Canada

Altice sells stake in French fibre unit to OMERS-led group: Reuters

Telecoms and cable group Altice Europe said its French unit had agreed to sell a 49.99 percent stake in its SFR FTTH fibre optic business to three investment funds for 1.8 billion euros (US$2.05 billion), Reuters reported. Allianz Capital Partners, AXA Investment Managers and OMERS Infrastructure were investing in the unit, Altice said, in a deal that valued the division as a whole at 3.6 billion euros. The consortium was led by OMERS Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS). Earlier this month, Reuters reported several groups were bidding for the Altice France fibre network business, including one led by KKR.

Oil producers trade shares for growth but investors hard to impress: Reuters

Depressed Canadian oil prices are forcing energy companies to use their shares as a currency to fund acquisitions, but investors have been hard to win over to the strategy, Reuters reported. Unusually large price discounts for crude, due to clogged pipelines, and faltering prices have made growth hard to realize. Some producers have reduced output and lower cash flow has left consolidation using stock as the main option. The Canadian oil patch has made 29 deals so far in the second half, worth US$9.5 billion, the busiest half-year period since the first half of 2017. Further deals may have to rely on shares and private equity, said Andy Mah, CEO of Advantage Oil & Gas Ltd.

Jim Pattison to sell U.S. magazine business to Chatham affiliate

Jim Pattison Group Inc (JPG) has agreed to sell the U.S. magazine distribution assets of TNG Inc to American News Co LLC (ANC), an affiliate of U.S. hedge fund Chatham Asset Management. No financial terms were released for the sale, which includes TNG's interest in The News Group LP. It is expected to close next month. TNG's Canadian assets will continue to be held by JPG, a Vancouver-based conglomerate owned and led by Canadian billionaire Jim Pattison. The deal will result in the launch of ANC as a magazine wholesaler in the United States for publishers and retailers.

Crown Capital puts $15 mln loan to work in VIQ Solutions

Crown Capital Partners has provided a $15 million loan to VIQ Solutions Inc (TSX-V: VQS), a Toronto-based technology company focused on digital media capture, workflow management and artificial intelligence tools. Founded in 2004 and led by President and CEO Sebastien Paré, VIQ has a customer base of more than 800 public and private agencies and users in over 25 countries. Crown, a Canadian specialty finance firm, said the loan's proceeds will help the company leverage its transcription services platform and undertake acquisitions. This week, VIQ acquired Net Transcripts Inc, a U.S. provider of documentation services to law enforcement and criminal justice organizations.

Intu shares nose-dive after Whittaker group drops bid: Reuters

A consortium led by the biggest investor in Intu Properties has scrapped a 2.9 billion-pound bid for the shopping centre owner, Reuters reported. Peel Group, which is the investment vehicle of Intu’s deputy chairman and major investor John Whittaker, Canada's Brookfield Asset Management and Saudi Arabia’s Olayan Group said that macroeconomic uncertainty and potential market volatility meant they could not submit an offer for the London-listed business within the timetable set by Britain’s Takeover Code. This is the second time in less than a year a takeover for Intu has collapsed, sending its shares to a record low.

CPPIB to invest $500 mln in recap of Berlin Packaging

U.S. private equity firm Oak Hill Capital Partners and Canada Pension Plan Investment Board (CPPIB) have agreed to recapitalize Berlin Packaging LLC, a Chicago-based supplier of packaging products and services. CPPIB will invest US$500 million in the company. The management team, including Chairman and CEO Andrew Berlin, will also invest. Additional terms weren't disclosed. The deal, which will back Berlin Packaging's growth via acquisitions and other strategic initiatives, is expected to close this year. Founded in 1898, Berlin Packaging provides customers in multiple sectors with a range of plastic, glass, metal containers, closures and dispensing systems.

Alignvest SPAC to acquire Sagicor Financial for $536 mln

Alignvest Acquisition II Corp (AQY), a Canadian special purpose acquisition corporation (SPAC), has agreed to combine with Sagicor Financial Corp Ltd, a St. Michael, Barbados-based financial services provider. Alignvest will acquire Sagicor's shares for US$1.75 each through a combination of cash and shares. The deal is valued at US$536 million and expected to close early next year. Founded in 1840, Sagicor provides insurance products and other financial services primarily in the Caribbean region. AQY raised $515 million in 2017 from its initial public offering and other sources. It is managed by Alignvest Management Corp, a Toronto-based alternative investment management firm.

Altas Partners wraps up minority investment in insurer Hub

Canadian long-term private equity firm Altas Partners has completed its minority investment in Hub International Ltd, a Chicago-based insurance brokerage. The deal, announced last month, implies an enterprise value for Hub of more than US$10 billion. Altas joins U.S. private equity firm Hellman & Friedman (H&F), the company's largest shareholder. H&F acquired Hub in 2013 for about US$4.4 billion. Hub was established in 1998 with the merger of 11 Canadian insurance brokerages.

Claridge, Desjardins, IQ invest in Solotech's buy of Britain's SSE

Groupe Solotech Inc, a Montréal-based audiovisual and entertainment technology company, has acquired SSE Audio Group, a Redditch, U.K.-based provider of audio services. No financial terms were disclosed for the deal, which was backed by Solotech's existing investors Claridge, the family office of Stephen Bronfman, Desjardins Capital and Investissement Québec (IQ). President and CEO Martin Tremblay said the transaction, the most important in Solotech's history, will enable the company's growth in Europe and consolidate its global market position. Founded in 1977, Solotech supplies turnkey solutions for audio, video, lighting, rigging, soft goods, and control and collaboration systems.

Clairvest Group invests in growth of HVAC contractor Right Time

Canadian mid-market private equity firm Clairvest Group has invested in Right Time Heating and Air Conditioning Canada Inc, a St. Catharines, Ontario-based heating, ventilation and air-conditioning (HVAC) contractor. Terms weren't released. The deal will see Clairvest partner with Right Time's co-founders, who will continue to own 50 percent of the business. Right Time operates out of seven Ontario and Manitoba locations to provide maintenance programs, repairs and replacements to household HVAC units. Clairvest Managing Director Mitch Green said his firm will support the company's growth objectives, which include building out corporate infrastructure, expanding marketing and acquisitions.