Private Equity
SloanLED, a U.S. applied light technology solutions company, has acquired Litecorr, a Mississauga, Ontario-based developer and turnkey solutions provider of LED lighting, video screens and POS products. No financial terms were disclosed. The companies, which will continue to operate independently, said their combination will address customer demands for end-to-end sign and lighting systems solutions. Ventura, California-based SloanLED was acquired in 2015 by Baird Capital, the private investment arm of U.S. financial services firm Robert W. Baird & Co.
4 min read · 27 February 2018
Patron Technology has acquired Greencopper, a Montréal-based provider of mobile and web technologies for live events. No financial terms were disclosed. Founded in 2009 by CEO Gwenaël Le Bodic, Greencopper provides digital solutions for more than 300 events in over 25 countries every year. Patron, a New York-based ticketing and event experience software company, said the deal will help its clients "create deeper and more profitable relationships with their ticket buyers, fans and supporters." Patron last year raised a majority investment from the growth equity affiliate of U.S. private equity firm Providence Equity Partners.
3 min read · 26 February 2018
Vancouver-based gaming company Gateway Casinos & Entertainment Ltd plans to raise a new senior secured credit facility from a syndicate of lenders. Included in the financing will be a US$305 million first-lien secured term loan facility and an up to $150 million senior secured revolving facility with a sub-limit of US$25 million. The 2018 facility will be used to refinance the company’s senior debt. In conjunction with this transaction, Gateway, a portfolio company of Canadian private equity firm Catalyst Capital Group, agreed to a sale-and-leaseback deal involving three casino properties.
6 min read · 26 February 2018
Western Investment Co of Canada and co-investor ATB Capital have agreed to buy a stake in Foothills Creamery Ltd, a Calgary-based producer of dairy products, including butter and ice cream. The purchase price of $27.6 million will be settled in cash, debt funding, and a performance-based earn-out. As a result of the deal, slated to close this week, Western and ATB will own 50 percent of the company, with Foothills Founder and CEO Don Bayrack holding the rest. Western, a Canadian private equity firm, said the deal will support Foothills' growth. ATB Capital is the $100 million private equity fund of Alberta financial institution ATB Financial.
3 min read · 26 February 2018
Canadian gaming company Gateway Casinos & Entertainment Ltd has agreed to a sale-and-leaseback deal involving three casino properties in the Vancouver region. Under the agreement's terms, an affiliate of Chicago financial services firm Mesirow Financial will become the landlord of the properties for more than $500 million. Several of Gateway’s subsidiaries have entered into leases for each of the properties and will continue to operate the casinos. With the deal's close, expected in March, the company will see net proceeds of $483 million. Vancouver-based Gateway has been owned since 2010 by Canadian private equity firm Catalyst Capital Group.
6 min read · 26 February 2018
At least two Australian pension funds and one Canadian fund are participating in competing groups bidding for a majority stake in one of Australia’s largest infrastructure projects, people with knowledge of the sale told Reuters. Australia’s New South Wales government is trying to sell a 51 percent stake in Sydney Motorway Corp, the company building the A$16.8 billion (US$13.2 billion) WestConnex project, which links Sydney’s centre with its fast-growing western suburbs. Sources said local pension funds IFM Investors and AustralianSuper and Canada’s Caisse de dépôt et placement du Québec were each part of separate consortia bidding for the stake. The unfinished 33-kilometre road will be built in three stages and is the largest transport project since the Sydney Harbour Bridge, which was completed in 1932.
2 min read · 26 February 2018
Canadian mining company Lundin Gold Inc (TSX: LUG) has launched a US$400 million private placement financing that will complete funding requirements for its Fruta del Norte gold project in Ecuador. The deal's investors include Australia's Newcrest Mining Ltd, U.S. mining private equity firm Orion Mine Finance Group, Zebra Holdings and Lundin Family Trusts. Newcrest will invest US$250 million, giving the company ownership of 27.1 percent of Lundin’s outstanding shares, while Orion will account for US$100 million, giving it an 11.4 percent stake. Vancouver-based Lundin acquired the Ecuadorian project in 2014 as part of a US$240 million transaction.
5 min read · 26 February 2018
Brookfield Energia Renovável SA, a Brazil-based unit of Canada’s Brookfield Asset Management, abandoned a plan to make a capital injection of 1.4 billion reais in Brazil’s Renova Energia SA, which would give it a controlling stake in the company, Reuters reported. According to a Renova securities filing, Brookfield Energia Renovável SA changed its proposal and now is offering only to buy a large wind power complex and other power generation assets held by the Brazilian company. Brookfield is offering 650 million reais (US$200.78 million) plus an earn-out value of 150 million reais to buy the Alto Sertão III wind power complex. It is also offering to buy other wind projects under development for 187,000 reais per megawatt of installed capacity. Renova said it is evaluating the new proposal.
1 min read · 26 February 2018
Canadian private equity firm TorQuest Partners has acquired a "significant" minority interest in A&W Food Services of Canada Inc, a Vancouver-based developer and franchiser of quick-service restaurants in Canada. No financial terms were disclosed for the deal, which saw TorQuest acquire the stake from several A&W of Canada Inc shareholders. As a result, TorQuest Partner Michael Hollend and Managing Partner Eric Berke have joined the board. The deal is part of a reorganization, intended to realize liquidity for some of A&W of Canada's long-standing investors. TorQuest is currently investing from TorQuest Partners Fund IV, which raised $925 million in 2016.
3 min read · 23 February 2018
Mavis Discount Tire, a Millwood, New York-based tire retailer and wholesaler, has agreed to merge with Express Oil Change & Tire Engineers, a Birmingham, Alabama-based provider of car care solutions. No financial terms were disclosed. With the deal, ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, is selling its interest in Mavis, acquired in 2014, to Express backer Golden Gate Capital. The Sorbaro family, which partnered with ONCAP in a Mavis add-on acquisition in 2015, will lead the new U.S. automotive service platform. The deal is expected to close in 2018's first half. Mavis is also backed by Canadian private equity firm Penfund.
5 min read · 23 February 2018
