Private Equity
Canadian mid-market private equity firm Ironbridge Equity Partners has sold Frischkorn Audio-Visual Corp (FMAV), a Mississauga, Ontario-based audiovisual and live event production company, to PSAV. No financial terms were released. Ironbridge invested in FMAV in 2013 and supported its national growth through three acquisitions, new sales capabilities, and improved internal systems. In a statement, PSAV, a Schiller Park, Illinois-based event experiences specialist, said FMAV CEO Bill Brown and his team will continue to operate the business under its existing name. PSAV was acquired in August by U.S. private equity firm Blackstone Group.
3 min read · 05 November 2018
OMERS Private Equity (OPE) has agreed to sell MatrixCare Holdings Inc, a Minneapolis, Minnesota-based provider of long-term post-acute care software, to ResMed Operations Inc. The deal, expected to close in Q4 2018, reflects a purchase price of US$750 million. OPE bought MatrixCare in 2010 as part of its acquisition of Logibec Inc, a Montréal-based healthcare information technology company. Logibec's Canadian operations were sold in 2015 to GI Partners. During its period of ownership, OPE backed MatrixCare's growth through acquisitions and new products. MatrixCare's technology is used in more than 13,000 facility-based care settings and 2,500 home care, home health and hospice organizations.
3 min read · 05 November 2018
Hub International Ltd has acquired Proteus Performance Management Inc, a Toronto-based provider of pension plan governance and investment consulting. No financial terms were disclosed for the deal, which will see Proteus' senior executives, including President Peter Henry, join Hub Ontario. Last month, Canadian long-term private equity firm Altas Partners agreed to acquire a minority stake in Hub, a Chicago-based insurance brokerage. Hellman & Friedman, which acquired Hub in 2013 for about US$4.4 billion, will remain the company’s largest investor.
3 min read · 05 November 2018
Investment in Canada's buyout and private equity (PE) market continued at a strong pace in the first nine months of 2018, according to final data released by Refinitiv. PE deployments hit $24 billion at the end of September, down 7 percent from a year ago, but still marking the second most active first nine months in dollar terms on record. Transaction volumes in this period were more significantly reduced, with 255 PE deals done, the lowest number in five years. Overall, Canadian PE market activity declined in Q3 2018, with 76 deals securing $5.6 billion. At the end of September, the oil and gas sector captured the largest share of values, or 28 percent.
3 min read · 02 November 2018
U.S. private equity firm Riverside Co has acquired SureWerx, a Vancouver-based supplier of professional tools, equipment and safety products for workers across North America. No financial terms were disclosed. The seller was Penfund, a Canadian junior capital provider. In 2012, Penfund acquired JET Equipment & Tools Ltd and its affiliates from Diamond Investment Group and merged them to form SureWerx. During Penfund’s ownership period, SureWerx closed four add-on deals and increased its presence in Canadian and U.S. safety markets. In a statement, Riverside said it will partner with existing management, led by CEO Chris Baby, to further expand the company's product platform.
3 min read · 02 November 2018
Specialist mining investors have found a “buyer’s market” for projects as the mining sector struggles to compete for funding with new industries, Reuters reported, citing industry executives at a conference this week. Smaller mines and developers who previously found capital through retail investors in public markets are increasingly turning to specialist investors such as private equity or companies that seek returns in mining royalties, the executives said. Mines need to replenish their supplies and expand while developers are desperate for funding to better quantify what they have found underground.
2 min read · 02 November 2018
Canada Goose Holdings Inc (TSX, NYSE: GOOS) has acquired Baffin Inc, a Stoney Creek, Ontario-based designer and maker of performance outdoor and industrial footwear. The purchase price was $32.5 million, which is being funded in cash and a $1.5 million issue of subordinate voting shares. Established in 1997 by President Paul Hubner, Baffin will continue to operate on a stand-alone basis. Canada Goose, a Toronto-based luxury outdoor apparel business, said the acquisition will allow it to expand into footwear. Canada Goose raised $390 million from its initial public offering last year. It continues to be a portfolio company of U.S. private equity firm Bain Capital.
3 min read · 01 November 2018
Avison Young has acquired Veritas Management Services Inc, an Edmonton-based commercial real estate management company. Terms weren't disclosed. Founded in 2009 by President Tarek Merhej, Veritas specializes in property management, acquisition due diligence and consulting. Avison, a Toronto-based commercial real estate services provider, said the acquisition expands its property management business-line coverage in Alberta. Earlier this year, Avison secured a $250 million preferred investment from Caisse de dépôt et placement du Québec. The deal facilitated the exit of Canadian private equity firm Parallel49 Equity.
6 min read · 01 November 2018
Northleaf Capital Partners has provided undisclosed financing to an affiliate of Kidd & Co LLC (KCO), an Old Greenwich, Connecticut-based family office private equity firm. The funds raised will be used to refinance KCO’s existing credit facilities, support portfolio growth, and make new platform investments. KCO, which currently backs five U.S.-based mid-market companies, invests on behalf of the Kidd family. It is led by Founding Partner William Kidd. Based in Toronto, Northleaf is a private equity, infrastructure and private credit investment firm.
4 min read · 01 November 2018
Canadian private equity firm Lynx Equity has acquired Integrity Signs Inc, a Calgary-based signage business. No financial terms were disclosed. Established in 1980 as a vinyl sign shop, Integrity Signs has since expanded into a full-service sign manufacturing and installation facility. The company will join Lynx's other signage-based portfolio investments, all of them located in Ontario. Earlier this year, Lynx acquired Safe-Tech Training Inc, a Bolton, Ontario-based industrial safety specialist.
1 min read · 01 November 2018
