Private Equity
Shares of Callidus Capital Corp, owned by Canadian private equity firm Catalyst Capital Group, slumped nearly 29 percent on Friday after the Canadian specialty lender eliminated its dividend payments to support business growth, Reuters reported. Callidus closed a new loan for about $125 million, signaling a resumption of growth its loan portfolio, the company said. In March, Reuters published an investigation that raised questions about how Catalyst values the companies in its portfolios, including Callidus, a core holding across its private equity funds.
1 min read · 16 July 2018
Epiq, a U.S. provider of professional services and technology to the legal profession, has acquired Bruneau Group Inc, an Ottawa-based settlement administration services company. No financial terms were disclosed. Epiq said the deal will expand its global reach along with its settlement administration capabilities in Canada. Bruneau Group was founded in 2003 by President Laura Bruneau. Based in Atlanta, Georgia, Epiq was acquired in 2016 by OMERS Private Equity and Harvest Partners for US$1 billion. Epiq was at the same time merged with U.S. legal processing outsourcing company DTI, backed by OMERS since 2014.
3 min read · 13 July 2018
Caisse de dépôt et placement du Québec (CDPQ) has provided $150 million to support an acquisition of concentrated solar power (CSP) assets by ContourGlobal plc. ContourGlobal, a U.K.-based owner and operator of power generation businesses, in February agreed to acquire a portfolio of CSP assets from Spanish infrastructure and renewable energy company Acciona SA. The 250-megawatt portfolio consists of five operating assets located in the south-west region of Spain.
2 min read · 12 July 2018
French tire maker Michelin has agreed to acquire Camso Inc, a Magog, Québec-based designer, manufacturer and marketer of off-the-road (OTR) tires and rubber tracks, for US$1.45 billion. Michelin said it will combine its OTR operations with Camso's in a new Québec-headquartered division. The division will be a leader in the global OTR sector, the company added. Camso Executive Chairman Pierre Marcouiller said the deal is backed by all of the company's shareholders. Camso's investors include Caisse de dépôt et placement du Québec. The Caisse listed the company as a top Québec private equity investment in its 2017 annual report.
5 min read · 12 July 2018
Vision Travel Inc, an affiliate of Direct Travel Inc, has acquired Voyages Cortravco Inc, a Montréal-based international corporate travel management agency specializing in small to medium-sized clients. No financial terms were disclosed. The sellers were President Kit Sawhney and Vice President Sarita Sawhney, who founded Cortravco in 1990. Vision Travel, a Toronto-based travel management business, was acquired last year by Denver, Colorado's Direct Travel, a portfolio company of U.S. private equity firm ABRY Partners.
2 min read · 12 July 2018
Canada Pension Plan Investment Board (CPPIB) has agreed to invest in China’s rental housing sector with local property developer Longfor Group, with an initial targeted investment of US$817 million, Reuters reported. The companies will invest in China across major cities—Tier 1 and core Tier 2—via developments, acquisition and master-lease of commercial assets to be converted into rental housing, CPPIB said in a statement. CPPIB and Longfor first started collaborating in 2014 with investments in retail malls and mixed-use projects.
2 min read · 12 July 2018
OMERS Private Equity has wrapped up its acquisition of Premise Health Inc, a Brentwood, Tennessee-based direct healthcare access company. No financial terms were disclosed for the deal, which saw OMERS buy Premise from U.S. private equity firm Water Street Healthcare Partners and Walgreens Boots Alliance. Established in 2014 through a Water Street-led merger, Premise serves more than 275 clients via a network of 600-plus employer-sponsored health and wellness centres in the United States.
4 min read · 11 July 2018
Germany's Jenoptik AG has agreed to acquire Prodomax Automation Ltd, a Barrie, Ontario-based specialized engineering company that designs and builds flexible automation systems for the automotive industry. Terms weren't disclosed for the deal, which is expected to close in the next few weeks. Jenoptik, an operating technology group, said the acquisition will help it tap into new opportunities in advanced manufacturing. The private equity group of Kensington Capital Partners acquired Prodomax in 2015, partnering with management to support growth and facilitate an ownership transition. BDC Capital's growth equity group invested in the same year.
4 min read · 11 July 2018
European private equity firm CVC Capital Partners said it acquired common shares in The Stars Group Inc (TSX: TSGI, Nasdaq: TSG), a Toronto-based provider of technology product offerings to the gaming and interactive entertainment industries. The acquisition gives CVC about 12.4 percent of the company's issued and outstanding shares. It is linked with Stars Group's buy of U.K. online gaming business Sky Betting and Gaming (SBG), which closed this week. The US$4.7 billion deal was announced in April. CVC acquired a majority interest in SBG from Sky Plc in 2015.
2 min read · 11 July 2018
Canadian coffee and doughnut chain Tim Hortons is pushing into China with plans to open 1,500 outlets in the world’s second largest economy over the next 10 years, Reuters reported. Restaurant Brands International Inc, which owns Tim Hortons as well as Burger King chains, said its Chinese restaurants will be opened under a master franchise joint venture with U.S. private equity firm Cartesian Capital Group. “China’s population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years,” President Alex Macedo said in a statement.
3 min read · 11 July 2018
