Private Equity
Thomson Reuters Corp said it was thinking about acquisition opportunities after reporting quarterly earnings that were ahead of expectations and reaffirming its 2018 forecast, Reuters reported. The news and information provider agreed in January to sell a 55-percent stake in the Financial & Risk unit, which provides data and news primarily to financial customers, to U.S. private equity firm Blackstone Group. It expects to use US$1 billion to US$3 billion from the proceeds to make acquisitions in legal and accounting. “Following the closure of the deal with Blackstone, Thomson Reuters will be in a position to play offense,” CEO Jim Smith said in an interview.
2 min read · 08 August 2018
Vancouver-based copper mining company Coro Mining Corp (TSX: COP) has launched a $46.7 million financing plan that includes a $13.2 million investment by Tembo Capital, a U.K. mining private equity firm. Tempo has also agreed to provide a stand-by guarantee for a forthcoming $33.6 million rights offering. Additionally, Greenstone Resources, a U.K. mining private equity firm and Coro's majority shareholder, will convert a US$2 million loan into equity. Coro said the proceeds will be used to repay debt and acquire properties and fund exploration and expansion at its flagship Marimaca copper project in Chile.
7 min read · 08 August 2018
Hub International Ltd has acquired the property and casualty insurance business of Cypher Systems Inc, a Windsor, Ontario-based technology-enabled insurance brokerage. No financial terms were disclosed. As a result of the acquisition, Hub will establish a new regional operation, Hub Customer Central, which will be located in Windsor. Hub, a Chicago-based full-service insurance company, was acquired in 2013 by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion.
2 min read · 08 August 2018
Public Sector Pension Investment Board (PSP Investments) and Bahrain's Investcorp have acquired a minority interest in United Talent Agency (UTA), a Beverly Hills, California-based talent and entertainment company. Terms weren't released; however, Bloomberg reported the deal values UTA at about US$800 million. Founded in 1991, UTA represents artists and content creators in motion pictures, television, music, digital, broadcast news, books, theatre, video games, fine art and live entertainment. PSP Investments Head of Private Equity Simon Marc said UTA is "uniquely positioned to benefit" from transformative trends in the global entertainment and media industry.
6 min read · 07 August 2018
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has acquired Precision Global, a Greenville, South Carolina-based maker of dispensing solutions. Terms weren't disclosed. The seller was Peak Rock Capital, which acquired the company in 2015. Founded in 1949, Precision produces aerosol valves, custom actuators and other dispensing solutions for a range of end markets, including personal care, household, food and beverage, industrial and pharmaceutical. ONCAP IV, which raised US$1.1 billion in 2016, invested about US$111 million in the deal. ONCAP said it will support management efforts to grow Precision organically and through acquisitions.
3 min read · 07 August 2018
Canada’s Brookfield Asset Management has acquired a 99-year lease on a flagship New York office tower controlled by the family of Jared Kushner, the son-in-law of U.S. President Donald Trump, capping a long saga to refinance the building, Reuters reported. Brookfield said it gained a leasehold on the office portion of 666 Fifth Avenue, a marquee property whose US$1.8 billion sale to Kushner Companies in 2006 was the highest price paid for a New York office building at the time. No financial terms were disclosed. Upgrades and renovation will cost between US$600 million and US$700 million, a source with knowledge of the plans said.
2 min read · 07 August 2018
Maibec Inc, a Lévis, Québec-based manufacturer and marketer of wood products, has sold its lumber mills in Saint-Pamphile, Québec and Masardis, Maine to Groupe Lebel Inc. No financial terms were released. Based in Rivière-du-Loup, Québec, Groupe Lebel is a family-owned forest products company. Maibec President François Tardif said his company will now focus on its pre-stained exterior siding's systems business. A family-owned company established in 1946, Maibec has been backed since 2013 by Fonds de solidarité FTQ.
2 min read · 07 August 2018
U.S. private equity firm Wynnchurch Capital has acquired Logistik Unicorp Inc, a Saint-Jean-sur-Richelieu, Québec-based provider of managed clothing services and uniform solutions to a range of corporate and governmental organizations. No financial terms were disclosed for the deal, which saw Wynnchurch partner with President and CEO Louis Bibeau, who founded Logistik in 1992. Last week, Canadian private equity firm Clearspring Capital Partners said it sold its interest in Logistik. Clearspring, which first invested in 2011, did not disclose the buyer of the stake. Wynnchurch Managing Director Morty White said his firm will focus on supporting Logistik in its "next stage of growth."
3 min read · 07 August 2018
British Columbia Investment Management Corp (BCI) earned a net 9 percent return for the fiscal year ended March 31, 2018, compared to its one-year benchmark of 7.4 percent. Net assets managed by BCI were increased to $145.6 billion in fiscal 2018 from $135.5 billion a year earlier. BCI said strong performance in illiquid investments, including infrastructure, private equity and renewable resources, contributed to the overall return. Private equity now accounts for 7.1 percent of all assets. The pension system committed $11.5 billion to illiquid assets in fiscal 2018.
4 min read · 03 August 2018
A V Gauge & Fixture Inc, a portfolio company of Canadian private equity firm Ironbridge Equity Partners, in June merged with Absolute Industrial Management Inc. Terms weren't disclosed. Based in Windsor, Ontario, Absolute Industrial designs, builds and integrates automated assembly, welding and processing equipment. AV Gauge, an Oldcastle, Ontario-based maker of specialized gauging and check fixture equipment for the automotive industry, said the merger will allow the companies to better serve customer needs. Ironbridge invested in A V Gauge last year.
2 min read · 03 August 2018
