Private Equity
GrafTech International Ltd, an Independence, Ohio-based producer of graphite material solutions, has registered with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. The IPO, which has not yet been priced, will allow Brookfield Business Partners (BBP), GrafTech's sole shareholder, to sell shares. BBP is the listed affiliate of Toronto-based Brookfield Asset Management's private equity group, which acquired GrafTech for about US$840 million in 2015.
2 min read · 19 January 2018
Canadian alternative investment firm Brookfield Asset Management and Canadian private equity firm Onex Corp are preparing a bid for IWG Plc that will value the company at about 2.7 billion pounds (US$3.7 billion), according to a report by Bloomberg. Based in Zug, Switzerland, IWG is a provider of flexible workplaces with close to 3,000 locations in more than 100 countries. Last month, IWG said that Brookfield and Onex had together made an "indicative proposal" to potentially acquire the business. No financial terms were disclosed.
1 min read · 18 January 2018
Ottawa-based diversified engineering company McIntosh Perry Consulting Engineers Ltd has acquired ARA Engineering Ltd, a provider of transportation infrastructure engineering consulting services based in Calgary. No financial terms were disclosed. The deal was supported with an investment from Canadian private equity firm Signal Hill Equity Partners, which has backed McIntosh Perry since 2016. James Johnson, managing partner of Signal Hill, said the buy supplements the company's infrastructure engineering capabilities in Western Canada as it continues to expand across the Canadian industry.
3 min read · 18 January 2018
Sagard Holdings, an investment arm of Power Corp, has raised about $325 million (US$260 million) in the first close of a debut credit fund managed by former members of Canada Pension Plan Investment Board’s private debt group. Sagard Credit Partners LP, earmarked for loans to North American mid-market companies, secured more than half of its $625 million (US$500 million) target in the initial close. It is expected to wrap up by the end of 2018, Sagard Managing Partner and CIO Adam Vigna told PE Hub Canada. SCP, Sagard’s first fund marketed to third-party investors, was anchored by Canadian limited partners.
3 min read · 18 January 2018
Westinghouse Electric Co LLC, Toshiba Corp’s nuclear services business, has made an agreement with its creditors that will clear the company’s path out of bankruptcy, sources told Reuters. The deal will divvy up cash from the US$4.6 billion ($5.7 billion) proposed sale of Westinghouse to Brookfield Business Partners, an affiliate of Canada’s Brookfield Asset Management. As part of the agreement, Toshiba will sell its claims to a group of hedge funds led by the Baupost Group, making the group the biggest creditor in the case, the sources said. The claims sale helps avoid fights among creditors that threatened to slow down the case. Toshiba subsequently confirmed that it had struck a deal with the Baupost-led consortium.
2 min read · 17 January 2018
Razor Energy Corp (TSX-V: RZE), a Calgary junior oil and gas company, has secured an increase of $15 million in its non-revolving term loan facility from Alberta Investment Management Corp (AIMCo). The increase brings the facility to $45 million in total. Razor, which is focused on acquiring and enhancing producing properties located in Alberta, said it will use the proceeds for its development program and other priorities. AIMCo, which entered into a financing partnership with Razor in 2017, was issued additional common shares as a result of the deal.
4 min read · 17 January 2018
Canadian specialty finance firm Crown Capital Partners has supplied a $33 million loan to Baylin Technologies Inc (TSX: BYL), a Toronto-based provider of wireless antenna solutions. The loan was syndicated with Crown limited partners Portland Investment Counsel and Nicola Wealth Management. It will support Baylin's acquisition of the radio frequency, terrestrial microwave and antenna equipment units of Advantech Wireless Inc, a Montréal-based wireless broadband communications company. In a separate release, Baylin said the deal reflects an upfront purchase price of $49 million.
3 min read · 17 January 2018
Toronto-based pharmaceutical company Scythian Biosciences Corp (TSX-V: SCYB) has increased the size of its bought deal offering to about $14.4 million, including the greenshoe option. Additional investors, including Canadian family office Serruya Private Equity and Canadian private equity firm Delavaco Group, will contribute. The company is raising a comparable amount from Canadian medical cannabis producer Aphria Inc. Scythian is focused on developing a cannabinoid-based combination drug therapy for the treatment of concussions and traumatic brain injury. It intends to use the deal's proceeds for working capital and other priorities.
4 min read · 17 January 2018
Canada Pension Plan Investment Board and Australian property and infrastructure firm Lendlease have launched an investment partnership focused on the United Kingdom's build-to-rent private rental sector. The partnership will target an initial £1.5 billion ($2.6 billion) to investments with Lendlease developing and managing the build-to-rent homes. An investment of £450 million has already been made in the next phase of new homes at a Lendlease development in London's Elephant and Castle. CPPIB will account for 80 percent of the deployment, with Lendlease investing the balance.
4 min read · 16 January 2018
N. Harris Computer Corp, an affiliate of Constellation Software Inc (TSX: CSU), has acquired Acceo Solutions Inc, a Montréal-based provider of software solutions and services in the fields of management, accounting, and e-business development. The purchase price was $250 million. Jeff Bender, CEO of Harris, said the deal will help build his company's presence in Québec. Founded in 1988, Acceo was acquired in 2012 by Capital régional et coopératif Desjardins, Fonds de solidarité FTQ and Investissement Québec from France's Gfi Informatique SA for $75 million. Constellation is a Toronto-based acquirer and builder of vertical-market software companies.
3 min read · 16 January 2018
