Canada

ADW Capital opposes $248 mln sale of Imvescor to MTY

U.S. hedge fund ADW Capital Partners said it opposes the proposed sale of Imvescor Restaurant Group Inc (TSX: IRG) to MTY Food Group Inc (TSX: MTY), arguing the deal substantially undervalues the former. MTY earlier this month agreed to acquire Imvescor, which owns franchised and corporate stores under several brands, for $248 million. ADW, which owns approximately 14 percent of the outstanding shares of Imvescor, said the deal also fails to serve the company's growth potential. Another Imvescor investor, U.S. hedge fund Camac Partners, favours the acquisition. Both Imvescor and MTY are based in Montréal.

ATCO to buy Mexican dam from Conduit Capital for $114 mln

Canadian Utilities Ltd, an affiliate of ATCO Group, has agreed to buy Electricidad del Golfo, owner of a 35 megawatt hydroelectric power station in the state of Veracruz, Mexico. The acquisition, valued at about $114 million, including debt, is expected to close in the first quarter of 2018. The seller is Conduit Capital Partners, a U.S. energy infrastructure private equity firm. ATCO, a Calgary-based diversified holding company, said the deal develops its portfolio of electricity assets and reinforces its position in Mexico's energy market.

GreenSpace to buy Go Veggie, sign up Mill Road as investor

GreenSpace Brands Inc (TSX-V: JTR) has agreed to acquire the outstanding shares of Galaxy Nutritional Foods Inc, a North Kingstown, Rhode Island-based cheese company and owner of the Go Veggie brand. GreenSpace, a Canadian developer of natural food products, entered into a US$17.8 million deal to acquire the business, which will allow GreenSpace to launch its brands into the United States, CEO Matthew von Teichman said. The seller is U.S. private equity firm Mill Road Capital, which bought Go Veggie in 2009. As a result of the sale to GreenSpace, Mill Road will become the Toronto-based company's largest shareholder.

Ontario Teachers’ acquires Australian avocado producer

Ontario Teachers' Pension Plan has acquired Jasper Farms, an avocado harvester based in Busselton, Australia. No financial terms were disclosed; however, the Western Australian reported in October the deal is likely valued at about A$180 million ($176 million). Andrew Claerhout, senior managing director, infrastructure and natural resources, at Ontario Teachers', said the purchase of Jasper, one of Australia's largest avocado producers, is in line with the pension fund's focus on opportunities that meet the "growing global demand for food."

Serruya Private Equity to lead $30 mln funding of Isodiol

Isodiol International Inc said it is finalizing a private placement deal of up to $30 million. It will be led by existing backer Serruya Private Equity, which invests on behalf of Canada's Serruya family, and another institutional investor. Based in Vancouver, Isodiol is a developer and maker of raw ingredients and consumer products derived from cannabis. The funds raised will support the company's global growth and strategic initiatives. Isodiol, which this week announced an agreement to acquire Biosynthesis Pharma Group, a producer of industrial hemp, raised a $25 million financing from Alumnia Partners in August.

Solmax buys GSE Environmental from Littlejohn, SVPGlobal

Groupe Solmax has acquired GSE Environmental LLC, a Houston, Texas-based maker of geosynthetic lining products and services. No financial terms were disclosed. The sellers were U.S. private equity firms Littlejohn & Co and Strategic Value Partners, which acquired GSE in 2014. The acquisition by Solmax, a Montréal-based maker of polyethylene geomembranes for industrial and environmental applications, was backed by Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ. Solmax President Jean-Louis Vangeluwe said the deal creates a "true global industry leader" capable of leading and reshaping a highly fragmented market.

CPPIB joins Macquarie group bid for Petrobras pipelines: Reuters

At least three consortia, led by France’s Engie SA, Australia’s Macquarie Group Ltd and the United Arab Emirates’ sovereign wealth fund Mubadala Development Co, delivered proposals for a Brazilian gas pipeline network owned by state oil company Petrobras, sources told Reuters. Proposals to acquire a 90 percent stake in Transportadora Associada de Gás SA, the Petrobras unit known as TAG, which owns 4,500 kilometres of pipelines in northeast Brazil, are expected to range from US$5 billion to up to US$7 billion. Macquarie has partnered with Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund GIC Pte Ltd, among others. Petrobras sold another gas pipeline network in southeast Brazil last year to a group led by Canada’s Brookfield Asset Management for US$5.2 billion.

Walter Financial commits $100 mln more to Walter Capital

Canadian private equity firm Walter Capital Partners has received a $100 million capital commitment from its family-owned parent, Walter Financial, adding to an initial $100 million investment made went the firm was launched two years ago. The new money was supplied with Walter Capital's deployment of more than half of the original amount to such investments as Bonlook, a fashion eyewear company, and SPUD.ca, an omnichannel grocery company, both of which were financed last month. Led by Managing Partners Pierre Fitzgibbon and Éric Phaneuf, Walter Capital will continue to back the growth strategies of small and medium-sized businesses.

TA Associates to partner with OTPP in growing Flexera

U.S. private equity firm TA Associates has agreed to invest in Flexera Software LLC, an Itasca, Illinois-based software supply chain specialist. No financial terms were released for the deal, which is expected to close early next year. As a result, TA Associates will acquire equity from existing shareholders and join lead investor Ontario Teachers’ Pension Plan. The Canadian pension fund bought a majority stake in Flexera from U.S. private equity firm Thoma Bravo in 2011. The new partnership will support the company's continued organic and acquisition-led growth.

Alaris tops up investments in Federal Resources, Sandbox

Canadian alternative equity firm Alaris Royalty Corp has committed an additional US$13.5 million to Federal Resources Supply Co, a Stevensville, Maryland provider of mission-critical solutions to defense, first-responder, homeland security and maritime end-users. It also committed an additional US$7 million to Sandbox Group LLC, a Chicago marketing and advertising services specialist. The proceeds of the investments will support acquisitions. Alaris also expects to close a US$15 million contribution to a new partner this month. The latest deal will bring the firm's total deployments in 2017 to a record $195 million.