Private Equity
Australian hospital operator Healthscope Ltd, which recently rejected two takeover approaches, plans to inject A$1 billion (US$731.6 million) of its property assets into a trust and sell nearly half of that to an investor, Reuters reported. Healthscope said the trust would hold its 29 hospitals. These would be leased back to the company, which would own a majority stake in the trust, while it will seek an investor who would hold up to 49 percent. The company, which in May rejected US$3 billion-plus buyout offers from Canada’s Brookfield Asset Management and a consortium of local private equity firm BGH Capital, did not elaborate if it was in talks with interested parties.
2 min read · 21 August 2018
OMERS Infrastructure Management has agreed to acquire a 50 percent interest in BridgeTex Pipeline Co LLC, owner of the BridgeTex pipeline, a 400,000 barrel-per-day crude oil pipeline system located in Texas. OMERS will pay US$1.438 billion for the stake, which is being sold by Plains All American Pipeline and Magellan Midstream Partners. Plains and Magellan will retain 20 percent and 30 percent interests respectively, while Magellan will continue to operate the pipeline. The deal is expected to close in the fourth quarter. BridgeTex will be OMERS' third investment in U.S. energy infrastructure this year.
3 min read · 21 August 2018
Verifone Systems Inc, a U.S. payments and commerce solutions provider, said it has been acquired by an investor group led by U.S. private equity firm Francisco Partners and joined by British Columbia Investment Management Corp (BCI). The deal, announced in April and closed today, saw Verifone taken private for US$23.04 per share in cash, representing a total consideration of about US$3.4 billion, including net debt. Going forward, the San Jose, California-based company will be led by CEO Mike Pulli.
3 min read · 20 August 2018
Australian retirement village owner Gateway Lifestyle Group has recommended shareholders accept Hometown America Corp’s A$695 million (US$508.5 million) takeover offer, after a pursuit involving a rival suitor, Reuters reported. Hometown first made an offer in June at A$2.10 per share, valuing the firm at A$635 million. This was closely followed by Canada’s Brookfield Asset Management launching a A$2.30 per share offer for Gateway. Gateway initially rejected Hometown's offers, but appears to have changed its mind after Australia media reported that Brookfield was set to exit the race.
1 min read · 20 August 2018
Canadian healthcare private equity firm DW Healthcare Partners (DWHP) has invested in California Psychcare (CPC), a Van Nuys, California-based provider of behavioural services for children and adults with an autism spectrum disorder and other developmental disabilities. Terms weren't disclosed for the deal, which will see CPC rebranded as 360 Behavioral Health. DWHP Managing Director and Partner Aly Champsi said his firm will support 360's continued growth. This will be achieved in part by expansion into other geographies and helping the company become a fully integrated, holistic provider of behavioural health services.
3 min read · 20 August 2018
Canadian healthcare private equity firm Persistence Capital Partners (PCP) has sold Medisys Health Group Inc, a Montréal-based provider of corporate health and wellness services. Terms weren't disclosed. The buyer was Canadian telecommunications provider Telus Corp (TSX: T). As a result, Medisys will join Telus Health, the digital healthcare solutions affiliate of Telus. Medisys was established in 1987 by PCP Founding Partner Sheldon Elman. The company went public in 2002 and was returned to private ownership in 2008 by PCP. Medisys was the investor's first platform deal. Telus said the acquisition will help it accelerate the delivery of employee-centered care.
2 min read · 20 August 2018
Alignvest Student Housing Real Estate Investment Trust (ASH REIT) has acquired an 18-storey, 455-bed student residence located near the University of Waterloo and Wilfred Laurier University. Terms weren't disclosed. The Waterloo property acquisition is the first deal of ASH REIT, which last month raised $65 million to invest in Canada's purpose-built student accommodation real estate sector. ASH REIT is managed by Alignvest Student Housing, an affiliate of Canadian alternative investment manager Alignvest Management Corp. Alignvest Student Housing said it will introduce amenities and services to the building over the next few months.
3 min read · 17 August 2018
BDC Capital has added to the bench strength of its growth equity group to make further inroads in Canada’s lower-mid market and deploy a $250 million fund. BDC recently hired three seasoned investment pros for offices in Vancouver, Toronto and Montréal. They include Jean Bédard and Loren Rafeson, who will serve as directors. Claude Miron, vice president and head of growth equity, said the recruits bring fresh capabilities to the team, extend its reach, and will help introduce BDC’s minority-capital offering to small businesses.
3 min read · 17 August 2018
At least three consortiums have been formed to launch multi-billion-euro bids for a stake in the operator of Charles de Gaulle and Orly airports, sources told Reuters. The French state’s 50.6 percent stake in airports group Aéroports de Paris is likely to go on the block next year in a deal that could be worth up to 10 billion euros (US$11.4 billion). Sources said the lead players of the consortiums include French group Vinci. Vinci approached Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, Ontario Teachers’ Pension Plan and other pension funds to become bid partners, Reuters reported in June.
3 min read · 16 August 2018
Northleaf Capital Partners has hired Matthew Russell as a senior associate, private equity. Operating from the firm's London office, Russell will assume a role in all private equity investment activity, with a focus on origination, evaluation and monitoring. He joins Northleaf from European private equity firm Partners Group, where he was a member of the secondaries team. Previously, he was a sell-side M&A advisor at Cavendish Corporate Finance. Toronto-based Northleaf is a global private equity, infrastructure and private credit manager, overseeing more than $10 billion in capital commitments.
1 min read · 16 August 2018
