Private Equity
Brookfield Asset Management‘s Public Securities Group (PSG) has closed its acquisition of Center Coast Capital Holdings LLC, a Houston-based energy infrastructure-focused investment firm. No financial terms were released. As part of the deal, Brookfield PSG also bought certain assets of New York-based Liberty Street Advisors and two of its affiliates. The units are third-party marketing and servicing agents of Center’s products to investment firms. Brookfield PSG and Coast announced the acquisitions in October.
5 min read · 05 February 2018
Agility Health Inc (TSX-V: AHI), a rehabilitation solutions provider, has agreed to sell 100 percent of its U.S.-based assets to an affiliate of Alliance Physical Therapy Partners LLC. The deal, which values Agility's U.S. operations at US$45 million, is expected to close this month. With the close, Alaris Royalty Corp, a Canadian alternative equity firm that invested in Grand Rapids, Michigan-based Agility in 2012, will receive gross proceeds of US$26.67 million. Agility's Canadian division is Medic Holdings Corp. Tampa, Florida-based Alliance, a network of physical therapy practices, is backed by U.S. private equity firm GPB Capital Holdings.
2 min read · 05 February 2018
As representation and warranty insurance (R&W) remains white-hot in the U.S. M&A mid-market, a number of additional underwriters have entered an increasingly competitive space. That, in turn, has spurred interesting developments in deal terms in both the United States and Canada in the past year. In a PE Hub Canada feature article, Torys LLP Partner Stefan Stauder and Senior Associate Meghan McKeever share their insights on some key North American trends from the last twelve months that they believe are worth keeping an eye on in 2018.
4 min read · 05 February 2018
Canada Pension Plan Investment Board announced the forthcoming departure of three senior executives, two of whom are retiring. Nick Zelenczuk, senior managing director and COO, who joined CPPIB in 2009, will retire effective May 31st. Graeme Eadie, who last year stepped back from his role as global head of real assets, will retire effective March 31st, but will stay on as an advisor. Eric Wetlaufer, senior managing director and global head of public market investments, who joined CPPIB in 2011, will also leave as of May 31st. CPPIB is conducting an assessment of potential successors.
3 min read · 05 February 2018
Deal-making in Canada’s buyout and private equity market was especially robust in 2017, according to final data released by Thomson Reuters. Last year, 360 deals captured $33.4 billion in disclosed values, up 91 percent from 2016 on a dollar basis. Additionally, 2017 was in dollar terms the second most-active year in the Canadian market on record, falling only slightly behind 2007. Domestic deal volume increased at a more moderate 15 percent from 2016, pointing to the key influence of large-cap transactions. Canadian PE investors were active in 121 global deals in 2017, up 17 percent year over year, though disclosed values for these deals fell 33 percent.
3 min read · 05 February 2018
The principals of Serruya Private Equity and Delavaco Capital will acquire a portion of Aphria Inc's (TSX: APH) stake in Liberty Health Sciences Inc, an investor and operator in the U.S. medical cannabis market. The buyers will initially acquire all of Aphria's shares in the company that are not subject to exchange escrow requirements over the next two and a half years. The shares are being sold for $1.25 per unit. The deal includes the potential for Serruya principals and Delavaco to buy additional Aphria-held shares. Liberty was launched in 2017 via a merger and a $60 million private placement backed by Aphria, a Canadian cannabis producer, as well as Serruya.
5 min read · 05 February 2018
Fairfax Financial Holdings has agreed to buy certain assets and assume certain liabilities of Carillion Canada Holdings Inc, an affiliate of U.K. construction giant Carillion PLC. No financial terms were disclosed for the deal, which is expected to close in Q1 2018. It will see Fairfax acquire Carillion Canada's services business relating to facilities management of airports, commercial and retail properties, defense facilities, select healthcare facilities, and on behalf of oil, gas and mining clients. Carillion Canada filed for creditor protection last month following the forced liquidation of its parent. Fairfax, a Toronto-based holding company, is led by billionaire Prem Watsa.
2 min read · 05 February 2018
Vertex Resource Group Ltd (TSX-V: VTX) has acquired the business of HMA Land Services, a Calgary-based provider of project management services to the energy industry. No financial terms were released. Vertex, a Sherwood Park, Alberta-based provider of environmental and industrial services, said the deal will strengthen the company's land consulting practice, with a focus on pipeline, utility and mineral land projects. Vertex, which acquired Sonic Oilfield Services Ltd in January, gained a public listing last year with the backing of Canadian energy private equity firm 32 Degrees Capital.
2 min read · 02 February 2018
GFL Environmental Inc has acquired the Canadian operations of Accuworx Inc, a Mississauga, Ontario-based provider of end-to-end environmental and industrial solutions to the private and public sectors. No financial terms were released for the deal, which includes Sure Horizon Environmental Inc, a Brampton, Ontario hazardous and liquid waste processing services specialist. GFL, a Toronto-based environmental services business, is backed by HPS Investment Partners, Macquarie Group and other investors. GFL is planning the 2018 launch of an initial public offering targeted to raise as much as $1 billion, Reuters reported in November.
3 min read · 02 February 2018
Blackstone Group LP President Tony James said on Thursday the future of the Thomson Reuters Financial and Risk (F&R) business is in data, not in selling terminal desktop products to traders, bankers and investors, Reuters reported. “The most valuable part of that business by far is the data part. The terminals are the legacy business for which people think of them but that’s not where the future of that company is,” said James. U.S. private equity firm Blackstone this week agreed to buy a majority stake in the F&R business of Thomson Reuters Corp in a US$20 billion deal.
2 min read · 01 February 2018
