Private Equity
Terrapure Environmental Ltd has acquired the Canadian industrial services and waste management operations of Dartmouth, Nova Scotia-based Envirosystems Inc. No financial terms were released. Envirosystems will retain its catalyst changeout business as well as its U.S. industrial services businesses, which are being rebranded as Maviro. Terrapure, a Toronto-based provider of industrial waste management and resource recovery, said the acquisition creates a broader and more diverse suite of solutions for its domestic customers. Terrapure was launched in 2015 by Canadian private equity firm Birch Hill Equity Partners. Envirosystems was acquired in the same year by Canadian private equity firm TorQuest Partners.
3 min read · 03 July 2018
TorQuest Partners has sold yarn business Spinrite, capping an especially busy season of exits and acquisitions for the private equity firm. The Toronto investor this week announced the sale of its majority interest in Spinrite, North America’s largest consumer craft yarn maker, to Comvest Partners. Terms weren’t disclosed. Based in Listowel, Ontario, Spinrite produces tens of millions of yarn balls annually for a growing population of knitters and crocheters.
3 min read · 03 July 2018
Selldown of the jumbo US$13.5 billion financing backing Blackstone Group’s US$20 billion buy of a 55 percent stake in Thomson Reuters’ Financial and Risk unit is under way, sources told Reuters. A US$8 billion-equivalent Term Loan B is being shown to large institutional investors before an expected September launch, and a US$5.5 billion bridge loan to high-yield bond issues has also been launched. The US$13.5 billion financing, led by JP Morgan, Bank of America Merrill Lynch and Citigroup, is the largest buyout financing since the financial crisis.
4 min read · 29 June 2018
Canadian specialty finance firm Crown Capital Partners has launched a new fund to invest in integrated energy platforms (IEP) that supply electricity under long-term contracts to mid- to large-scale users, such as manufacturers, hotels and condominiums. Crown Capital Power LP has been initially capitalized with $15 million to back eight IEPs that can provide more reliable and less expensive electricity compared to a public utility. It will begin by targeting Ontario opportunities and over time expand into other North American markets. The fund's first investment is with OOM Energy Group, a Toronto-based electricity generation company that has built, operated and maintained more than 40 IEPs.
3 min read · 29 June 2018
Canadian private equity firm Waterous Energy Fund has closed its debut fund, raising $1.4 billion in committed capital, exceeding an original target of $1 billion. Waterous Energy Fund LP was launched last year by Managing Partner and CEO Adam Waterous to invest up to $500 million in late-stage control deals involving mature North American oil and gas companies with liquids-weighted, quality assets, but which have run into challenges. The fund has already invested over 60 percent of its capital in two companies. They are Strath Resources Ltd, which this month agreed to buy assets held by Paramount Resources Ltd, and Cona Resources Ltd, formerly backed by Riverstone Holdings and NGP.
2 min read · 29 June 2018
Starlight Investments and Blackstone Property Partners (BPP) have formed a joint venture to acquire a portfolio of six multi-family properties in Toronto and Montréal. No financial terms were released. The portfolio reflects a mix a high-, mid- and low-rise concrete buildings consisting of some 746 units. The partnership with Starlight marks the first investment in Canadian multi-family real estate by BPP, an affiliate of U.S. private equity firm Blackstone Group. Based in Toronto, Starlight is a real estate investment and asset management firm.
2 min read · 28 June 2018
IPL Plastics Inc, a Montréal-based packaging solutions provider, has raised $178 million for its IPO after pricing its 13.2 million shares at $13.50 per share. The company could raise as much as $205 million if the issue’s greenshoe option is exercised in full. The stock began trading June 28, 2018 on the Toronto Stock Exchange under the ticker symbol IPLP. IPL Plastics's pre-IPO backers were Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ. As reported by PE Hub Canada earlier this month, the Caisse and the Fonds will continue to hold stakes with the IPO’s close.
3 min read · 28 June 2018
Caisse de dépôt et placement du Québec has acquired a minority interest in BFL Canada, a Montréal-based commercial insurance brokerage and consulting services business. No financial terms were disclosed for the deal, which was backed by Fonds Relève CDPQ, a $250 million fund set up by the Caisse last year to facilitate business transfer projects. The investment will support BFL's long-term growth strategy in Canada and enable its transition and succession program in the coming years. President and CEO Barry Lorenzetti, who founded BFL in 1987, and other senior executives will continue to lead the company.
3 min read · 28 June 2018
HOOPP Capital Partners (HCP) has made a minority investment in Chobani, a Norwich, New York-based Greek Yogurt brand. No financial terms were disclosed for the deal, which resulted in the exit of U.S. private equity firm TPG, which invested US$750 million in the company in 2014. HCP, the private capital arm of the Healthcare of Ontario Pension Plan (HOOPP), will take a seat on Chobani's board. Managing Partner Jim Walker said HCP will support the company in its next phase of global growth. Established in 2005, Chobani accounts for a close to 20 percent share of the U.S. yogurt market, according to Nielsen.
4 min read · 28 June 2018
Dumur Industries has acquired the assets of Dellcom Aerospace Inc, a Concord, Ontario-based precision machining and sub-assembly provider to original equipment manufacturers and aerospace customers. No financial terms were released. Dumur, a White City, Saskatchewan-based precision metal fabrication and machining business, said the deal strengthens its service offering to primary customers in the aerospace and defence sectors. Dumur, founded in 1987, is backed by Ironbridge Equity Partners, a Canadian mid-market private equity firm. Ironbridge invested in the company in 2015, when it acquired the affiliated Advance Engineered Products Ltd.
2 min read · 28 June 2018
