Private Equity
Sporting Life Inc, a Toronto-based sports and lifestyle retailer, has merged with Golf Town Ltd, a Vaughan, Ontario-based golf apparel and equipment retailer, creating Sporting Life Group Ltd. Terms weren't disclosed for the deal, which will see Sporting Life and Golf Town maintain their brands and operate separately, but jointly invest in staffing, supply chains and technology. Fairfax Financial Holdings and a unit of CI Investments acquired Golf Town in 2016. The company had begun creditor protection proceedings. Fairfax, a holding company led by Canadian billionaire Prem Watsa, was also an owner of Sporting Life. It will remain an investor in the new entity.
4 min read · 24 October 2018
Canadian family office Tricor Pacific Capital has launched a new strategy to make control investments in mid-market companies in light manufacturing, business and consumer services, and specialty retail. Tricor will focus on investing in businesses with EBITDA of $2 million to $6 million in the Western regions of Canada and the United States. Deals will typically involve successions, management buyouts or recapitalizations. Principals Mark Townsend, formerly of Founders Group of Food Companies, and Chuck Cosman, formerly of Lululemon Athletica, will lead the strategy. Vancouver's Tricor invests on behalf of the family and partners of Rod Senft, a veteran Canadian private equity professional.
3 min read · 24 October 2018
Mill Street & Co has acquired the remaining shares of The Fastway Group, a North York, Ontario-based supplier of building and construction products to the construction, trades and industrial markets. No financial terms were released. Mill Street, a Canadian private investment firm, first bought into Fastway in 2016. Tom Siklos has assumed the role of president and CEO of Fastway. The company's founder, Geoff Reed, will take on the role of vice president, development, at Mill Street. Earlier this year, Crown Capital Partners provided a 10-year loan of $10 million to Mill Street.
2 min read · 24 October 2018
Verano Holdings LLC, a Chicago-based operator of cannabis cultivation, manufacturing and retail facilities, has launched with US$120 million of financing. Serruya Private Equity (SPE) joined the deal and is supporting Verano's acquisition of 3 Boys Farms LLC, a U.S. medical cannabis cultivator, processor and dispenser. Verano is buying 3 Boys Farms from Scythian Biosciences Corp via a share exchange valued at US$100 million. Scythian, a Toronto-based cannabis company, also agreed to commit US$88 million to the financing. SPE invests on behalf of Canada’s Serruya family.
8 min read · 24 October 2018
Ontario Teachers' Pension Plan has promoted Danilo Simonelli to managing director, alternative investments. Simonelli will be responsible for managing the pension system's allocation to global hedge funds across multiple strategies. Before joining Ontario Teachers' in 2005, Simonelli worked in the debt capital markets origination group at JPMorgan. Ontario Teachers' also promoted Gillian Brown to senior managing director, capital markets, and Saurabh Rastogi to managing director, liquidity and counterparty credit risk management.
3 min read · 23 October 2018
Cardone Industries, a Philadelphia-based supplier of re-manufactured and new automotive parts, has recapitalized its credit facilities with Citizens Bank and Brookfield Principal Credit. Terms weren't disclosed. Cardone said the deal will help it expand capabilities, bolster its geographic footprint, and further strengthen its balance sheet. Brookfield Principal Credit is the private credit business of Canadian alternative assets manager Brookfield Asset Management.
3 min read · 23 October 2018
Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ have invested $112 million in Ocean Group, a Québec City-based maritime services provider. The investment, equally shared by the Caisse and the Fonds, will give them a minority stake in the company. Established in 1972 by Chairman Gordon Bain, Ocean engages in shipbuilding and repair, harbour towing and transportation, and rental of marine equipment and dredging. It operates primarily in Canada and the Caribbean region. Led by President and COO Jacques Tanguay, Ocean will use the deal's proceeds to expand its Canadian activities, grow globally, and acquire new equipment.
3 min read · 23 October 2018
U.S. energy private equity firm SCF Partners has hired Chad Robinson as a managing director. Robinson will lead the Houston-based investor's Canadian office in Calgary. Robinson joins SCF from Canadian energy private equity firm Resource Merchant Capital (RMC), which he helped found in 2013 and lead as a managing director. Previously, he was an owner and CFO of Pacesetter Directional Drilling, sold to Schlumberger in 2015, as well as a partner and vice president, corporate finance, at Stonebridge Merchant Capital.
3 min read · 23 October 2018
Toronto-based environmental services provider GFL Environmental Inc said it is planning to commence a private offering of US$400 million in senior notes. The offering's proceeds will be used to help finance GFL's proposed acquisition of Waste Industries, a U.S. solid waste management company. The previously announced deal, which values Waste Industries at about $3.65 billion, will also be funded by up to US$1.3 billion in senior secured loans and equity contributions. Earlier this year, GFL was recapitalized by a consortium led by BC Partners and Ontario Teachers’ Pension Plan.
3 min read · 23 October 2018
Australian private equity firm BGH Capital and its partners lobbed a second A$4.1 billion (US$2.9 billion) bid for hospital operator Healthscope Ltd, this time with a top shareholder’s support, Reuters reported. Healthscope rejected as too cheap an identically priced earlier offer from the BGH-led consortium, as well as a higher one from Canadian investment firm Brookfield Asset Management, in May. BGH, which is partnering with Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board and others, said its repeated offer had the backing of No. 2 shareholder Ellerston Capital. Healthscope is Australia’s second-largest private hospital operator.
2 min read · 23 October 2018
