Private Equity
Family office Serruya Private Equity partnered with Lion Capital in acquiring the owner of Great American Cookies, Round Table Pizza and other retail food brands. Last month, Lion and SPE acquired Global Franchise Group from Levine Leichtman Capital Partners. Based in Atlanta, GFG owns several major brands in the U.S. quick-service restaurant industry. That puts it right in the wheelhouse of SPE, which invests on behalf of a Canadian family that made its name and fortune by building and buying food ventures. Brothers Michael and Aaron Serruya, both SPE managing directors, began their careers in the 1980s as the founders of frozen yogurt retailer Yogen Früz.
3 min read · 07 December 2018
Brazil’s state-controlled oil company Petróleo Brasileiro (Petrobras) could present a new sale and purchase agreement before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale, Reuters reported. The sale of TAG, which operates natural gas pipelines in Brazil, could fetch Petrobras as much as US$7 billion. A consortium comprising Engie and Caisse de dépôt et placement du Québec were in talks with Petrobras to buy TAG before the injunction. A group comprising EIG Global Energy Partners and Mubadala, and a second team made up of Macquarie, Canada Pension Plan Investment Board and GIC, previously expressed an interest.
3 min read · 07 December 2018
Caisse de dépôt et placement du Québec (CDPQ) has provided a loan of up to $150 million to SSQ Insurance, a Québec City-based provider of insurance and financial services. The deal will help SSQ optimize its capital structure and execute its strategic plan, which includes a focus on innovation and development in the Canadian market. Overseeing assets of $12 billion, SSQ offers group, individual life, health and general insurance products as well as a range of investment products. CDPQ has invested in the company since the early 2000s. SSQ is also backed by Fonds de solidarité FTQ.
3 min read · 06 December 2018
Ryan LLC has acquired Economics Partners LLC, a Denver, Colorado-based provider of transfer pricing advisory, controversy and business valuation services. No financial terms were disclosed. Ryan, a Dallas-based tax services and software provider, said the deal enhances its international tax practice capabilities. The acquisition is the first announced by Ryan since Canadian private equity firm Onex Corp acquired a 42 percent interest in the company in October. Onex paid US$317 million for the stake.
3 min read · 06 December 2018
Canada’s Brookfield Asset Management will be the largest single commercial property owner in New York City after its US$11.4 billion buy of Forest City Realty Trust Inc closes in coming days, Reuters reported, citing a Brookfield official. Its New York assets will top 36 million square feet after the Forest City deal closes, surpassing Vornado Realty Trust, according to data from CoStar Group Inc and Brookfield. Brookfield, which historically has been known for office holdings, now has a sizable slice in the retail and apartment sectors, a growing presence in hotels, logistical and warehouse assets, student housing and manufacturing housing.
2 min read · 05 December 2018
Glass Lewis & Co has recommended voting against the reappointment of Detour Gold Corp Chairman Alex Morrison and one more member, while adding an additional nominee from Paulson & Co, instead of a board overhaul pushed by the U.S. activist investment firm, Reuters reported. “We ultimately see validity in Paulson’s central thesis that, for substantive change to take hold at the company, certain of the core and long-term directors who have presided over value destruction and overseen technical failures of prior mine plans need to be replaced,” Glass Lewis said. Paulson has about 6 percent stake in Detour. The company is under pressure from two other investors to overhaul its board and consider a sale.
2 min read · 05 December 2018
ECi Software Solutions Inc has acquired Print Audit, a Calgary-based provider of office document, device and print management solutions. No financial terms were disclosed. Launched in 1999 by CEO John MacInnes, Print Audit serves both dealers and users. ECi, a Forth Worth, Texas-based provider of business management software and services, said the deal adds print rule and document management capabilities to its offerings for the office equipment industry. ECi was acquired last year by U.K. private equity firm Apax Partners from Carlyle Group and Level Equity.
3 min read · 05 December 2018
U.S. private equity firm Wynnchurch Capital has acquired Buchanan Rubber Ltd, a Toronto-based distributor of industrial hoses, couplings and sheet rubber with about 8,000 SKUs. Terms weren't disclosed. Founded in 1986, Buchanan distributes products to a range of end-markets, including petrochemical-energy, construction, mining, water handling-agriculture, food and beverage, and general industrial. Wynnchurch said Buchanan will be part of a North American distribution platform that includes Anderson Metals LLC and Midland Metal Mfg, both of Kansas City, Missouri. The acquisition gives the platform access to the Canadian market and new product offerings.
3 min read · 05 December 2018
OMERS Private Equity has agreed to sell its majority interest in Caliber Collision Centers, a Lewisville, Texas-based auto collision repair operator in the United States. Terms weren't released for the deal, which is expected to close early in 2019. The buyer is U.S. private equity firm Hellman & Friedman (H&F), which will merge Caliber with Abra Auto Body Repair of America, a portfolio company since 2014. The combined collision repair provider will have more than 1,000 centres across 37 states. OMERS acquired Caliber in 2013 from ONCAP. Leonard Green & Partners (LGP) acquired a minority stake last year. Both OMERS and LGP will be minority shareholders in the combined business.
3 min read · 05 December 2018
TPC Wire & Cable Corp has acquired Milrail Inc, a Pointe-Claire, Québec-based specialty supplier of wire, cable, interconnect devices and grounding systems. No financial terms were disclosed. Established in 1990, Milrail serves the marine, military, rail and transit industries. TPC, a Macedonia, Ohio-based supplier of wire, cable, connectors, assemblies and accessories used in harsh industrial environments, said the acquisition will strengthen its wire and cable offering. TPC was acquired in 2015 by U.S. private equity firm Audax Group from Pfingsten Partners.
3 min read · 04 December 2018
