Private Equity
TransCanada Corp has agreed to sell its 62 percent stake in Cartier wind power facilities in the Gaspé peninsula in Québec to Innergex Renewable Energy Inc for about $630 million, Reuters reported. The assets include five wind farms with a total generating capacity of 590 megawatts, of which TransCanada’s share is 365 megawatts. The sale is expected to close in Q4 2018. Longueuil, Québec-based Innergex, which is backed is backed by Caisse de dépôt et placement du Québec, currently owns the remaining interests in the Cartier wind farms and Cartier operating entities.
1 min read · 03 August 2018
Enhance Energy Inc and Wolf Carbon Solutions Inc, an affiliate of Calgary-based energy infrastructure company Wolf Midstream Inc, have agreed to partner in the construction and operation of Alberta Carbon Trunk Line (ACTL). ACTL is a 240-kilometre pipeline that will collect carbon dioxide from Alberta industrial emitters and transport it to aging reservoirs for secure storage and enhanced oil recovery projects. Wolf will construct, own and operate the CO2 capture and pipeline transportation assets. ACTL's construction will be funded in part through an investment of up to $305 million by Canada Pension Plan Investment Board (CPPIB).
4 min read · 03 August 2018
The private equity group of Brookfield Asset Management has closed its acquisition of Westinghouse Electric Co LLC, a Pittsburgh-based provider of nuclear plant products and services. The deal, announced in January, reflected a purchase price of US$4.6 billion. Brookfield bought Westinghouse from Chapter 11 as a reorganized company. The prior owner was Toshiba Corp. Westinghouse reportedly went bankrupt in 2017 after a foray into nuclear plant construction projects. In March, Brookfield Senior Managing Partner Cyrus Madon told Buyouts and PE Hub Canada that Westinghouse’s focus on its “core services business” would be restored following the deal's close.
2 min read · 02 August 2018
Canadian private equity firm Clearspring Capital Partners has sold its equity interest in Logistik Unicorp Inc, a Saint-Jean-sur-Richelieu, Québec-based provider of comprehensive uniform programs to corporate and governmental organizations. The financial terms and nature of the sale were not disclosed. Founded in 1993 by President and CEO Louis Bibeau, Logistik serves the clothing and equipment supply chain needs of a range of customers, including the Canadian Armed Forces and Australian Defence Forces. Clearspring first invested in 2011. Bibeau said the partnership helped the company solidify and expand its global market presence, grow sales, and more than triple its bottom line.
2 min read · 02 August 2018
Canadian building-interior manufacturer DIRTT Environmental Solutions Ltd has abandoned an effort to sell itself after soliciting offers from private equity firms and other companies, sources told Reuters. Private equity firms seeking to raise debt financing for the deal have struggled to convince banks to finance a business that is vulnerable to changes in the cyclical construction industry, the sources said. DIRTT also entertained offers for a private investment in public equity transaction, that would give a private equity firm a minority stake but choose not to pursue one in the end. DIRTT, which has a market capitalization of $553.38 million, had also been a target of a U.S.-based activist investor Iron Compass.
2 min read · 01 August 2018
Dealmaking in Canada’s buyout and private equity market continued at a strong clip in the first half of 2018, according to final data released by Thomson Reuters. Some 173 transactions, led by the $4.95 billion acquisition of Husky IMS International Ltd by Platinum Equity, captured $18.3 billion in total disclosed values in this period, up 26 percent on a dollar basis from a year ago. However, deal volumes saw a year-over-year decrease of 14 percent at the end of June, resulting in an above average disclosed value of $232 million. In terms of deal volume, Canadian information technology and media and consumer-related sectors were the most active in the first half, accounting for 36 and 21 transactions, respectively.
4 min read · 01 August 2018
Canadian private equity firm CAI Capital Partners has invested in Custom Air Conditioning Ltd, a Port Coquitlam, British Columbia-based mechanical services provider. No financial terms were disclosed for the deal. It will see Peter Harteveld, CustomAir’s co-founder and CEO, retain an equity interest and continue to lead the business. Custom Air provides repair, maintenance and installation services for a range of equipment, including heating, ventilation, air conditioning, refrigeration, plumbing and boilers, to industrial, commercial and multi-family residential customers. Its strategy is to become the leading mechanical services provider in Western Canada, Custom Air and CAI said.
3 min read · 01 August 2018
Avison Young, a Toronto-based provider of commercial real estate services, has acquired Wilkinson Williams LLP, a London, U.K.-based specialist firm representing landlords and tenants. No financial terms were disclosed. Wilkinson Williams, which is focused solely on the U.K.'s out-of-town retail sector, will rebrand as Avison Young, effective immediately. The add-on acquisition comes on the heels of Caisse de dépôt et placement du Québec making a $250 million preferred investment in Avison Young. The deal enabled Canadian private equity firm Parallel49 Equity's exit from the company.
10 min read · 01 August 2018
Canadian home services company Enercare Inc said it would be bought by Brookfield Infrastructure Partners for $4.3 billion as the asset management firm looks to expand its business across Canada, Reuters reported. Brookfield Infrastructure’s offer of $29 per Enercare share represents a 53 percent premium to Enercare Tuesday’s close. Based in Markham, Ontario, Enercare provides water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. It serves about 1.6 million Canadian and U.S. customers annually.
1 min read · 01 August 2018
Aspenleaf Energy Ltd has acquired NEP Canada ULC, a Calgary-based light oil producer with operations in the Leduc-Woodbend region. Terms weren't disclosed. Aspenleaf, a Calgary-based oil and gas company, said the deal combines two central Alberta assets that are geographically and geologically complementary, creating an "opportunity rich, high netback, light oil based entity." Aspenleaf funded most of the acquisition with new and previously committed equity from existing investors. The company is backed by Canadian energy private equity firm ARC Financial Corp and Ontario Teachers’ Pension Plan (OTPP). NEP Canada has been backed since 2010 by U.S. energy private equity firm Kayne Anderson Energy Funds.
3 min read · 31 July 2018
