Private Equity
Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partners have agreed to take 55 percent of the units in an infrastructure investment trust backed by a subsidiary of India's Larsen & Toubro Ltd, Reuters reported. L&T Infrastructure Development Projects Ltd (IDPL) is scheduled to list on the market this week. CPPIB will invest US$154.68 million for its 30 percent stake in IDPL, it said in a joint statement with Allianz. Allianz Capital Partners, on behalf of Allianz insurance companies, will buy 25 percent of the units in its first direct investment in Asia.
2 min read · 09 May 2018
407 International Inc has agreed to issue $500 million in senior notes through the company's $1.8 billion medium-term notes program. A syndicate led by RBC Dominion Securities Inc and BMO Nesbitt Burns Inc will facilitate the deal. The proceeds will be used to fund a series reserve account, repay debt, and for other priorities. Woodbridge, Ontario's 407 International, the operator of toll highway Highway 407, is owned by Ferrovial SA, Canada Pension Plan Investment Board (CPPIB) and SNC-Lavalin. CPPIB struck a deal in 2010 to acquire its 40 percent interest.
2 min read · 08 May 2018
ReNew Power Ltd filed for an initial public offering this week that could raise more than US$1 billion in one of India’s biggest listings so far this year, Reuters reported. Goldman Sachs and Canada Pension Plan Investment Board are among the backers of the company, which has about 3,921 megawatts of operational wind and solar power generation capacity and another about 1,668 megawatts under development. ReNew, which in April agreed to buy Ostro Energy Private Ltd in one of India’s biggest renewable energy deals, said in a filing it plans to raise 26 billion rupees (US$387 million).
2 min read · 08 May 2018
Hudson’s Bay Co is working with investment bankers and consultants to identify deals and new measures to turn around its Lord & Taylor department store chain, once the cornerstone of its retail empire, sources told Reuters. The Canadian retailer has been working with investment bank PJ Solomon Co for advice on potential deals regarding its department store portfolio, and is also working with consulting firm AlixPartners LLP on cutting costs and reforming its business. Much of their focus has been on Lord & Taylor, which accounts for about one-tenth of Hudson’s Bay’s stores.
5 min read · 08 May 2018
Montréal-based telecommunications and media company Québecor Inc (TSX: QBR.A-B) has agreed to repurchase all of the share capital held in its media subsidiary by Caisse de dépôt et placement du Québec. The deal, which values the Caisse's 18.47 percent stake at $1.69 billion, completes a process begun in 2012. It gives Québecor 100 percent of the subsidiary. Caisse President and CEO Michael Sabia said the deal, expected to close in June, will allow the pension fund to re-allocate resources to new Québec investment opportunities. The Caisse will retain an interest in the business through Québecor's partial payment by way of convertible debentures.
6 min read · 08 May 2018
CGI Group Inc (TSX: GIB.A, NYSE: GIB) has agreed to purchase for cancellation about 3.6 million Class A subordinate voting shares held by Caisse de dépôt et placement du Québec. The deal, which prices shares at $75.06 per unit, has a value of $272.8 million. With the close, the Caisse will hold about 15.1 percent of total outstanding shares. Executive Vice President Christian Dubé, who oversees the Caisse's private equity portfolio in Québec, said the pension fund will remain one of CGI's main investors and continue to support the company's growth. Montréal-based CGI is an information technology and business consulting services provider.
3 min read · 08 May 2018
Javelin Technologies Inc, an Oakville, Ontario-based provider of 3D design engineering, data management and 3D printing, has merged with Cimetrix Solutions Inc, an Oshawa-based provider of additive manufacturing and laser scanning solutions. No financial terms were disclosed. The combined business, which will take Javelin's name and serve 6,000 customers in Canada, will be led by Javelin Managing Directors John Carlan and Ted Lee and Cimetrix President and CEO James Janeteas. Javelin, founded in 1997, also said Canadian private equity firm CAI Capital Partners has made an undisclosed investment in the company.
4 min read · 07 May 2018
Park Lawn Corp (TSX: PLC) has closed its acquisition of Signature Funeral and Cemetery Investments LLC, a Houston-based funeral and cemetery company, for about US$123 million in cash. PLC, a Toronto-based deathcare services provider, said the deal adds 9 cemeteries, 21 funeral homes and 5 crematoria across the United States to its portfolio. Signature Group's Brad Green, PLC's incoming president, said he is expecting further growth opportunities "both internally through integration and externally through acquisitions." Founded in 2011, Signature Group was acquired in 2013 by U.S. private equity firm JMH Capital Partners.
4 min read · 07 May 2018
Hub International Ltd has acquired the shares of Les Avantages Sociaux Delta Inc, operating as The dElta Group, a Montréal-based brokerage that provides support and actuarial services for group insurance and retirement plans, as well as human resources and disability management. No financial terms were disclosed. The dElta Group, founded in 1998 by Chairman Roger d'Eschambault, will join Hub Québec as a result. Hub, a Chicago-based insurance brokerage, was bought by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion in 2013.
3 min read · 07 May 2018
Canadian infrastructure investment firm Axium Infrastructure recently agreed to acquire Brooklyn Navy Yard Cogeneration Partners LP, owner of the Brooklyn Navy Yard cogeneration facility located in Brooklyn, New York. No financial terms were released. The seller is a power and energy infrastructure fund affiliated with Ares Management, a U.S. private equity firm. The Brooklyn Navy Yard facility is a 286 megawatt operating project that supplies electricity and steam to New York City. Based in Montréal, Axium has invested, or committed to invest, in a portfolio of more than 100 North American infrastructure assets since 2010.
3 min read · 07 May 2018
