Private Equity
Public Sector Pension Investment Board (PSP Investments) has sold minority stakes in Forth Ports Ltd, a British ports group. U.K.-based GLIL Infrastructure and Australia's First State Super and Construction and Building Unions Superannuation bought the interests. No financial terms were released. Earlier this month, PSP agreed to acquire the interest of Arcus Infrastructure Partners in Forth Ports, which owns and operates eight commercial ports in the United Kingdom.
4 min read · 11 October 2018
Celestica Inc (TSX, NYSE: CLS) has agreed to acquire Impakt Holdings LLC, a Santa Clara, California-based provider of design, engineering and manufacturing solutions for the display, semiconductor and solar industries. The purchase price is about $427 million (US$329 million). Celestica, a Toronto-based electronics manufacturing services provider, said the acquisition will give it new capabilities in large-format, complex, high-mix manufacturing solutions for multiple industries. It will also increase Celestica’s presence in U.S. and Korean markets. Celestica is a portfolio company of Canadian private equity firm Onex Corp, while Impakt is backed by U.S. private equity firm Graycliff Partners.
5 min read · 10 October 2018
Northleaf Capital Partners has made an undisclosed investment in Lifemark Health Group, a Toronto-based provider of physiotherapy, medical assessments and home care services. The deal will support Lifemark’s acquisition-led growth strategy and help build the company as a "national leader in the Canadian physiotherapy market," Northleaf Managing Director Matt Shafer said. Lifemark is a portfolio company of Audax Private Equity, the mid-market investment arm of U.S.-based Audax Group. Audax acquired the business two years ago from Centric Health Corp for $250 million.
3 min read · 10 October 2018
Sagard Credit Partners has secured more than $706 million (US$545 million) in committed capital for its debut debt fund, according to a news release. SCP, part of Sagard Holdings, an affiliate of Canada’s Power Corp, exceeded its original target size of about $648 million (US$500 million) with the help of several institutional investors. SCP said the fund’s hard cap is about $778 million (US$600 million). It is expected to remain open for additional commitments until the end of 2018. SCP, led by Managing Partner and CIO Adam Vigna, formerly Canada Pension Plan Investment Board's head of global principal credit investments, lends directly to mid-market companies, both private and public, in Canada and the United States.
2 min read · 10 October 2018
GFL Environmental Inc, a Toronto-based environmental services provider, has agreed to acquire Waste Industries, a Raleigh, North Carolina-based solid waste management company. The deal, expected to close in Q4 2018, values Waste Industries at about $3.65 billion. Waste Industries will be merged with GFL’s solid waste operations. The combined business, which will be led by GFL President and CEO Patrick Dovigi, will be the largest privately owned environmental services provider in North America, the companies said. Earlier in 2018, GFL was recapitalized by a consortium led by BC Partners and Ontario Teachers’ Pension Plan, valuing it at $5.13 billion.
7 min read · 10 October 2018
Ivanhoé Cambridge has partnered with Round Hill Capital in the acquisition of 362 residential units in Berlin, Germany for about €75 million ($112 million). The deal is the first of several residential asset and portfolio acquisitions planned jointly by Ivanhoé and Round Hill. The partners will initially focus on Berlin's metropolitan area. Ivanhoé is the real estate investment arm of Caisse de dépôt et placement du Québec. Based in London, Round Hill is a European real estate investment, development and asset management firm.
4 min read · 09 October 2018
Fengate Real Asset Investments has hired Krudo de Jesus as a vice president in the firm's infrastructure division. De Jesus, who served with Fengate in 2013 as an analyst, rejoined the firm from EllisDon Capital, where for more than three years he was an associate director on the infrastructure team. Based in Toronto, Fengate specializes in real asset investing, with a focus on infrastructure, private equity and real estate.
2 min read · 09 October 2018
Blackstone Group LP, Carlyle Group LP, Onex Corp and Canada Pension Plan Investment Board have joined forces in a bid to acquire U.S. aluminum products maker Arconic Inc, sources told Reuters. Based in Pittsburgh, Pennsylvania, Arconic’s products, which are made of aluminum, titanium or nickel, are used around the world by aerospace, automotive, commercial transportation and packaging manufacturers. The company, which has a market capitalization of US$10.6 billion and total debt of US$6.3 billion, will decide whether to agree to a sale later this month, the sources said.
3 min read · 09 October 2018
Caisse de dépôt et placement du Québec and Generation Investment Management LLP have agreed to buy a majority stake in U.K.-based fintech firm FNZ in a deal valuing the company at 1.6 billion pounds (US$2.09 billion), Reuters reported. The Caisse and Generation partnership will buy out two-thirds of FNZ owned by U.S. private equity firms General Atlantic and HIG Capital. The FNZ deal is the first of a US$3 billion investment that the Caisse, Canada’s second-largest pension fund, and Generation Investment, co-founded by former U.S. vice president Al Gore, plan to make over the next 8 to 15 years.
1 min read · 09 October 2018
Waterton Global Resource Management has issued a letter to the board of Hudbay Minerals Inc (TSX, NYSE: HBM), calling for an end to discussions or plans to acquire Mantos Copper SA. Bloomberg reported this week that Hudbay, a Toronto-based mining company, is in talks to buy Chile's Mantos for as much as $1 billion. Waterton, a Canadian mining private equity firm, holds about 4.8 percent of Hudbay's issued and outstanding shares. In the letter, the firm said Hudbay should not be engaging in any "material acquisitions" at this time due to its "current underperformance and discounted valuation."
10 min read · 05 October 2018
