Private Equity
Brazil’s antitrust watchdog Cade approved the sale of Ventos de Santo Estevao Holding, a wind energy company, to a joint venture between Votorantim Energia and Canada Pension Plan Investment Board, Reuters reported, citing the federal register. The wind company is owned by the Mario Araripe Group. CPPIB currently invests in government bonds, private sector securities and real estate in Brazil.
1 min read · 02 March 2018
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired the shares of GMS Insurance (SWO) Inc, a Kitchener, Ontario-based benefit consulting firm that services clients in Southwestern Ontario and Toronto. No financial terms were disclosed. Hub, a global insurance brokerage with significant operations in Canada, was bought by H&F for about US$4.4 billion in October 2013. The company has its headquarters in Chicago.
2 min read · 02 March 2018
Logistec Corp (TSX: LGT.A, LGT.B) has acquired Gulf Stream Marine Inc, a Houston-based marine terminal operator and cargo handling company. Logistec acquired the company's parent organization for about $83.9 million (US$65.7 million) in cash. The seller is U.S. private equity firm CapStreet Group, which recapitalized Gulf Stream in 2012. Logistec, a Montréal-based provider of cargo handling and port logistics services through facilities in eastern North America, said the deal expands its network of U.S. terminals and gives it a stronghold in the U.S. Gulf Coast region. Logistec is led by President and CEO Madeleine Paquin.
3 min read · 01 March 2018
Cayuse has bought Process Pathways Inc, a Calgary-based research administration software company with customers that support Canadian universities, colleges and health institutions. No financial terms were disclosed. Portland, Oregon-based Cayuse said the deal will extend its reach as a North American electronic research administration provider. Led by President Gordon McDonald, Process will continue to operate independently as a Cayuse affiliate. Cayuse was last year spun out of Evisions Inc as a standalone business owned by U.S. private equity firm Quad Partners.
2 min read · 01 March 2018
GFL Environmental Inc has acquired Smithrite Disposal and Carney's Waste Systems, both solid waste service providers operating in British Columbia. No financial terms were released. GFL, a Toronto-based environmental services company, said the deal will extend its existing solid and liquid waste operations in the province. Gordon Smith, president of Smithrite and Carney's and son of the original founders, will remain to continue building the combined entity. GFL, which is reportedly planning a 2018 initial public offering, is backed by HPS Investment Partners, Macquarie Group and Hawthorn Equity Partners.
2 min read · 01 March 2018
The three banks leading the US$13.5 billion-equivalent loan and bond financing backing U.S. private equity firm Blackstone Group’s acquisition of a majority stake in Thomson Reuters’ Financial and Risk (F&R) unit are set to sign more banks into the deal, Reuters reported. Around 21 senior banks are expected to join the deal, which is being led by JP Morgan, Bank of America Merrill Lynch and Citigroup, and is the biggest buyout financing since the financial crisis. The lead banks invited 23 banks to join at the next level and underwrite 28 percent of the deal. Banks making the biggest commitments after the leads are Wells Fargo, Morgan Stanley, Goldman Sachs and UBS, several sources said. There could be six or seven tiers of commitments.
3 min read · 01 March 2018
Canadian alternative equity firm Alaris Royalty Corp has earned about $23.5 million with the previously announced sale of the U.S. assets of portfolio company Agility Health Inc (TSX-V: AHI), a Grand Rapids, Michigan-based rehabilitation solutions provider. Alaris said it realized an internal rate of return of about 25 percent as a result. Agility's U.S. assets were sold to Alliance Physical Therapy Partners LLC, a portfolio company of GPB Capital Holdings, for US$45 million. In a separate release, Agility said its Canadian affiliate, Medic Holdings Corp, an operator of foot care clinics and maker of orthotics, will be its primary post-sale asset.
3 min read · 01 March 2018
U.S. private equity firm GI Partners has acquired a majority stake in Doxim Inc, a Markham, Ontario-based provider of customer engagement software-as-a-service solutions to the financial services industry, from Strattam Capital. No financial terms were disclosed for the deal, which will see Doxim's management team, led by CEO Chris Rasmussen, continue to hold a significant interest. Rasmussen said the new partnership with GI will help Doxim "build the foundation for our next phase of growth." Founded in 2000, Doxim has more than 1,700 bank, credit union and wealth management clients. It was acquired by Strattam, a U.S. private equity firm, in 2014.
4 min read · 01 March 2018
Vancouver-based copper mining company Coro Mining Corp has agreed to receive a US$5 million loan from Greenstone Resources, a U.K. metals and mining private equity firm and Coro's majority shareholder. The loan's proceeds will be used for working capital and Coro co-owned SCM Berta SA, which holds several mining assets in Chile. The company said the transaction will also allow it time to consider alternative scenarios relating to its assets and funding options. Greenstone led Coro's $16.2 mln private placement offering last year.
2 min read · 28 February 2018
Student Transportation Inc (TSX, Nasdaq: STB), a Wall, New Jersey-based provider of school transportation, safety and fleet services, has agreed to be acquired by a consortium led by Caisse de dépôt et placement du Québec and Ullico Inc. The consortium will buy all of the company's outstanding common shares not currently held by them for US$7.50 per unit. The deal is expected to close in the second quarter. The Caisse has invested in Student Transportation for 16 years, most of that time as its largest shareholder. The company's Canadian division is located in Barrie, Ontario.
6 min read · 28 February 2018
