Private Equity
Canaccord Genuity Growth Corp (CGGC), a Canadian special purpose acquisition corporation (SPAC), has filed a preliminary prospectus with regulatory authorities outside of Québec for an initial public offering. The IPO is for Class A restricted voting units at a price of $3 per unit. The number of units on offer was not released. CGGC, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $50 million to $250 million. Last year, Canaccord Genuity Acquisition Corp raised $30 million from its IPO. Earlier in 2018, the SPAC agreed to merge with Spark Power Corp, an electrical power services and solutions company.
5 min read · 15 August 2018
U.S. Lumber LLC has agreed to acquire Alexandria Moulding, an Alexandria, Ontario-based maker and distributor of mouldings and accessories in Canada and the United States. Terms weren't released for the deal, which is expected to close in October. Alexandria Moulding will continue to be led by existing management, with President and CEO Andre Cholette joining U.S. Lumber's board. The company has been backed since 2016 by U.S. private equity firm Industrial Opportunity Partners (IOP). U.S. Lumber, an Atlanta-based distributor of building materials, secured an investment last year from U.S. private equity firm Madison Dearborn Partners (MDP).
4 min read · 15 August 2018
Great Rock Capital, a U.S. asset-focused commercial finance firm, has hired Jeffrey Peckitt as managing director of originations. Peckitt joins Great Rock from MaynBridge Capital, a Canadian transitional lending firm, where he served as a vice president responsible for mid-market originations. Based in Toronto, Peckitt will source new investment opportunities for Great Rock, helping to expand the firm's presence locally and across Canada.
2 min read · 15 August 2018
Montréal-based wood products company Stella-Jones Inc (TSX: SJ) has closed an $876.5 million secondary offering and private placement that bought the remaining interest held by its principal shareholder, Stella Jones International SA. The deal, announced in July, included a $533 million private placement through which shares were sold to British Columbia Investment Management Corp, Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, GPI Capital, Ontario Municipal Employees Retirement System and President and CEO Brian McManus. Following the transactions, founding partners Tom Bruce Jones and Gianni Chiarva stepped down as chairman and vice-chairman.
3 min read · 14 August 2018
Canadian private equity firm Altas Partners has hired Gareth Domingo as an associate. Domingo joins the firm from U.S. investment bank Moelis & Co. He served in the bank's Los Angeles office, where he helped execute mergers and acquisitions, financial restructurings, and capital-market transactions in a range of sectors. Altas last month 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.
2 min read · 14 August 2018
Labelink has acquired the assets and business of Safety Seal Plastic Inc, a Guelph, Ontario-based supplier of decorative labels. No financial terms were released for the deal, which will see Safety Seal become a new Labelink affiliate called Labelink Flexibles. Labelink, a Montréal-based provider of label and packaging products and services, said the acquisition will enhance its offering in Canada's flexible packaging market. Founded in 2004 and led by President Stephen Bouchard, Labelink is a portfolio company of Canadian private equity firm Parkview Capital Partners. Parkview invests on behalf of a family office.
2 min read · 14 August 2018
U.S. private equity firm Ancor Capital Partners has sold its interest in WellSpring Pharma Services Inc, an Oakville, Ontario-based pharmaceutical contract manufacturing organization operating across North America. Wellspring was sold earlier this month to ANI Pharmaceuticals Inc (Nasdaq: ANIP) for US$18 million in cash, PE Hub Canada previously reported. Ancor and Sentinel Capital Partners together acquired WellSpring in 2011. Sentinel also exited with the sale.
3 min read · 14 August 2018
Pattern Energy Group Inc (Nasdaq, TSX: PEGI) and Public Sector Pension Investment Board (PSP Investments) have acquired the 147 megawatt Mont Sainte-Marguerite Wind power facility in the Chaudière-Appalaches region of Québec. Mont Sainte-Marguerite was acquired from Pattern Development. Pattern Energy took a 51 percent stake for about $52 million and will manage the facility. PSP Investments accounted for a 49 percent interest. Last year, PSP Investments invested in Pattern Energy and agreed to co-invest US$500 million in projects acquired by the San Francisco-based power company. Pattern Energy’s main shareholder is backed by Riverstone Holdings.
4 min read · 14 August 2018
British Columbia Investment Management Corp (BCI), Public Sector Pension Investment Board (PSP Investments) and Alberta Investment Management Corp (AIMCo) have agreed to affiliate their timber investments. The agreement will see TimberWest Forest Corp and Island Timberlands LP, both Canadian timberland companies, share facilities and services, align best practices and work together to enhance forest stewardship. They will continue to operate independently. BCI and AIMCo have backed Island Timberlands since 2005. BCI and PSP Investments acquired TimberWest in 2011.
2 min read · 13 August 2018
Toronto-based specialty pharmaceutical company Aralez Pharmaceuticals Inc (TSX: ARZ) has entered into agreements with stalking-horse buyers to sell its main assets for about $328 million (US$250 million). Aralez agreed to sell its Vimovo royalties and local operations to Nuvo Pharmaceuticals Inc, a Toronto-based healthcare company, for US$110 million. It also agreed to sell its Toprol-XL franchise to Deerfield Management, a U.S. healthcare investor, for US$140 million. Aralez said it has begun proceedings under the Companies' Creditor Arrangement Act and will wind down following the asset sales. Aralez launched in 2016 through a merger backed with US$350 million in Deerfield-led commitments.
5 min read · 13 August 2018
