Private Equity
Brookfield Infrastructure has closed its acquisition of Enercare Inc (TSX: ECI), a Markham, Ontario-based home and commercial services and energy solutions company. The deal, announced in August, reflected a purchase price of $4.3 billion. As a result, Enercare's common shares will be delisted from the Toronto Stock Exchange. Founded in 2002, Enercare provides water heaters, furnaces, air conditioners and other HVAC rental products, plumbing services, electrical services, protection plans and related services. It serves about 1.6 million Canadian and U.S. customers annually.
4 min read · 16 October 2018
U.S. energy private equity firm Rice Investment Group (RIG) has invested in Cold Bore Technology Inc, a Calgary-based provider of fracturing optimization software. Terms weren't released for the deal, which saw RIG Partner Toby Rice join the board. Founded in 2013, Cold Bore has developed an electronic completions recorder and remote frac operating system that helps oil and gas companies realize savings in costs and project time. The company is led by Blair Layton, Brett Chell and Nicolai Pacurari. Cold Bore will use the funds raised for enhancing its data analytics platform, marketing initiatives, and expansion plans in Canada and the United States.
4 min read · 16 October 2018
Patron Technology, a Pittsburgh, Pennsylvania-based live event technology company, has acquired Marcato, a Sydney, Nova Scotia-based provider of event logistics software. No financial terms were disclosed. Founded in 2008 by CEO Darren Gallop and CTO Morgan Currie, Marcato partners with more than 300 festivals and live events worldwide. Its investors included Canadian venture capital firm Innovacorp. Patron said the acquisition adds event logistics and operations to its product offering. Patron is a portfolio investment of U.S. private equity firm Providence Equity Partners. Providence acquired a majority stake in the company last year.
3 min read · 15 October 2018
Investa Office Fund (IOF) has given U.S. private equity firm Blackstone Group four days to match a rival offer by Canada’s Oxford Properties Group as the bidding war for the Australian office owner comes to a head, Reuters reported. IOF said in a statement that its board has assessed Oxford’s binding proposal and determined it to be superior to the Blackstone offer. Oxford, the real estate investment arm of the Ontario Municipal Employees Retirement System (OMERS), upped its offer last month to A$5.60 a share, which was A$0.10 higher than Blackstone’s latest bid and valued IOF at A$3.35 billion (US$2.38 billion).
1 min read · 15 October 2018
U.S. hedge fund Paulson & Co has rejected proposals from Canadian miner Detour Gold Corp which would have removed its interim CEO in aid of settling a proxy dispute over the company’s future, Reuters reported. The settlement Detour said it had proposed to Paulson on October 9 would have resulted in almost half of its board being refreshed in six weeks, with interim CEO Michael Kenyon stepping down before the next AGM. Paulson, which has called for the company to explore strategic alternatives including a sale, in July called for a special shareholders meeting and nominated eight new directors.
2 min read · 15 October 2018
Investment Management Corp of Ontario (IMCO) has invested in Bioenergy Infrastructure Group (BIG), a British developer and operator of biomass and waste-to-energy plants. Terms weren't disclosed. IMCO acquired its stake by co-investing with U.K. infrastructure investment firm Infracapital. BIG was established in 2015 by Infracapital, Aurium Capital Markets, Helios Energy Investments and Foresight Group. This week, the company raised an additional £150 million ($258 million) in financing from Infracapital, Aurium and Helios. Launched in 2017, Toronto-based IMCO oversees $60 billion in assets on behalf of Ontario public-sector institutional investors.
3 min read · 12 October 2018
Terrapure Environmental Ltd, a Toronto-based provider of industrial waste management, environmental and recycling services, is exploring an initial public offering in Canada, according to a report by Bloomberg. The company is working with banks on the potential IPO, which could raise about $300 million, the report said. Terrapure is backed by Canadian private equity firm Birch Hill Equity Partners. Birch Hill launched the company following the 2015 acquisition of Newalta Corp's industrial division for $300 million. In June, Terrapure acquired the Canadian industrial services and waste management operations of Envirosystems Inc, a portfolio company of TorQuest Partners.
1 min read · 12 October 2018
Williams Lea Tag (WLT) has acquired THP, a Toronto-based provider of digital content and social media services for brand managers and marketers. No financial terms were disclosed. Founded in 2009 by CEO Amanda Riva, THP serves more than 680 food, beverage and consumer goods brands across North America and Europe. U.K.-based WLT is a marketing and communications services provider. The acquisition is the company's second since it was acquired last year by U.S. private equity firm Advent International.
2 min read · 11 October 2018
Québec City-based natural stone quarrier Polycor Inc has merged with Indiana Limestone Co (ILCO), a limestone quarrier and building products supplier based in Bloomington, Indiana. Terms weren't disclosed for the deal, which follows Polycor's July acquisition of four French limestone quarries. The seller was U.S. private equity firm Wynnchurch Capital, which acquired ILCO's assets out of bankruptcy in 2014. Polycor President and CEO Patrick Perus said ILCO joining his company marks "another milestone in Polycor's journey to become the global leader in the natural stone industry." Polycor is a portfolio company of Canadian private equity firm TorQuest Partners. TorQuest acquired majority control in 2016.
4 min read · 11 October 2018
Paper Excellence Canada has agreed to acquire Catalyst Paper Corp, a Richmond, British Columbia-based pulp and paper company. Terms weren't released. The acquisition includes Catalyst's three facilities in Crofton, Port Alberni and Powell River and its Surrey distribution centre. In a separate release, Catalyst said shareholders owning about 87 percent of its outstanding shares will vote in favour of the deal, which is expected to close no later than Q1 2019. Catalyst was taken private last year by Oaktree Capital Management, Cyrus Capital Partners and Mudrick Capital Management. Also based in Richmond, Paper Excellence oversees a group of pulp and paper companies.
2 min read · 11 October 2018
