Private Equity
An investor group led by Canadian private equity firm Champlain Financial Corp has agreed to acquire Baxters Canada Inc, a Saint-Hyacinthe, Québec-based maker of canned soups and sauces. The deal's value was not disclosed. Fonds de solidarité FTQ, Fondaction and Investissement Québec, Champlain's partners, are each committing $8 million. Baxters Canada was formerly an affiliate of Scotland's Baxters Food Group Ltd and entered Canada in 2004 with the buy of SoupExperts Inc. Fonds de solidarité FTQ's Alain Denis said the deal will support the company in a consolidating domestic sector and help it penetrate U.S. and Mexican markets and develop new products.
5 min read · 20 June 2018
The industries group of Canadian private equity firm Novacap has acquired an interest in Noble Foods Nutrition Inc, a Pointe-Claire, Québec-based manufacturer of nutrition and energy bars. No financial terms were disclosed for the deal, which was done with the support of Investissement Québec. Lee Shulkin, Eric Kimmel and Alex Dehkter, who founded the company in 1999, will continue in their current roles and remain shareholders. Antoine Casimir, a Novacap principal, said his firm will help Noble Foods become the "preferred contract manufacturer in North America" by exploring acquisition and strategic opportunities that expand its production capabilities and geographic reach.
3 min read · 20 June 2018
The Canadian Business Growth Fund has launched a fund with an initial commitment of $545 million, estimated to increase to $1 billion in the future. CBGF seeks to invest between $3 million and $20 million in Canadian middle-market companies with $5 million or more in annual revenue. CBGF's backers include BMO Financial Group, CIBC, Royal Bank of Canada, Scotiabank, TD Bank Group, ATB Financial, Great-West Life, HSBC Bank Canada, Manulife, National Bank of Canada, Sun Life Financial, Canadian Western Bank and Laurentian Bank of Canada. George Rossolatos, a co-founder and ex-partner of Canadian private equity firm TorQuest Partners, was named CEO of CBGF this past January.
3 min read · 19 June 2018
Forest City Realty Trust Inc has restarted talks with Brookfield Asset Management for a takeover by the Canadian firm, Reuters reported, citing a Bloomberg story. The price under discussion is close to the range of US$25.00 to US$25.50 per share. The Cleveland-based real estate investment trust said in March it would not sell itself, following a strategic review, but agreed with activist investors to have nine directors resign and largely be replaced by independent nominees. Forest City Realty mainly focuses on office and apartment buildings in urban markets, as well as mixed-use urban developments.
1 min read · 18 June 2018
Globalfaces Direct Inc (GFD), a Toronto-based provider of outsourced multi-channel fundraising services to the not-for-profit industry, has closed an investment with Canadian private equity firm CPS Capital. No financial terms were released. Founded in 2012 and led by President and CEO Peter Hwang, GFD operates with more than 600 fundraisers across North America, providing integrated campaigns to acquire long-term monthly donors through face to face, call centre and donor analytics services. CPS Capital's Jeff Tung said his firm will support GFD's organic growth as the company looks to expand its service offerings and presence in North America and abroad.
3 min read · 18 June 2018
Canadian alternative equity firm Alaris Royalty Corp has invested US$15 million in Fleet Advantage LLC, a Fort Lauderdale, Florida-based provider of business analytics, equipment financing and asset lifecycle cost management services to transportation fleets. The deal will give Alaris an annualized distribution of US$2.1 million. It will support Fleet's continued growth and provide partial liquidity to existing shareholders. Alaris also invested US$3 million more in Accscient LLC, an Atlanta, Georgia-based provider of information technology staffing, consulting and outsourcing services. Accscient raised an initial US$20 million last year.
4 min read · 18 June 2018
Canadian private-markets investor Northleaf Capital Partners has opened a new office in Melbourne, Australia. The location will be run by Managing Director Tom Irvine, who joined Northleaf in 2015. The announcement coincides with the close of Northleaf's third infrastructure deal in Australia: the buy of a 40 percent equity interest in Lal Lal Wind Farms, two wind generation projects located near Ballarat, Victoria. Terms weren't disclosed. Northleaf acquired the stake from the project's developer Macquarie Capital. Lal Lal Wind Farms is scheduled to be fully operational by the second half of 2019 and will generate a combined output of 228 megawatts.
3 min read · 18 June 2018
The technology group of Canadian private equity firm Novacap has closed its buy of Horizon Telcom Inc, a Chillicothe, Ohio-based provider of fibre-optic bandwidth infrastructure services. The deal, announced in January, is valued at more than US$220 million, an amount that was not previously disclosed. Founded in 1895 as the Home Telephone Co, Horizon has grown its fibre network to over 4,300 route miles and nearly 550,000 fibre miles. President and CEO Bill McKell said the partnership with Novacap will help the company become the "premier provider of broadband services throughout Ohio and surrounding states."
3 min read · 18 June 2018
Investors Ontario Teachers' Pension Plan and Macquarie have settled a legal dispute over Brussels Airport, allowing the sale of the transport hub to go ahead after the summer, sources told Reuters. Ontario Teachers' has given up its preemption rights over the asset and agreed to information being circulated to potential buyers of Macquarie’s stake, one source said. Ontario Teachers' bought 39 percent of Brussels Airport in 2011 and rights of first refusal on Macquarie’s stake.
2 min read · 15 June 2018
Construction company Vinci has approached investors to launch a bid for part of French airport group Aéroports de Paris, the largest of France's planned state sell-offs, sources told Reuters. The deal would see France sell all or part of its stake of 50.63 percent in the group which runs airports outside Paris and has a market cap of 19.63 billion euros (US$22.78 billion). Sources said Vinci has approached pension funds to become partners, including including Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and Ontario Teachers’ Pension Plan.
2 min read · 15 June 2018
