in October it would buy the remaining 86 percent of Canadian miner Mason Resources Corp, is in talks to buy Chilean miner Mantos Copper SA, according to media reports.
1 min read · 13 December 2018
L Brands said it would to sell its luxury lingerie brand La Senza to an affiliate of U.S. private equity firm Regent LP, capping a months long effort to sell the loss-making business, Reuters reported. The company has been facing stiff competition, forcing it to sell its non-core assets and focus on brands such as Victoria’s Secret and Bath & Body Works. As part of the deal, Regent would assume La Senza’s liabilities and would have to pay L Brands if it sells or monetizes any part of the brand. L Brands bought Canadian chain La Senza for about US$700 million in 2007 and expects it to incur an operating loss of US$40 million in the year.
1 min read · 13 December 2018
Canada Pension Plan Investment Board, the world’s biggest institutional investor in private equity, is reorganizing its program to access a broader set of PE opportunities in a challenging market environment. The initiative was set in motion nine months ago, when Senior Managing Director Shane Feeney was appointed global head of PE. Feeney’s job, a new one at the $368 billion pension fund, marked the end of two investment departments and created an amped-up PE platform that unites the once divided areas of direct investing, funds, secondaries and Asian investing. It amasses assets worth $80.3 billion and brings together more than 100 investment pros located worldwide.
1 min read · 12 December 2018
Los Angeles-based entertainment studio Sonar Entertainment has raised a new production finance facility of US$121 million led by MidCap Financial. Sonar, a portfolio company of Canadian private equity firm Catalyst Capital Group, develops, produces, finances and distributes television content. It said the facility doubles the capital available to partner in content development. Last year, Sonar acquired assets from Tricon Films & Television, a Toronto-based producer and distributor.
4 min read · 12 December 2018
Canadian private equity firm Ardenton Capital Corp has invested in Shaftec Automotive Components Ltd, a U.K. supplier of remanufactured and new parts to the automotive industry. Terms weren't disclosed. Established in 1995, Birmingham, West Midlands-based Shaftec distributes its products across the United Kingdom and Europe. Allan Dunn, an Ardenton director of strategic development, will work with the company to implement the investor’s operating system and support growth. Ardenton has backed several U.K. businesses, including PP Control and Automation, which secured an investment earlier in 2018.
3 min read · 12 December 2018
Englobe Corp has acquired DST Group Inc, an Ottawa-based consulting engineering business. No financial terms were released. Established in 1956, DST’s service capability covers environmental, geotechnical, blast and demolition engineering, and consulting projects. Englobe, a Québec City-based soil, materials and environmental engineering company, said the acquisition will help consolidate its presence in Ontario and Western Canada. Englobe is backed by ONCAP, the mid-market arm of Canadian private equity firm Onex Corp. ONCAP invested in 2006 and later partnered in the company’s acquisitions and go-private deal in 2011.
3 min read · 11 December 2018
Claridge and Ivanhoé Cambridge have agreed to partner in a second $100-million vehicle earmarked for investments in real estate projects in Québec. Investing alongside local developers, the fund will target projects in urban centres, especially Québec City and Montréal. The first $100-million vehicle, launched in 2016, invested in nine residential projects, including both condos and rental housing, primarily in Montréal. Ivanhoé is the real estate investment arm of Caisse de dépôt et placement du Québec. Claridge invests on behalf of the Stephen Bronfman family.
3 min read · 11 December 2018
