Private Equity
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired the shares of Elie, Manitoba-based Desilets Insurance Brokers Ltd, a provider of personal and commercial insurance and specializing in insurance solutions for the farming industry. No financial terms were disclosed. As a result of the deal, the Desilets' operations will become part of HUB Manitoba. Hub, a global insurance brokerage with significant operations in Canada, was bought by H&F for about US$4.4 billion in 2013. The company has its headquarters in Chicago.
2 min read · 07 March 2018
Axis Auto Finance has agreed to acquire Trend Financial Corp, a Toronto-based sub-prime automotive lender, for about $29.3 million in cash and shares. The deal is expected to close on or about April 2. Ilja Troitschanski, founder and president of Axis, an alternative auto financing firm also based in Toronto, said the acquisition will double the firm's portfolio of net finance assets to approximately $110 million. It was also announced by Axis that ECN Capital's Todd Hudson has been hired as CEO to lead the organization alongside Troitschanski.
8 min read · 07 March 2018
Canada’s private equity market rebounded in 2017, with $26.3 billion invested in more than 603 deals, up 90 percent compared to $13.8 billion invested the year before, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). Large-caps played a crucial role in 2017 trends, with the number of deals sized $500 million or more, such as the $4.8 billion buyout of DH Corp, doubling year over year and taking 60 percent of the total invested. The report found Canada's industrial-manufacturing sector accounting for the largest share of PE deals last year (19 percent), followed by the information technology sector (16 percent).
4 min read · 06 March 2018
Commercial knife sharpening company Cozzini Bros Inc has entered into a strategic partnership with Maestranzi Brothers Grinding & Supply LLC, a Harwood Heights, Illinois-based cutlery, sharpening services and food equipment machine repair business. No financial terms were disclosed for the deal, which will see the joint company operate under the Cozzini name. Cozzini, which is based in Des Plaines, Illinois, said the merger will strengthen its ability to respond to customer needs and provide additional services. Last year, Birch Hill Equity Partners acquired a majority stake in Cozzini, providing Audax Private Equity with an exit.
3 min read · 05 March 2018
Chevron Corp is exploring options including the sale of a minority stake in its Canadian liquefied natural gas project as it pushes ahead, sources told Reuters. Among the parties in talks with Chevron for a possible stake in Kitimat LNG are Petroliam Nasional Bhd, or Petronas, which scrapped its own US$36 billion LNG project in British Columbia last year due to challenging market conditions. Chevron is also considering selling a stake in the project to a financial investor such as a Canadian pension fund or a private equity firm. The B.C. project is a 50-50 joint venture with Australia’s Woodside Petroleum Ltd.
3 min read · 05 March 2018
Refresco Group NV, a Dutch bottler of beverages for retailers and branded players, said its shareholders have approved the proposed acquisition of the company by PAI Partners and British Columbia Investment Management Corp (bcIMC). The deal, announced last year, reflects a cash offer of about US$1.9 billion (EUR 1.6 billion) and is expected to close later this month. Refresco has conditionally appointed bcIMC Senior Vice President, Private Equity, Jim Pittman and Senior Portfolio Manager Julian Remedios, as well as PAI representatives, to its supervisory board.
3 min read · 05 March 2018
QuadReal Property Group, a real estate investment, development and management firm, has hired Jay Kwan as managing director, Europe, and Jameson Weber as global head of special situations. Kwan formerly held senior positions at TPG Real Estate, Grove International Partners and Soros Private Funds Management, while Weber held senior positions at Hightower, Oaktree Capital Management and Cerberus Capital Management. Vancouver's QuadReal was launched in 2016 by British Columbia Investment Management Corp (bcIMC) to oversee the pension fund's global real estate investment portfolio.
3 min read · 05 March 2018
Spin Master Corp (TSX: TOY) has agreed to acquire plush toy maker GUND from Enesco LLC, an Itasca, Illinois-based giftware, home and garden décor business. Spin Master, a Toronto-based children's entertainment company, agreed to pay about $102 million (US$79.1 million) for GUND in a deal expected to close on April 1. Ben Gadbois, Spin Master's global president and COO, said the acquisition will help diversify the company's product line and open up opportunities for broader distribution. Enesco is a portfolio investment of U.S. private equity firm Balmoral Funds. Balmoral acquired the company in 2015.
4 min read · 05 March 2018
BayMark Health Services has acquired Canadian Addiction Treatment Centres (CATC), a Markham, Ontario-based opioid addiction treatment provider. No financial terms were disclosed for the deal, which includes 72 opioid treatment programs, 19 pharmacies and a residential treatment centre. Lewisville, Texas-based BayMark said the deal brings its North American network of opioid addiction treatment service locations to 167. CATC will retain its name and management team, led by CEO Cam Crawford. BayMark is a portfolio company of U.S. private equity firm Webster Capital.
3 min read · 05 March 2018
Canadian private equity firm Acasta Enterprises has entered into an amending agreement to its US$150 million credit facility to facilitate the sale of Stellwagen Group Ltd, an Irish aviation finance advisory and asset management business. The agreement required that Acasta repay US$25 million to lenders by no later than March 1, 2018, the funding of which was to be derived from the sale. Stellwagen, which Acasta acquired last year, is being sold to Martello Finance Co Ltd in exchange for the cancellation of Acasta shares held by Martello and others plus US$35 million. Acasta will retain a US$47.4 million loan portfolio.
2 min read · 02 March 2018
