Private Equity
U.S. business software company Infor has acquired Vivonet Inc, a Vancouver-based provider of cloud solutions to the hospitality industry. Terms weren't disclosed. Established in 2000, Vivonet offers solutions for point-of-sale, kiosks, kitchen systems, payments, employee scheduling, and food and labour cost management. Its products are deployed at more than 4,000 locations. Vivonet has been backed since 2012 by U.S. private equity firm Marlin Equity Partners. New York-based Infor, owned since 2002 by U.S. private equity firm Golden Gate Capital, said the acquisition extends its suite of hospitality solutions for companies in food service micro-verticals.
2 min read · 17 September 2018
The term loan financing backing U.S. private equity firm Blackstone Group’s purchase of a 55 percent stake in Refinitiv, Thomson Reuters’ Financial and Risk division, has been increased to US$9.25 billion from US$8 billion and the high-yield bonds have been reduced, Reuters reported. A strong response from the loan market, particularly from the United States, also allowed pricing to be cut, and relatively minor investor-friendly changes to be made to the documents. The successful conclusion of the jumbo new-money loan is expected to set a positive tone for the market until the end of the year, bankers said.
3 min read · 17 September 2018
Hammerhead Resources Inc, formerly known as Canadian International Oil Corp, has raised a preferred share equity commitment of up to $300 million led by U.S. energy private equity firm Riverstone Holdings, the company's largest shareholder. The deal will feature a rights offering to certain existing shareholders, allowing them to participate in the financing. Based in Calgary, Hammerhead is an oil and gas company operating in the liquids-rich, light oil plays of the Alberta Deep Basin. Led by President and CEO Scott Sobie, the company will use the funds raised to continue its organic growth strategy and further develop its resource base.
5 min read · 17 September 2018
Canadian alternative equity firm Alaris Royalty Corp has invested US$46 million in Body Contour Centers LLC (BCC), a Kirkland, Washington-based plastic surgery practice with more than 50 locations across the United States. Alaris also committed to invest an additional US$45 million in BCC, subject to the new portfolio company achieving certain financial targets. The proceeds will be used by BCC to fund growth and provide partial liquidity to existing shareholders. Alaris also invested US$7 million more in Accscient LLC, an Atlanta, Georgia-based provider of information technology staffing, consulting and outsourcing services. Alaris first invested in the business last year.
4 min read · 17 September 2018
Beleave Inc, a Toronto-based cultivator and seller of medical cannabis and producer of cannabis oils and extracts, has secured an investment of up to $20 million from U.S. private equity firm Alumina Partners. Under the deal's terms, Beleave will be able to draw down capital as needed in a series of private placements of a minimum of $2 million. The proceeds will be used by the company to take advantage of new opportunities in the regulated cannabis sector, increase operating flexibility, and strengthen its balance sheet. Beleave is led by CEO Andrew Wnek.
3 min read · 17 September 2018
Armand Agra Inc has bought MacDonald Meat Co LLC, a Seattle, Washington-based supplier of meat products to restaurants, hotels and food service customers in the U.S. Pacific Northwest and an exporter to the Pacific Rim. No financial terms were released. Armand Agra, a Reno, Nevada-based meat and seafood processor and distributor, was acquired last year by Founders Group of Food Companies, a Canadian family office. It forms part of Founders' specialty protein platform. Founders Managing Director Derek Senft, who led the MacDonald Meat deal, said it will help Armand Agra expand its business into the Pacific Northwest.
3 min read · 17 September 2018
Public-style private deals, or private company M&A deals that have risk allocation constructs that are similar to public company acquisitions, are increasingly being seen in Canada, especially in large and high profile private equity transactions, writes Shahir Guindi, national co-chair of Osler, Hoskin & Harcourt LLP. As a result, sellers have sometimes been able to insist on placing more risk on the buyer. In a PE Hub Canada feature article, Guindi says it’s important for PE firms and other buyers to understand the implications of this trend, and for sellers to understand the opportunity.
4 min read · 17 September 2018
Kinder Morgan Inc has hired investment bank TD Securities to facilitate a potential sale of its Canadian business, which could fetch as much as $2.4 billion, sources told Reuters. Should the move succeed, it would mark the exit of the U.S. pipeline giant from Canada, having closed its sale of the Trans Mountain pipeline to the Canadian government for about $4.5 billion at the end of last month. The bidding for the business is expected to come from midstream companies, private equity firms and infrastructure funds. Kinder Morgan would likely keep the assets if it does not get a good price as they generate solid cash flows.
3 min read · 14 September 2018
Caisse de dépôt et placement du Québec has agreed to acquire a 40 percent stake in CLP India Private Ltd, an Indian power generation affiliate of Hong Kong-based CLP Holdings Ltd. The Caisse agreed to pay 26.4 billion rupees ($476 million) in cash for the stake. CLP will hold the remaining interest. The deal will allow CLP India to expand its investments in low-carbon growth areas in India, CLP said. These areas include renewable energy as well as non-generation opportunities in transmission, distribution and other customer-focused businesses.
5 min read · 14 September 2018
Australian office owner Investa Office Fund has postponed a shareholder meeting regarding a takeover offer from U.S. private equity firm Blackstone Group after receiving a rival bid, Reuters reported. Investa said it would engage with Oxford Properties Group over a possible binding proposal after the Canadian landlord sweetened its bid for the company this week. Oxford, the real estate investment arm of the Ontario Municipal Employees Retirement System (OMERS), had offered A$5.60 for each share in Investa, A$0.10 higher than Blackstone’s offer and valuing Investa at A$3.35 billion.
1 min read · 14 September 2018
