Canada

Brookfield raises $885 mln for debut infrastructure debt fund

Brookfield Asset Management has raised US$885 million ($1.1 billion) in the final close of its inaugural infrastructure debt fund, exceeding by 26 percent the fund's US$700 million target. Brookfield Infrastructure Debt Fund (BID), which invests mezzanine debt in core infrastructure assets primarily located in North America, as well as South America, Australia and Europe, was backed by pension funds, financial institutions and other investors. BID has already made about US$200 million in lending commitments to a portfolio of transportation, renewable power and energy assets. Toronto-based Brookfield is an alternative asset manager.

Onex Acquires Novacap's Laces Group

Onex Corporation has acquired Laces Group, a provider of home fashions operating under the Maytex and Banyo–Decolin brands, with offices in New York, Montreal, and China. The deal was made in partnership with Laces Group's current management team. The company has been backed by Fondaction and Novacap since 2014. Financial terms were not disclosed; however, the investment was made by ONCAP IV, Onex's US$1.1 billion fund.

Brookfield sells stake in ETC Transmission Holdings to China Southern Power Grid

Brookfield Infrastructure announced this week that it has come to an agreement to sell its 28 percent minority stake in ETC Transmission Holdings to China Southern Power Grid International for approximately US$1.3 billion. The deal is expected to close in the first half of 2018. Santander GCB and Scotiabank are serving as financial advisers to Brookfield Infrastructure while Goodmans LLP is providing legal advice. ETC Transmission Holdings is the parent company of Transelec, a Chilean power transmission company.

OTPP, Canyon Capital, PSP invest in SCI PH, parent of BWAY and Mauser

Stone Canyon Industries LLC said Dec. 27 that it has recapped its subsidiary SCI PH Inc, parent of BWAY and Mauser, and sold a chunk of the company to new minority investors Ontario Teachers' Pension Plan, Canyon Capital Advisors, the Public Sector Pension Investment Board and Arcadia Investment Partners LLC. The deal calls for issuing $850 million of series A preferred stock to Canyon Capital Advisors, PSP Investments and existing investors, as well as series B non-voting stock to OTPP, Arcadia and PSP. Proceeds from the offering will be used for general corporate purposes and making a distribution to existing equity holders. Stone Canyon acquired BWAY in 2016 from Platinum Equity for $2.4 billion. Stone Canyon this year then bought Mauser from Clayton, Dubilier & Rice for $2.3 billion.

MJardin closes $20 mln private placement

MJardin Group, a Denver and Toronto-based cannabis consultant, has raised $20 million in a private placement. According to the company, the capital infusion will be used to make acquisitions in the cannabis sector and for working capital. KES 7 Capital was the placement agent.

White Oak backs DW Healthcare Partners' SoClean buyout

White Oak Healthcare Finance LLC has provided a $60 million credit facility to support DW Healthcare Partners' acquisition of SoClean Inc. Based in an Oxford, Massachusetts, SoClean is a provider of sleep apnea cleaning solutions.

Caisse, PSP to buy minority stakes in engineering group Fives

Caisse de dépôt et placement du Québec and Public Sector Pension Investment Board (PSP Investments) have agreed to acquire minority stakes in French industrial engineering group Fives. No financial terms were disclosed; however, Reuters reported the deal values the business at about 1.5 billion euros (US$1.78 billion). The seller is French private equity firm Ardian, which bought into Fives in 2012. Ardian will continue as a minority shareholder, with control held by management. Fives designs and supplies engineered machines, process equipment and production lines. An affiliate, Fives Liné Machine Inc, is located in Granby, Québec.

Nevada Copper to raise $378 mln in recap, construction funding

Vancouver-based metals and mining company Nevada Copper Corp (TSX: NCU) has agreed to raise US$378 million in business recapitalization and construction financing for its Pumpkin Hollow project in Nevada. The funds will be supplied by Triple Flag Mining Finance, Pala Investments, Red Kite Mine Finance, Concord Resources and other investors. Pala, a Swiss private equity firm, will as a result grow its stake in the company to 54.8 percent of outstanding shares, and 72 percent if it discharges backstop obligations under the deal's equity offering. Nevada said the deal will create a stronger balance sheet and move Pumpkin Hollow to first production in 2019.

DWHP invests in CPAP cleaning device maker SoClean

DW Healthcare Partners (DWHP) has invested in SoClean Inc, an Oxford, Massachusetts provider of sleep apnea cleaning solutions. No financial terms were disclosed. Founded in 2011, SoClean offers a direct-to-consumer in-home cleaning device for CPAP equipment that improves health outcomes for people suffering from sleep apnea and other sleep disorders. It will use the partnership with DWHP to pursure an "aggressive growth strategy." DWHP, a Toronto-based healthcare private equity firm, earlier this year raised US$295 million for this fourth fund.

Caisse de dépôt invests $150 mln in insurer La Capitale

Caisse de dépôt et placement du Québec has provided $150 million in financing to La Capitale Financial Group, a Québec City-based mutual insurance company. The deal will support La Capitale's growth and strategic development plan. Founded in 1941, La Capitale, which oversees $6.4 billion in assets, operates in the personal and property and casualty insurance sectors. The Caisse has recently invested in a number of insurance companies, including U.K-based Hyperion Insurance Group, which secured over US$400 million from the pension fund this month.