Private Equity
Canada Pension Plan Investment Board (CPPIB) has agreed to invest US$285 million in a new vehicle that will purchase equity in the collateralized loan obligations (CLOs) of Sound Point Capital Management. The purchases will be made over the next several years by CPPIB Credit Investments. CPPIB said the partnership with Sound Point, a U.S. credit-focused asset manager, will be the first of several involving CLO specialists. John Graham, CPPIB global head of credit investments, said CLO equity enables his group to broaden and diversify its portfolio and provides a "compelling source of risk-adjusted returns" to the pension fund.
4 min read · 24 September 2018
Array Canada Inc has agreed to acquire Willson & Brown, a Warsaw, Poland-based designer, creator, installer and supporter of point-of-sale programs in the cosmetics, beverage, consumer goods and consumer electronics sectors. No financial terms were released for the deal, which is expected to close on October 15. Array, a Toronto-based provider of in-store merchandising services, said the acquisition will bring in new customers and resources and enhance its capacity across Europe and the Middle East. Array was acquired in December 2015 by U.S. private equity firm Carlyle Group from Canadian private equity firm TorQuest Partners.
3 min read · 24 September 2018
Athletica Sport Systems Inc has acquired Cascadia Sport Systems Inc, a Port Moody, British Columbia-based provider of gymnasium and arena products for sport and multi-use entertainment facilities worldwide. Terms weren't released for the deal, which will see Cascadia continue to operate separately. Athletica, a Waterloo, Ontario-based designer and maker of dasher board systems for hockey arenas and multi-sport facilities, said the acquisition will expand its geographic footprint, with new offices in Vancouver and Beijing, and its offering. Athletica was acquired earlier this year by Canadian private equity firm Fulcrum Capital Partners.
3 min read · 24 September 2018
U.S. private equity firm Hidden Harbor Capital Partners has acquired Anchor Danly Fabrications and AWC Manufacturing, a Windsor, Ontario-based maker and distributor of industrial tooling and related components and provider of metal fabrication services. Terms weren't released for the deal, which closed last week. Anchor Danly and AWC, which have production locations in Canada and the United States, serve tool and mould companies and other industrial original equipment manufacturers. The business is led by President Mike Hayton. Hidden Harbor Founding Partner Chris Paldino said his firm will help Anchor Danly and AWC scale their operations.
3 min read · 24 September 2018
Canadian food retailer Empire Co Ltd has agreed to acquire privately held grocer Farm Boy Inc for an enterprise value of $800 million to increase its presence in Ontario, Reuters reported. Ottawa-based Farm Boy, which specializes in “farm-to-table” wholesale, will be acquired from Berkshire Partners, following which it will be set up as a separate company within Empire’s structure. “It will be a growth vehicle in urban and suburban markets,” Empire CEO Michael Medline said, adding that he expected Ebitda to double in five years. Berkshire, a Boston private equity firm, invested in Farm Boy in 2012.
1 min read · 24 September 2018
Distressed investor Marble Ridge Capital LP said in a letter to Neiman Marcus Group Ltd LLC that the U.S. luxury department store company may be in default on its debt after it moved its Mytheresa business into an entity belonging to the retailer’s private equity owners, Reuters reported. Buyout firm Ares Management LP and Canada Pension Plan Investment Board (CPPIB) acquired Neiman Marcus for US$6 billion in 2013, saddling the retailer with about US$4.7 billion in debt. Neiman Marcus said this week it moved the Mytheresa online business to an entity owned by Ares and CPPIB.
2 min read · 21 September 2018
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has acquired a majority stake in Walter Surface Technologies, a Pointe-Claire, Québec-based provider of solutions for the metal working industry. Terms weren't disclosed. The seller is Canadian family office Walter Group of Cos, which will retain a minority interest. Walter was established in 1952. It provides abrasives, power tools, tooling, chemical solutions and environmental solutions to a range of end markets and has a presence in seven countries in North America, South America and Europe. Marc-André Aubé, Walter's newly-appointed CEO, said ONCAP will support Walter's growth organically and through add-on acquisitions.
4 min read · 21 September 2018
Canada House Wellness Group Inc, a Toronto-based medical cannabis company, has secured a draw-down equity facility of up to $25 million. The investor is Alumina Partners, a U.S. private equity firm. Established in 2016, Canada House provides patient-specific cannabinoid therapy products and services through its clinics and licensed producer. The company will use the facility's proceeds for its expansion strategy, which includes adding new patients, completing and expanding an indoor grow facility, and other production priorities.
3 min read · 20 September 2018
Ivanhoé Cambridge has acquired Callahan Capital Properties, a Chicago-based real estate private equity firm. No financial terms were released. Founded in 2006, Callahan focused on acquiring and managing office properties in major U.S. cities. Ivanhoé has partnered with the firm since 2012, helping to expand office property assets to more than US$10 billion. Ivanhoé, the real estate investment arm of Caisse de dépôt et placement du Québec, said bringing on Callahan's team of professionals will support next steps in its U.S. office strategy.
2 min read · 20 September 2018
Ovivo Inc has acquired FilterBoxx Water & Environmental Corp, a Calgary-based designer and supplier of modular water and wastewater solutions for industrial customers. Terms weren't disclosed. Ovivo, a Montréal-based provider of water and wastewater treatment equipment, technology and systems, said the deal will help it grow its industrial footprint in North America. Led by President and CEO Kevin Slough, who co-founded the company in 2001, FilterBoxx was backed by EnerTech Capital, XPV Water Partners and other investors. Ovivo was acquired in 2016 by German family office SKion GmbH and Caisse de dépôt et placement du Québec for $185 million.
3 min read · 20 September 2018
