Private Equity
Halifax-based energy utility Emera Inc (TSX: EMA) has agreed to sell its three natural gas-fired generation facilities in New England to U.S. private equity firm Carlyle Group for $780 million. The deal is expected to close in the first quarter of 2019. The facilities, known as Bridgeport Energy, Tiverton Power and Rumford Power, together have a capacity to generate about 1,100 megawatts. Emera said the proceeds will be used to reduce debt and support capital investment opportunities. Cogentrix, Carlyle’s power generation platform, will assume asset management, operations, and maintenance and energy management responsibilities for the portfolio.
4 min read · 26 November 2018
U.S. private equity firm Atar Capital has acquired Microcel Corp, a Newmarket, Ontario-based distributor of consumer electronics products in North America. No financial terms were released for the deal, which closed on November 19. Atar partnered with Rick Henry, who founded Microcel in 1989. Henry will remain a shareholder as well as the company's president and CEO. Microcel offers exclusive distribution arrangements with global technology brands and distributes to a network of more than 5,000 consumer electronics stores, big-box retailers and specialty retailers. The investment, which will support Microcel's growth, marks Atar's first platform deal in Canada.
3 min read · 26 November 2018
Ontario Teachers’ Pension Plan has invested in Fleet Complete, a Toronto-based provider of connected vehicle technology. Terms weren't disclosed. Ontario Teachers' is acquiring equity from existing shareholders, including U.S. private equity firm Madison Dearborn Partners (MDP), which acquired Fleet Complete in 2014. MDP will retain an investment stake. Founded in 2000 by CEO Tony Lourakis, Fleet Complete provides connected solutions to fleets, assets and mobile workforce-based businesses. It services 500,000 subscribers and more than 30,000 companies in North America, Europe and Australia. Jane Rowe, senior managing director, private capital, at Ontario Teachers', said the deal will help "further accelerate Fleet Complete’s global growth ambitions."
4 min read · 26 November 2018
Foodtastic Inc has acquired Enoteca Monza Pizzeria Restaurants, a full-service Italian restaurant brand operating in the Montréal area. No financial terms were disclosed. Foodtastic, a Montréal-based franchisor of restaurant concepts, said the deal is in line with a strategy of acquiring brands with growth potential that complement its existing portfolio. Monza is Foodtastic's first acquisition since it secured a $47 million investment from Restaurant Royalty Partners, a joint venture of Oaktree Capital Management and JHR Capital. The investment, announced earlier this week, will back the company's organic and acquisition-led growth.
2 min read · 23 November 2018
Englobe Corp earlier this month acquired McIntosh Lalani Engineering Ltd, a Calgary-based consulting engineering business specializing in geotechnical engineering and materials testing services. No financial terms were disclosed. Englobe, a Québec City-based soil, materials and environmental engineering company, said the acquisition will help consolidate its presence in Western Canada. McIntosh Lalani, established in 1997, will continue to operate under its existing name. Englobe is backed by ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp. ONCAP invested in 2006 and later partnered in Englobe’s acquisitions and go-private deal in 2011.
3 min read · 22 November 2018
In an earlier PE Hub Canada feature article, Larry Kaumeyer, a CEO who grows and oversees businesses for a private equity firm, discussed the interaction between a general partner and the senior leadership of a company in the pre-acquisition period. In a second article, Kaumeyer focuses on what typically happens after a PE firm has made an investment and what he has learned as a chief executive in navigating change from a day-to-day perspective. He discusses issues in three post-acquisition areas that the CEO and senior leadership team must immediately address.
5 min read · 22 November 2018
British shopping centre owner Intu Properties has again extended the deadline for a consortium led by Deputy Chairman John Whittaker to make a formal offer for the company, Reuters reported. The owner of Manchester’s Trafford Centre said that Whittaker’s Peel Group and its Saudi Arabian and Canadian partners now have until November 30 to make a firm offer or walk away from Intu. The consortium, which includes Brookfield Asset Management and Saudi Arabia’s Olayan Group, made a preliminary offer in October.
1 min read · 22 November 2018
Québecor Inc (TSX: QBR.A-B) has acquired a minority interest in ComediHa!, a Québec City-based creator of comedy content distributed across a range of broadcast platforms. No financial terms were disclosed. Québecor, a Montréal-based telecommunications and media company, joins Fonds de solidarité FTQ, which has been a minority shareholder since 2012. Founded in 1997 by President and CEO Sylvain Parent-Bédard, ComediHa! has produced more than 3,000 live shows, including ComediHa! Fest-Québec, and over 500 television shows. The partnership with Québecor will help fuel the company's growth in Québec and internationally.
4 min read · 22 November 2018
Cannex Capital Holdings Inc, a Vancouver-based cannabis business, has secured about $42.5 million (US$32 million) in convertible notes financing. The investor was Gotham Green Partners, a U.S. cannabis private equity firm. The deal's proceeds will be used by Cannex primarily to support its strategy of acquiring and developing assets in legal medical and recreational cannabis markets in the United States. The company's foundational asset is Northwest Cannabis Solutions, an Olympia, Washington-based recreational cannabis producer. .
4 min read · 22 November 2018
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has completed its sale of Tecta America Corp, a Rosemont, Illinois-based provider of commercial roofing services in the United States. No financial terms were disclosed for the deal, which was announced last month. The buyer was Altas Partners, a Canadian long-term private equity firm. ONCAP acquired a majority interest in Tecta two years ago from U.S. private equity firm Oaktree Capital Management. The deal, valued at US$280 million, saw ONCAP invest US$124 million.
2 min read · 21 November 2018
