Private Equity
Pacific Road Resources Funds, an Australian mining private equity firm, said it will exercise non-dilution rights to acquire additional equity in Vancouver-based mining company Equinox Gold Corp (TSX-V: EQX), formerly known as Trek Mining Inc. The deal will provide Equinox with proceeds of about $19.2 million and increase Pacific Road's interest in the business to about 10.1 percent of outstanding common shares. Pacific Road took the step as a result of the December formation of Equinox through the merger of Trek with NewCastle Gold Ltd and Anfield Gold Corp. The new entity’s current focus is bringing its Aurizona Gold Mine in Brazil to production.
3 min read · 16 January 2018
Cooper Equipment Rentals Ltd has acquired Modern Industrial Rentals (1978) Ltd, a construction and industrial equipment rental company based in Calgary. No financial terms were disclosed. Cooper, a Mississauga, Ontario-based provider of compact, aerial and heavy construction and industrial equipment, said the deal broadens its presence in Western Canada, and introduces it to Southern Alberta. Founded in 1972, Cooper today operates 30 rental locations across Canada. It was acquired by Canadian private equity firm SeaFort Capital in 2013.
2 min read · 16 January 2018
RNC Minerals is in talks with commodity traders, mine operators and financiers to help secure US$1 billion to build the world’s biggest nickel and cobalt project next year, Reuters reported. A global battery boom, driven by growing demand for electric cars, is pushing prices higher for such key ingredients as nickel and cobalt and encouraging miners to accelerate development plans. Conditions are right to build Dumont in Québec, said RNC. With 3.15 million tonnes of nickel sulphide and 126,000 tonnes of cobalt, it is the largest undeveloped reserve of both metals in the world, the Toronto-based company said. RNC owns 50-percent of Dumont with Canadian mining private equity firm Waterton Global Resource Management holding the remainder.
2 min read · 15 January 2018
Vancouver-based metals and mining company Nevada Copper Corp (TSX: NCU) has agreed to raise US$100 million of equity financing from institutional investors, including U.S. private equity firm Castlelake, which is committing US$35 million. The deal forms part of a US$378 million package of recapitalization and construction financing announced last month. As a result, Pala Investments, a Swiss private equity firm, will reduce its commitment to the package, while Castlelake will gain a 19.8 percent interest in the company and a seat on the board. The funds raised will support bringing Nevada's Pumpkin Hollow project to first production and related priorities.
3 min read · 12 January 2018
Toronto-based mineral exploration and development company Dalradian Resources Inc (TSX: DNA) has appointed Michael Barton to its board of directors. Barton is a portfolio manager at Orion Mine Finance Group, a U.S. mining private equity firm. Dalradian said last October that Orion had agreed to invest $50 million in the company, which is currently developing its Curraghinalt Gold Project in Northern Ireland. Before joining Orion in 2016, Barton was CEO of Swiss mining private equity firm Pala Investments.
3 min read · 12 January 2018
Canada Pension Plan Investment Board and Goldman Sachs Asset Management LP led an investment round of more than US$950 million for Enfoca, a Peruvian private equity firm, em>Reuters reported. CPPIB committed US$380 million to the investment. Goldman and three Peruvian pension funds also contributed to the funding. In a release, the parties said the secondary deal gives existing Enfoca limited partners a liquidity option and new limited partners an opportunity to invest in a portfolio of Peruvian mid-market companies. CPPIB's Michael Woolhouse said the pension fund's commitment increases its "overall investment in Latin America, one of our strategic focus regions.”
1 min read · 12 January 2018
9 Story Media Group has acquired Out of the Blue Enterprises, a New York-based provider of children’s educational media for TV, digital applications and consumer products. No financial terms were disclosed. 9 Story Media, a Toronto-based producer and distributor of kids- and family-focused intellectual property, said the deal broadens its development capabilities, increases its consumer products reach, and extends its U.S. presence. 9 Story Media is led by President and CEO Vince Commisso, who helped launch the company in 2002. It was acquired by Zelnick Media Capital (ZMC), a U.S. media and communications private equity firm, and others in 2014.
4 min read · 12 January 2018
U.S. private equity firm Energy Impact Partners (EIP) has invested in Clevest Solutions Inc, a Richmond, British Columbia-based provider of workforce management and smart grid operations software solutions for utilities. No financial terms were disclosed. Established in 2002, Clevest has to date served more than 220 electric, gas and water utility customers worldwide. Thomas Ligocki, the company's president and CEO, said the deal with EIP and its partners in the utility sector will help Clevest execute its global growth strategy. In 2015, Clevest raised a growth financing led by Accel-KKR and joined by Vancouver City Savings Credit Union.
3 min read · 11 January 2018
Canadian private investment firm Mill Street & Co has invested in Dfendus Security Solutions Inc, a Thornhill, Ontario-based designer, installer and manager of advanced security solutions. No financial terms were disclosed. Established last year by President and Founding Partner Dan Marston, a former Securitas Canada executive, Dfendus is pursuing a mid-market acquisition strategy. The partnership with Mill Street helped the company close its first buy, Inforce Security Corp, a Hamilton, Ontario-based provider of surveillance cameras, digital video recording solutions, intrusion alarms and other security systems.
3 min read · 11 January 2018
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired the Montréal-based property and casualty insurance book of business of Daniel Picard. No financial terms were released. Hub, a Chicago-based insurance brokerage, said the business will be folded into its Québec subsidiary. H&F bought the Canadian-born Hub five years ago from Apax Partners for about US$4.4 billion.
2 min read · 11 January 2018
