Private Equity
Canadian alternative equity firm Alaris Royalty Corp has invested $18.8 million (US$15 million) in Heritage Restoration Holdings LLC, a Rockland, Massachusetts-based specialty construction business focused on masonry restoration and maintenance. The deal, which facilitated a management buyout of the existing shareholder, entitles Alaris to an annual distribution of $2.81 million (US$2.25 million). Alaris made the investment in Heritage through its Small Cap Investments division, established in 2015 to invest up to $20 million in private mid-market companies.
4 min read · 23 January 2018
Deschênes Group Inc has closed its acquisition of Corix Water Products, a water and wastewater products division of Corix Infrastructure Inc. No financial terms were disclosed for the deal, which was announced last year. Montréal's Deschênes, a wholesale distributor to the plumbing, heating, electrical, waterworks, fire protection, HVAC-R and auto parts markets, said the buy adds a new line of business and grows its geographic footprint. Corix Infrastructure, a Vancouver-based provider of utility infrastructure solutions, is owned by British Columbia Investment Management Corp (bcIMC).
3 min read · 23 January 2018
Experiential marketing agency Impact XM has acquired the software platform and related assets of Endo Networks Inc, a Toronto-based developer of sales force automation systems. No financial terms were released. Dayton, New Jersey-based Impact XM said the acquisition resulted in the launch of a new product, XM-IQ, a digital attendee engagement platform that helps marketers obtain better results from trade shows, conferences and activations. Impact XM has been a portfolio company of U.S. private equity firm AGI Partners since 2015.
3 min read · 23 January 2018
The private equity group of Brookfield Asset Management and Great Canadian Gaming Corp (TSX: GC) have closed their buy of gaming assets in the Greater Toronto Area. The deal, announced last August, had a $170 million purchase price. Ontario Lottery and Gaming Corp awarded the gaming assets, which accounted for gross revenue of more than $1 billion in 2016. Ontario Gaming GTA LP, a partnership formed by Brookfield and Great Canadian, is entitled to run the facilities for a minimum of 22 years. It plans to "undertake an ambitious growth strategy" that is expected to include enhanced gaming offerings and property expansions.
3 min read · 23 January 2018
Calgary, Alberta-based Candre Cannabis, which is becoming a licensed medical cannabis producer, has closed a partnership with an unnamed Canadian private equity firm. According to the deal's terms, the private equity firm has acquired common equity in Candre for an undisclosed sum. Also, the investor has provided Candre with access to initial financing for its development plans and will provide strategic advice and facilitate other business development efforts related to the production, distribution and sale of cannabis. The investor also has an option to increase its share to 50 percent of the voting equity in Candre.
2 min read · 22 January 2018
Intellectual Technology Inc (ITI) has acquired Solutions Thru Software, a Medicine Hat, Alberta- and Henderson, Nevada-based provider of driver’s license knowledge testing software. No financial terms were disclosed. ITI said the deal expands its product offering and distribution capabilities for motor vehicle agencies and broadens its overall automated solutions offering. Based in Carlsbad, California, ITI was acquired by U.S. private equity firm Vicente Capital Partners in 2012.
3 min read · 22 January 2018
Napec Inc (TSX: NPC), which in December agreed to be bought by Oaktree Capital Management, has agreed to acquire the assets of H.T. Sweeney & Son Inc (HTS), a Brookhaven, Pennsylvania-based heavy civil construction business. The deal, expected to close next month, will see Napec buy HTS for US$18 million, subject to adjustments. Napec, a Drummondville, Québec-based provider of construction and maintenance services to the public utility and heavy industrial markets, said the acquisition will allow it to vertically integrate its heavy civil services. Oaktree said it would buy Napec for about $320 million. The deal expected to close in Q1 2018.
3 min read · 22 January 2018
For Canada’s private equity market, 2017 was the most active year in a decade. While the vast majority of deals were mid-market in nature, the headlines focused on a handful of large-caps. They included last year’s proposed buy of Husky IMS International by Platinum Equity and the completed buy of DH Corp by Vista Equity Partners, the two biggest Canadian PE deals since 2014. They helped Canada’s top 10 private-equity deals in 2017 together account for disclosed values of more than $22 billion. That's up 88 percent from the $11.7 billion captured by the top 10 deals in 2016.
3 min read · 22 January 2018
Canada Pension Plan Investment Board (CPPIB) has agreed to acquire a 6.3 percent stake in ReNew Power Ventures Pvt Ltd, an Indian renewable energy developer and operator. The interest is being bought by CPPIB from Asian Development Bank for US$144 million. Founded in 2011 and based in Gurgaon, ReNew Power has capacity diversified across wind, utility-scale solar and rooftop solar power-producing assets. As of September 2017, CPPIB had $6.1 billion invested in India.
3 min read · 22 January 2018
Bridging Finance has officially launched a private debt fund earmarked for infrastructure and consolidation deal opportunities in the cannabis sector. Beginning today, Bridging Infrastructure Fund LP will be marketed to retail and institutional investors. Bridging also said that it has entered into a partnership with MJardin Group, a U.S. cannabis consulting and management firm, to act as a strategic operating partner, assisting potential borrowers and managing fund investments. Based in Toronto, Bridging is a provider of alternative financing to mid-market companies.
3 min read · 19 January 2018
