Private Equity
Toronto-based mining company Centerra Gold Inc (TSX: CG) has agreed to sell the precious metals royalty portfolio and Kemess project silver stream of AuRico Metals Inc to Triple Flag Mining Finance Ltd. Triple Flag will pay about $256 million (US$200 million) for the assets. Centerra, which bought AuRico in January, said the deal provides the company with significant cash proceeds for enhancing its balance sheet and helping fund its growth development pipeline. Based in Toronto, Triple Flag targets streaming and royalty investments in the mining sector with the backing of Elliott Management Corp, a U.S. hedge fund manager.
3 min read · 17 May 2018
Conifex Timber Inc (TSX: CFF) has agreed to acquire BW Group, which holds interests in the Suwannee sawmill in Cross City, Florida and the Caddo River sawmill in Glenwood, Arkansas. The deal is valued at about $258 million (US$200 million) in cash and shares. The businesses under the umbrella of BW Group are majority owned by Blue Wolf Capital Partners, a U.S. private equity firm. With the deal's close, expected in the second quarter, Blue Wolf will become an investor in Conifex, a Vancouver-based manufacturer and seller of lumber products. Blue Wolf Partner Charles Miller and Strategic Advisor George Judd will join the company's board.
7 min read · 17 May 2018
Access, a U.S. records and information management services provider, has acquired six Canadian records management companies operating together as Innovative Records Systems Corp. No financial terms were disclosed. The companies are BCRM Services Ltd, Calgary Archives Corp, Crown Enterprises Ltd, Phoenix Recycling Inc, FileBank Record Centre Ltd and Docu Guard Ltd. Access said the deal expands its North American operations with locations in nine Canadian cities servicing more than 20 domestic markets. Woburn, Massachusetts-based Access is backed by Berkshire Partners and GI Partners.
3 min read · 17 May 2018
Canadian specialty finance firm Crown Capital Partners has provided a $25 million term loan to Persta Resources Inc, a Calgary-based oil and gas company. Established in 2005, Persta explores, develops, produces and acquires liquid-rich gas and light crude oil assets in the Western Canadian Sedimentary Basin. It holds about 120,000 net acres of land and currently produces about 3,100 barrels of oil equivalent production per day, the bulk of which is natural gas. The company, led by President and CEO Le Bo, will use the loan's proceeds for capital expenditures and to reduce its senior debt facility.
3 min read · 17 May 2018
U.S. mining private equity firm Resource Capital Funds (RCF) has agreed to acquire 100 million shares of Canadian Zinc Corp (TSX: CZN), a Vancouver-based mining company, generating proceeds of $20 million. RCF will also be issued 50 million warrants, generating an additional $12.5 million. Canadian Zinc said the proceeds will be used to repay a bridge loan and develop its Prairie Creek zinc-lead-silver project in the Northwest Territories, among other priorities. RCF's interest in Canadian Zinc will grow to as much as 48.5 percent as a result of the deal. The company also announced the appointment of Don MacDonald as president and eventually CEO.
6 min read · 15 May 2018
Innergex Renewable Energy Inc (TSX: INE) has acquired Ledcor Power Group Ltd’s 33.3 percent interest in Creek Power Inc, which holds three hydro facilities located in British Columbia. No financial terms were disclosed. The facilities are Fitzsimmons Creek, Boulder Creek and Upper Lillooet River. Innergex already owned 67.7 percent of Creek Power as well as all the preferred equity for an amount of $98.4 million. Based in Longueuil, Québec, Innergex is a developer, acquirer and operator of hydroelectric facilities, wind farms, solar farms, and geothermal power plants. It is backed by Caisse de dépôt et placement du Québec.
2 min read · 15 May 2018
U.S. cannabis private equity firm Gotham Green Partners (GGP) has invested US$50 million in iAnthus Capital Holdings Inc, a Canadian listed owner and operator of U.S. licensed cannabis cultivation, processing and dispensary facilities. The company, which is based in New York, said it will use the deal's proceeds to recapitalize its balance sheet with long-term debt, fund its key operations, especially in New York and Florida, and pursue strategic acquisitions. Founded in 2014, iAnthus is led by CEO Hadley Ford.
5 min read · 14 May 2018
Eddyfi Technologies has acquired M2M, a Paris-based developer and maker of phased array ultrasonic testing (PAUT) equipment for non-destructive testing (NDT). No financial terms were disclosed. Eddyfi, a Québec City-based company that specializes in advanced NDT inspection technologies, said the deal will facilitate its entry into the PAUT market as well as its expansion in China, where M2M has operations. Last year, Caisse de dépôt et placement du Québec invested $36.5 million in Eddyfi to support the company’s growth through overseas acquisitions.
3 min read · 14 May 2018
Toronto private equity firm Area One Farms is raising two funds to expand its business of partnering with Canadian farmers, President and CEO Joelle Faulkner told Buyouts. Area One Farms Fund IV is targeting $250 million from institutions, with room to raise around $100 million more. Area One Farms Fund V is aimed at Canadian individuals and structured as a permanent-capital vehicle, with liquidity options starting in year five. It will seek $50 million to $100 million.
2 min read · 14 May 2018
Toronto-based beauty company Marc Anthony Cosmetics Inc has hired advisors to run an initial public offering in Canada, according to a report by Bloomberg. Sources told Bloomberg the company is looking to raise as much as $250 million (US$196 million) in an IPO that could be filed as early as this week. Founded in 1995 by hair stylist Marc Anthony Venere, Marc Anthony develops, markets and distributes hair care and body care products in more than 25 countries. It was acquired in 2016 by U.S. private equity firm TA Associates. Bloomberg said the purchase price was about $230 million.
1 min read · 14 May 2018
