Private Equity
Canadian alternative investment firm Brookfield Asset Management made a US$3.3 billion approach for Australian hospital group Healthscope, trumping a local buyout proposal and sending shares of the target up to a two-year high, Reuters reported. The approach, disclosed by Healthscope in a statement, sets the scene for a takeover battle for the No. 2 Australian private hospital operator which has seen its shares slide due to high debt and a shift back to public health services after a scandal in the private sector. New Australian private equity player BGH Capital made an approach worth US$3.1 billion on April 26.
3 min read · 14 May 2018
Acasta Enterprises Inc (TSX: AEF) has agreed to sell JemPak Corp, a Concord, Ontario-based maker and distributor of store-brand laundry and dish-cleaning products. Acasta agreed to sell JemPak to the Canadian affiliate of Henkel AG & Co KGaA, a German chemical and consumer goods company, for $118 million on a cash-free and debt-free basis. Acasta acquired the company last year. At the time of the deal's announcement in late 2016, the Canadian special purpose acquisition corporation (SPAC) said it would buy JemPak for about $135 million in cash and stock. The sale's proceeds will be used to pay down Acasta's debt.
2 min read · 11 May 2018
Metro Supply Chain Group (Metro SCG) has acquired Total E-com Home Delivery Inc, a Toronto-based delivery company that specializes in "big and bulky" online retail purchases. No financial terms were disclosed. Metro SCG is a Montréal-based provider of third-party logistics services and supply chain solutions in North America and Europe. It is backed by Caisse de dépôt et placement du Québec. The Caisse invested last month to support the company's growth, notably through acquisitions.
2 min read · 10 May 2018
Imperial Capital Group more than tripled the money it put into Dental Corp of Canada following L Catterton’s investment in the company, a person with knowledge of the matter told PE Hub Canada. Dentalcorp, Canada’s largest network of dental clinics, last week said it raised a significant investment from L Catterton. Terms weren’t disclosed. The deal generated 3.5 x Imperial’s nearly four-year investment, which translates into an IRR of 50 percent, the source said.
3 min read · 10 May 2018
OMERS Private Equity (OPE) has agreed to acquire Alexander Mann Solutions, a London-based provider of talent acquisition and management services. The deal, expected to close in the second quarter, is valued at £820 million (US$1.1 billion). The seller is U.S. alternative investment firm New Mountain Capital, which bought the company in 2013. Established in 1996, Alexander Mann serves more than 100 clients across seven industries in over 85 countries. OPE said it will support deepening and expanding the company's sector and geographic focus, invest in technology, and back Alexander Mann's consolidation strategy.
3 min read · 10 May 2018
Ben-Mor, a Sainte-Hyacinthe, Québec-based sling and cable assembly manufacturer, recently acquired two Canadian companies operating in the lifting equipment sector. The companies are Winnipeg-based Saturn Industries Ltd and Roughrider Rigging Ltd, which has facilities in Saskatoon and Regina. No financial terms were released. Both acquisitions were backed by BDC Capital's Growth and Transition Capital division. BDC provided an undisclosed unitranche financing solution, which combines different types of secured and unsecured debt. Founded in 1992, Ben-Mor is led by President and CEO Benoît Frappier.
3 min read · 10 May 2018
Canadian Tire Corp will buy Norway-based Helly Hansen for $985 million, the diversified retailer said on Thursday, as it expands its sportswear business, Reuters reported. The deal is expected to close in the third quarter. Oslo-based Helly Hansen, currently owned by Ontario Teachers’ Pension Plan, sells a range of apparel used in sailing, skiing, mountaineering and hiking at its own stores as well as retailers such as Nordstrom. Ontario Teachers’ acquired a majority stake in the business in 2012.
2 min read · 10 May 2018
Enbridge Inc has received higher-than-expected bids for the Canadian midstream assets it is selling as part of its debt-reduction efforts, with initial bids valuing the portfolio as high as $4.5 billion, sources told Reuters. Keyera Corp, Pembina Pipeline Corp and Husky Energy Inc’s midstream unit are among suitors that placed preliminary bids ahead of a recent deadline. Wolf Midstream Inc, backed by Canadian Pension Plan Investment Board, has made a bid for some of the assets on offer, and Inter Pipeline and KKR & Co were also said to be interested.
2 min read · 09 May 2018
Canada Pension Plan Investment Board (CPPIB) has partnered with Singapore sovereign wealth fund GIC to acquire a prime office building in Seoul, South Korea for about $492 million (US$380 million). The property, Kumho Asiana Main Tower, is being sold by Kumho Asiana Group, parent of Asiana Airlines. CPPIB and GIC will each own a 50 percent stake in the property, which will be managed by DWS. Jimmy Phua, a managing director and head of real estate Asia at CPPIB, said the deal is an opportunity to invest in one of Asia's largest office markets.
3 min read · 09 May 2018
Canadian pipeline operator Enbridge Inc will sell a U.S. gas pipelines business and part of its renewable energy assets for a total of about $3.2 billion (US$2.5 billion) as it seeks to shed secondary assets and reduce its massive debt load, Reuters reported. Enbridge said it had sealed a $1.75 billion agreement with Canada Pension Plan Investment Board to sell a 49 percent stake in wind and solar power assets in North America and Germany. It will also sell Midcoast Operating LP, its U.S. gas pipelines unit, to an affiliate of U.S. private equity firm ArcLight Capital Partners for US$1.12 billion.
3 min read · 09 May 2018
