Canada

Fengate to co-fund development of Maine's Weaver wind project

Fengate Asset Management and Longroad Energy Partners LLC have unveiled a co-development and financing partnership to build the 72.6-megawatt Weaver wind project in Hancock County, Maine. No financial terms were released. Fengate and Longroad, a U.S. renewable energy company, agreed to co-fund the development and construction of Weaver, a late-stage project expected to be commercially operational in Maine by 2020. Fengate is a Canadian investor in infrastructure, private equity and real estate. The Weaver deal marks its fourth clean energy co-development partnership investment in North America.

Thomson Reuters to cut 3,200 jobs in next two years: Reuters

Thomson Reuters Corp said it will cut its workforce by 12 percent in the next two years, axing 3,200 jobs, as part of a plan to streamline the business and reduce cost, Reuters reported. The company, which is focusing on its legal and tax businesses following the sale of a 55-percent stake in its Financial & Risk (F&R) unit to U.S. private equity firm Blackstone Group LP, declined to say where the job cuts were being made. The company aims to grow annual sales by 3.5 percent to 4.5 percent by 2020, excluding the impact of any acquisitions. It has set aside US$2 billion of the US$17 billion proceeds from the Blackstone deal to make purchases to help grow its legal and tax businesses.

AGT Food and Ingredients to go private in $432 mln deal

AGT Food and Ingredients Inc (TSX: AGT), a Regina-based supplier of pulses, staple foods and food ingredients, has agreed to go private in a deal that values the company at about $432 million. A group of investors led by President and CEO Murad Al-Katib, and including Fairfax Financial Holdings and Point North Capital, will acquire all issued and outstanding common shares not already held by it for $18.00 per unit in cash. Fairfax, the holding company of Canadian billionaire Prem Watsa, agreed to provide financing. AGT's board of directors is recommending that shareholders vote in favour of the deal. It is expected to close in the first quarter of 2019.

Australis invests $2 mln in Quality Green's going public deal

Australis Capital has invested $2 million in Quality Green Inc, a Canfield, Ontario-based producer of medical cannabis. The investment is intended to support the company's proposed going public transaction. Founded in 2013, Quality Green operates 385,000 square feet of production space and is expected to produce 35,000 kilos of medical cannabis annually. Earlier this year, Australis, a U.S. investor in the cannabis industry, agreed to acquire Rthm Technologies Inc, a Toronto-based mobile health and fitness app. The deal was closed in November.

ISS backs Detour Gold board proposals in Paulson proxy fight: Reuters

Institutional Shareholder Services Inc (ISS) has advised shareholders to vote for Detour Gold Corp’s refreshed board of directors at an upcoming shareholders’ meeting, stopping short of more aggressive changes demanded by U.S. activist investor Paulson & Co, Reuters reported. Detour’s management has been resisting Paulson’s call for an overall of the board and immediate dismissal of interim CEO Michael Kenyon. Paulson, which has a stake of about 6 percent in the miner, said it did not believe ISS had gone far enough in its recommendation. Detour is under pressure from two other investors, Coast Capital Management LP and Livermore Partners, to overhaul its board and consider a sale.

Buckthorn-backed Ashtead buys underwater inspector Welaptega

Ashtead Technology Ltd has acquired Welaptega Marine Ltd, a Halifax-based provider of offshore mooring inspection technologies and mooring fitness-for-purpose assessment services. No financial terms were released. Welaptega President and CEO Anthony Hall will continue to lead the business, which was established in 1990. Ashtead, a Westhill, United Kingdom-based subsea equipment solutions specialist, said the deal strengthens its subsea inspection capabilities. Ashtead was acquired two years ago by U.K. oilfield services private equity firm Buckthorn Partners and Arab Petroleum Investments Corp.

Providence-backed EverCommerce acquires EMHware

EverCommerce has acquired EMHware, a Belleville, Ontario-based provider of agency management software solutions for social, addictions and mental health services. Terms weren't disclosed. The deal was announced by Canadian technology M&A advisory firm Tequity Inc, which advised EMHware. The acquisition will provide EverCommerce, a Denver, Colorado-based service commerce platform, with additional growth opportunities in the agency and case management markets in North America. EverCommerce is a portfolio company of U.S. private equity firm Providence Equity Partners.

Neiman Marcus says debt talks with lenders stall: Reuters

Neiman Marcus Group Ltd, the U.S. luxury retailer facing a US$2.8 billion loan coming due in two years, has failed to reach an agreement with its noteholders and term lenders to restructure its debt, Reuters reported. The company said in a regulatory filing it was actively pursuing opportunities to improve its capital structure. If it was not able to ink a deal with creditors, its financial condition would be adversely affected, Neiman Marcus said. Neiman Marcus was acquired in 2013 by U.S. private equity firm Ares Management and Canada Pension Plan Investment Board (CPPIB) for US$6 billion.

MYM Nutraceuticals to raise $25 mln from Alumina Partners

MYM Nutraceuticals Inc, a Vancouver-based producer and seller of medicinal cannabis supplements and topical products, has struck a deal to receive a draw-down equity facility of $25 million. The investor is Alumina Partners, a U.S. private equity firm active in the cannabis sector. MYM CEO Rob Gietl said the facility's proceeds will support projects under construction in Québec. The company is building a 1.5 million square-foot greenhouse in the Eastern Township community of Weedon, and expanding an existing production facility in Laval to 37,000 square feet.

Shell completes $1.3 bln sale of Corrib gas field stake to CPPIB

Royal Dutch Shell plc has completed its sale of a 45 percent interest in the Corrib Natural Gas Field in Ireland to Nephin Energy Holdings Ltd (NEHL), an affiliate of Canada Pension Plan Investment Board (CPPIB). The deal, announced last year, is valued at up to US$1.3 billion (€1.14 billion). In a separate statement, Calgary-based oil and gas company Vermilion Energy Inc, CPPIB's partner in the transaction, said it assumed management of the Corrib project. As a result, Vermilion will hold a 20 percent operated stake in the project, while NEHL will hold a 43.5 percent non-operated stake. The rest will continue to be held by Norway's Equinor ASA.