Canada

Surge Energy to buy PE-backed Mount Bastion for $320 mln

Surge Energy Inc (TSX: SGY) has agreed to acquire Mount Bastion Oil and Gas Corp, a Calgary-based oil and gas explorer and producer, for $320 million in cash and stock. The deal, expected to close in October, is supported by Mount Bastion directors and officers as well as its largest shareholder, collectively representing about 70 percent of the company's shares. The acquisition by Surge, a Calgary-based oil-focused company, will provide an exit to JOG Capital, a Canadian energy private equity firm. JOG invested in Mount Bastion in 2016. Mount Bastion's Alberta assets include about 5,500 barrels of oil equivalent per day of light crude oil production.

Blackstone ups ante in bidding war for Australia's Investa: Reuters

U.S. buyout giant Blackstone Group LP said it was willing to lift its bid for Australian landlord Investa Office Fund to A$3.3 billion (US$2.4 billion) to beat a rival offer from Canada’s Oxford Properties Group, Reuters reported. Blackstone, seemingly set to seal its takeover until Oxford’s last-minute bid this week, wrote to Investa offering A$12 million above Oxford’s price if Investa agreed, among other conditions, to recommend it and lift the deal’s break fee. Investa said in a statement it intends to work to meet the conditions. Oxford invests in and manages real estate assets on behalf of the Ontario Municipal Employees Retirement System (OMERS).

Kevin Yu recruited to Altas Partners as associate

Canadian private equity firm Altas Partners has hired Kevin Yu as an associate. Yu previously served at Lazard and before then BMO Capital Markets. Working from Toronto, he helped both firms execute mergers and acquisitions, restructurings, and capital markets transactions across a range of sectors. In July, Altas hired David Brent, formerly of Apollo Global Management, as a partner. Toronto-based Altas is currently investing from Altas Partners Holdings LP, which raised US$1 billion in 2016.

HIG Capital acquires Recochem from Swander Pace Capital

U.S. private equity firm HIG Capital has acquired Recochem Inc, a Montréal-based maker of aftermarket transportation and household fluids. Terms weren't released for the deal, which saw HIG acquire Recochem from U.S. private equity firm Swander Pace Capital. Swander Pace bought the business in 2014. Founded in 1951, Recochem's products span branded, private label and bulk offerings and include coolant, windshield wash fluid, diesel exhaust fluid and a range of household fluids and industrial chemicals. President and CEO Richard Boudreaux said the partnership with HIG will support the company's "numerous opportunities to expand globally." Recochem is Swander Pace's third exit from a Canadian portfolio company since early 2017.

Premium Brands to buy lobster processor Ready Seafood

Premium Brands Holdings Corp (TSX: PBH) has agreed to acquire Ready Seafood Co, a Portland, Maine-based processor, distributor and marketer of lobsters in the United States. Terms weren't released for the deal, which is expected to close within the next four weeks. Premium Brands, a Vancouver-based specialty food products company, said the transaction gives its seafood platform a foothold in the U.S. market, enabling additional acquisitions. Premium Brands is a portfolio investment of Canadian family office Pender West Capital Partners.

Great-West Lifeco seeks to sell $2 bln worth of contracts: Reuters

Great-West Lifeco Inc, Canada’s second-biggest insurance company, is exploring the sale of a collection of insurance contacts that could fetch as much as US$2 billion, sources told Reuters. Goldman Sachs Group Inc is arranging the sale process. Among the parties to have shown interest in the policies include other insurance firms and financial companies. Private equity and specialist investment firms have been significant buyers of run-off insurance blocks, believing they can juice the profits from administering such policies by cutting costs.

Wynnchurch buys Uponor Infra, rebrands as Infra Pipe Solutions

U.S. private equity firm Wynnchurch Capital has acquired select assets of Uponor Infra Ltd, the Canadian affiliate of Finland's Uponor Corp. Terms weren't disclosed for the deal, which will see the business rebranded as Infra Pipe Solutions Ltd, a Mississauga, Ontario-based maker of large-diameter, high-density polyethylene pipe. Infra Pipe, led by CEO Sandeep Dhillon, sells pipe for use in water infrastructure, mining, industrial processes, oil and gas distribution, and other applications. The company is Wynnchurch’s eleventh investment in Canada. Last month, it acquired Logistik Unicorp Inc, a Saint-Jean-sur-Richelieu, Québec-based uniform solutions provider.

Bell closes acquisition of Partners Group-owned Axia NetMedia

BCE Inc (Bell Canada) (TSX, NYSE: BCE) has wrapped up its acquisition of Axia NetMedia Corp, a Calgary-based services provider on fibre communications infrastructure. No financial terms were disclosed for the deal, which was announced in July. The seller was European private equity firm Partners Group, which acquired Axia two years ago in a $272 million take-private transaction. Axia is the operator of SuperNet, a broadband network launched in 2005 to connect government and public organizations, business users and internet providers in Alberta.

Penfund recruits Apollo’s Joe Mattina as partner, origination head

Penfund, a Canadian provider of junior capital to mid-market companies in North America, has hired Joe Mattina as a partner and head of origination, according to a news release. Mattina joins Penfund from New York alternative-asset manager Apollo Global Management. He was recruited by Apollo in 2013 to establish its Canadian office in Toronto. Mattina has since been responsible for the firm's credit origination locally along with certain coverage roles in the United States. Previously, Mattina was head of leveraged finance and sponsor coverage at Macquarie Canada, a managing director at Fortress Investment Group and a vice president at GE Capital.

Investa to weigh $2.4 bln Oxford bid, delays vote on Blackstone offer: Reuters

Australian office landlord Investa Office Fund said it will study a A$3.3 billion (US$2.4 billion) takeover bid from Canada’s Oxford Properties Group, an offer that was criticized by rival suitor Blackstone Group which also threatened to drop its own bid, Reuters reported. Oxford, the real estate investment arm of the Ontario Municipal Employees Retirement System (OMERS), had lobbed a last-minute offer for Investa this week that was A$90 million higher than Blackstone’s bid which had already won the backing of the target. Investa said it is adjourning a shareholder meeting that was set to vote on Blackstone’s offer while it weighs the attractiveness of Oxford’s bid.