Canada

Jaspreet Dehl tapped as Brookfield private equity's CFO

The private equity group of Brookfield Asset Management has appointed Jaspreet Dehl as chief financial officer. Dehl, who joined Toronto-based Brookfield in 2011 and most recently served as a managing director, private equity, replaces Craig Laurie. Laurie will take on a new role overseeing capital markets, finance and planning for the group. He will also oversee portfolio company operations as managing partner. Laurie has been with Brookfield since 1997. Spun out two years ago, Brookfield Business Partners is the private equity group’s listed vehicle.

H&F’s Hub International acquires two Ontario insurers

Hub International Ltd has acquired Clearwater Insurance Group Inc, a Toronto-based provider of insurance solutions to clients through customized programs and proactive health services. No financial terms were disclosed for the deal, which will see President Alexander Eaton join Hub Ontario. The deal follows Hub's acquisition last week of Access Insurance Brokers Inc, an Ottawa-based provider of personal and commercial insurance solutions. Hub, a Chicago-based full-service insurance company, was bought in 2013 by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion.

Massive cost cuts in focus as buyside mulls Refinitiv bond: Reuters

Millions in projected cost-savings at Refinitiv will be a key consideration for investors mulling the US$13.5 billion-equivalent loan and high-yield bond sale financing the buyout of the business, Reuters reported, citing a note from CreditSights. Blackstone Group agreed to buy a 55 percent stake in Thomson Reuters’ Financial & Risk division, which has been renamed Refinitiv, in January. CreditSights said one of the factors investors will consider is the US$650 million in run-rate cost savings expected to be made in the first couple of years, and how realistic that target is. Blackstone’s track record and its success in cutting costs at other companies it owns will be important.

ONCAP-backed Pinnacle to buy majority of U.S. wood pellet facility

Pinnacle Renewable Holdings Inc (TSX: PL) has agreed to acquire a 70 percent interest in an industrial wood pellet production facility located in Aliceville, Alabama from Westervelt Co. Terms weren't released for the deal, which is expected to close in October. Pinnacle, a Richmond, British Columbia-based industrial wood pellet maker and distributor, said the acquisition will increase its production capacity and establish a platform for future growth in the U.S. Southeast. Pinnacle, acquired in 2011 by ONCAP, the mid-market arm of Canadian private equity firm Onex Corp, went public this year, raising $172 million. It continues to be an ONCAP portfolio company.

Australia's Investa sets Sept 17 to decide on Blackstone bid: Reuters

Investa Office Fund has set September 17 as the date for its shareholders to vote on Blackstone Group’s sweetened A$3.3 billion (US$2.4 billion) bid, Reuters reported. Blackstone declared its A$5.52 per share offer as final. The U.S. private equity giant increased its offer for the Sydney-focused landlord last week in response to a rival bid from Oxford Properties Group, the real estate investment arm of the Ontario Municipal Employees Retirement System (OMERS). The face-off between the North American firms is indicative of a reach for yield by global investors amid strong Australian commercial rents, especially in Sydney, where capacity is tight.

AltaGas to sell midstream, power assets to Birch Hill, Avenue for $560 mln

Calgary-based utility AltaGas Ltd (TSX: ALA) has agreed to sell non-core midstream and power assets for about $560 million. AltaGas will sell domestic small-scale gas midstream and power assets, as well as its commercial and industrial customer portfolio in Canada, to Birch Hill Equity Partners, a Canadian private equity firm. The purchase price is about $165 million. The transaction includes 43.7 million shares held by AltaGas in Tidewater Midstream and Infrastructure Inc. It will also sell gas-fired power assets located in California's San Joaquin Valley to Middle River Power, a private equity affiliate of U.S. investment firm Avenue Capital Group. The purchase price is close to $400 million (US$300 million). Both deals are expected to close before the end of the year.

PE-backed Velvet Energy to acquire Iron Bridge for $142 mln

Velvet Energy Ltd has agreed to acquire the issued and outstanding common shares of Iron Bridge Resources Inc (TSX: IBR), a Calgary-based oil and gas company focused on a Montney Oil play in Western Canada, for about $142 million in cash, including net debt. Iron Bridge accepted the revised $0.845 per share offer from Velvet, which improves on a $0.75 per share proposal made earlier this year. Iron Bridge shareholders, directors and officers accounting for about 35 percent of the company's shares agreed to support the deal. Velvet, a Calgary-based oil and gas explorer and producer, is backed by Warburg Pincus, Trilantic Capital Partners, 1901 Partners Management and Canada Pension Plan Investment Board.

Bedrock to reduce Stelco stake in $208 mln secondary deal

Canadian steelmaker Stelco Inc (TSX: STLC) said a syndicate of underwriters has agreed to buy up to 9.2 million of the company’s common shares from selling shareholders. The secondary offering is expected to generate more than $208 million in proceeds, including the greenshoe option. As part of the deal, U.S. private equity firm Bedrock Industries Group, Stelco's majority investor, will distribute a portion of its interest to affiliates of Lindsay Goldberg, a Bedrock partner. Following the offering's close, Bedrock's stake in the company will be reduced to about 63.1 percent. Hamilton, Ontario-based Stelco went public last year, raising $230 million.

GIC's Andreas Köttering to lead CBRE Caledon's London office

CBRE Caledon Capital Management has hired Andreas Köttering as a partner and head of infrastructure for Europe. Köttering will be responsible for building a team, and originating, executing and managing infrastructure investments, from CBRE Caledon's new office in London. Köttering joins the firm from GIC, Singapore’s sovereign wealth fund, where he served as co-head of infrastructure, Europe. He previously held other senior infrastructure roles, including at Canada Pension Plan Investment Board. CBRE Caledon, a Toronto-based infrastructure and private equity solutions provider, formed last year with CBRE Group Inc’s acquisition of Caledon Capital Management.

Hexo's shareholder urges cannabis company to consider sale: Reuters

Hexo Corp’s second-largest shareholder urged the cannabis producer to consider strategic options including a sale, saying its stock was undervalued, Reuters reported. Riposte Capital LLC, which has a 2.5 percent stake in the company, said Hexo needs to step up efforts to lower the cost of capital to take advantage of the growth in Canada’s cannabis sector. The New York-based hedge fund investor said Hexo’s market capitalization of about $1 billion was significantly below the US$23 billion market cap of rival Canopy Growth Corp, the only other company with an alcohol partnership.