Private Equity
Tricor Pacific Founders Capital has become Founders Group of Food Companies as the Vancouver firm plans to take its North American food-sector strategy to the next level. Launched in 2014 by a group of senior private equity and industry pros, Founders has spent the past three-plus years investing its own capital in businesses focused on specialty seafood and meats, prepared foods, and edible gifts and confections. The rebranding marks a milestone in the firm's progress that includes creating a portfolio of “threshold size,” Partner Derek Senft told PE Hub Canada.
3 min read · 07 June 2018
Dentalcorp Health Services ULC, a Toronto-based network of general and specialist dental clinics, has closed a debt financing of nearly $1.2 billion (US$908 million). The company said it will use the deal's proceeds to refinance debt facilities and support its growth agenda. Dentalcorp last month raised a significant, undisclosed investment from L Catterton, a U.S. consumer private equity firm. Imperial Capital Group, a Canadian private equity firm, and OPTrust Private Markets Group, which have together backed the company since 2014, continue to hold stakes.
2 min read · 07 June 2018
Desjardins Capital and Siparex Group, a French private equity firm, have launched their previously announced Transatlantic partnership, raising an initial $120 million for a jointly managed fund. Bpifrance, Capital régional et coopératif Desjardins (CRCD) and Export Development Canada (EDC) have signed on as sponsors. The Transatlantic Fund will invest in French and Québec small and mid-sized businesses, facilitating North American opportunities for the former and European opportunities for the latter. Portfolio companies will be able to tap into support systems and networks on both sides of the Atlantic.
6 min read · 07 June 2018
Australia's IFM Investors and British Columbia Investment Management Corp (BCI) have agreed to invest in GCT Global Container Terminals Inc (GCT), a Vancouver-based operator of four marine container terminals in Canada and the United States. No financial terms were disclosed for the deal, which will see IFM and BCI respectively hold 37.5 percent and 25 percent interests. They join existing GTI backer Ontario Teachers' Pension Plan, which will continue to hold a 37.5 percent interest. Founded in 2007, GTI is led by President and CEO Doron Grosman. In 2016, Reuters reported Ontario Teachers' was exploring potential deals, including the sale of a significant equity stake.
3 min read · 07 June 2018
Battery Ventures, a U.S. technology investment firm, has agreed to acquire Thetford Mines, Québec-based LDetek, a maker of gas chromatography instruments and online analyzers, for its Process Sensing Technologies' (PST) platform. No financial terms were disclosed. LDetek was founded in 2009 by President Louis Paradis and CTO Dany Gagné. They will continue to lead the company with the acquisition's close. U.K.-based Process Sensing Technologies is a provider of instruments and analyzers for precision measurements. Battery invested in the business in 2017.
3 min read · 07 June 2018
Canadian private equity firm Clairvest Group has sold its interest in MAG DS Corp (MAG Aerospace), a Fairfax, Virginia-based provider of operations, training and technical services and other specialty aviation enabling real-time situational awareness. No financial terms were disclosed for the deal, which saw MAG go to New Mountain Capital, a U.S. private equity firm. Clairvest, which acquired a minority stake in the company in 2013, said it realized cash proceeds equal to about US$110 million, representing 8.2 times invested capital. CEO Joe Fluet said Clairvest helped MAG grow "from a small, emerging company to a market leader in less than five years."
3 min read · 07 June 2018
Pinnacle Renewable Holdings Inc (TSX: PL), a Richmond, British Columbia-based industrial wood pellet maker and distributor, has launched a secondary offering of common shares. The sellers, which include ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, are expected to realize proceeds of about $50 million or $57.5 million if the greenshoe option is exercised in full. As a result, ONCAP, which made a majority investment in Pinnacle in 2011, will reduce its stake to about 33.1 percent, assuming no exercise of the greenshoe option. Pinnacle went public in February, raising $172 million.
3 min read · 06 June 2018
Canadian private equity firm Yaletown Partners has held a first close of its emerging-growth technology fund at more than $100 million. As reported by PE Hub Canada in December, the firm is also increasing the target for Yaletown Innovation Growth Fund (IGF) to $200 million from $135 million. IGF's initial close secured capital commitments from domestic and global institutional investors, including OPTrust, BDC Capital, Alberta Enterprise Corp, Kensington Venture Fund and BC Tech Fund, as well as family offices and wealthy individuals. IGF has already led or co-led financings of Finn.ai, ThoughtWire and Circle Cardiovascular Imaging.
3 min read · 06 June 2018
Canadian steelmaker Stelco Inc (TSX: STLC) has acquired thousands of acres of lands owned by Legacy Lands LP for about $114 million. The properties are where the company conducts its operations in Hamilton and Nanticoke, Ontario, including lands in Hamilton that contain the Hamilton Works blast furnace and cast houses, as well as developable lands and port facilities. Stelco said the deal provides for greater operational flexibility and will allow it to grow the core business now and in the future. Stelco, which went public last year, raising $230 million, is majority owned by U.S. private equity group Bedrock Industries.
3 min read · 05 June 2018
U.S. private equity firm Gores Group has sold Millennium1 Solutions, a Toronto-based business process outsourcing solutions provider, to Dimension Data plc, a South African information and communications technology services and solutions business. No financial terms were disclosed. Millennium provides contact centre, credit card, and back office and administration services to Canadian customers in the financial services, insurance and retail sectors. It will be combined with Merchants, Dimension Data's customer management outsourcing solutions affiliate. Gores Group acquired Millennium in 2013, carving it out of Canadian financial technology company DH Corp.
3 min read · 05 June 2018
