Canada

Onex surpasses target for Onex Partners V, raises $7.15 bln

Onex Corp has closed fundraising for its fifth private equity flagship fund, bringing in US$7.15 billion in committed capital. Onex Partners V, the largest fund raised by the Toronto investor in its 33-year history, exceeded its US$6.5 billion target by 10 percent. It is also 25 percent larger than Onex Partners IV, which raised US$5.7 billion in 2014. Fund V secured commitments from both new and existing limited partners, including pension plans, sovereign wealth funds, and other institutional investors, as well as a US$2 billion commitment from Onex. With the fund’s close, the firm now has more than US$30 billion in assets under management.

Riverside buys iView Systems, adds to Omnigo Software

U.S. private equity firm Riverside Co has acquired iView Systems, an Oakville, Ontario-based provider of public safety software solutions to the global gaming and hospitality markets. No financial terms were released for the deal, which will see iView combined with Omnigo Software, a St. Louis, Missouri-based provider of public safety, incident and security management solutions. Riverside, which has backed Omnigo since October 2016, said the acquisition will extend the company's position in the gaming and hospitality verticals. In a separate release, Omnigo said iView's operations will remain located in Canada.

Hedge fund invests in TerrAscend's $52.5 mln private placement

Canadian vertically-integrated cannabis business TerrAscend Corp has struck a deal to raise about $52.5 million from JW Asset Management, a U.S. hedge fund manager that invests in the global healthcare sector, and Canopy Growth Corp and Canopy Rivers Corp. As a result, Jason Wild, president and CEO of JW Asset Management, will join the board. Mississauga, Ontario-based TerrAscend owns and operates Solace Health Inc, a medical cannabis producer, Terra Health Network Inc, a provider of clinical support and education programs, and Solace Rx Inc, a drug preparation agency for non-cannabis formulations. It is led by President and CEO Basem Hanna.

HBC says no merit in appeal against Rhône deal: Reuters

Canadian department store operator Hudson’s Bay Co said it saw no merit in activist fund Land & Buildings Investment Management's recent appeal against the Toronto Stock Exchange’s conditional approval for a US$500 million ($638 million) investment from Rhône Capital, Reuters reported. Hudson’s Bay said this week it had written consent for the equity investment from shareholders representing well over 50 percent of its outstanding common shares. Earlier this month, Land and Buildings, a U.S. hedge fund headed by activist investor Jonathan Litt, had urged the company to call for a non-insider vote on Rhône’s investment, saying the ones who voted had a “special interest” in the deal. Land and Buildings had a near 5 percent stake in Hudson’s Bay as of July.

Ontario Teachers' to partner in $700 mln mining royalty venture

Ontario Teachers' Pension Plan is finalizing a US$700 million deal with Swiss mining giant Glencore Plc to create a new base-metals royalty vehicle, Bloomberg reported, citing sources. Glencore will bring royalty agreements from about 10 mines, while Ontario Teachers' will contribute about US$350 million to allow the company to buy further royalty streams from other projects, the report said. The partners will each have a 50 percent stake in the new vehicle. The Bloomberg report adds to a report by Reuters in July.

Mercer Park launches cannabis SPAC IPO, seeks $125 mln

Cannabis Strategies Acquisition Corp, a Canadian special purpose acquisition corporation (SPAC), has filed an amended and restated preliminary prospectus with most domestic securities regulators for an initial public offering of $125 million of class A restricted voting units. Cannabis Strategies is being sponsored by an affiliate of U.S. family office Mercer Park, led by CEO Jonathan Sandelman. For its qualifying transaction, it will target an acquisition of one or more businesses or assets in the marijuana production, marijuana distribution, and related sectors. It plans to list on the Aequitas NEO Exchange.

Brookfield raises $3 bln for fifth real estate finance fund

Canadian alternative asset manager Brookfield Asset Management has raised US$3 billion ($3.8 billion) in committed capital for its fifth commercial real estate finance fund. Brookfield Real Estate Finance Fund V was backed by 64 limited partners, including pension plans, sovereign wealth funds, financial institutions, endowments, foundations, and family offices. Brookfield committed US$400 million. Like prior funds, Fund V will target mezzanine debt opportunities via the origination of financing for properties chiefly in major U.S. markets. It has already made nine investments involving lending commitments of about US$422 million.

HBC investors want debt reduction, payouts from real estate proceeds: Reuters

As Hudson’s Bay Co steps up the pace of extracting value from its US$5 billion property portfolio, the department store chain’s shareholders want it to reduce debt, return cash to them, and not invest the proceeds in traditional retail operations, Reuters reported. Hudson’s Bay is not new to selling real estate, but its actions are under greater scrutiny amid rising tensions between the company and U.S. activist hedge fund Land & Buildings Investment Management. The fund wants the Canadian owner of Saks Fifth Avenue and Lord & Taylor to sell or convert stores to alternate uses and transform itself into a real estate play.

Roynat wraps up third exit with NetSet sale to Xplornet

Canadian private equity firm Roynat Equity Partners has closed its third exit inside of a month with the sale of the internet access business of NetSet Communications to Xplornet Communications Inc. The deal, the financial terms of which were not disclosed, was announced in October by Xplornet, a Canadian rural broadband service provider. It resulted in the realization of Roynat's stake in Brandon, Manitoba-based NetSet, which has been held by the investor since 2014. Last month, Roynat announced exits from Comtrad Strategic Sourcing, acquired by Ardenton Capital Corp, and SkyTrac Systems Ltd, acquired by an affiliate of Jordan Co.

OMERS Private Equity to buy Ardian's Trescal in $787 mln deal

OMERS Private Equity (OPE) has agreed to acquire a majority stake in Trescal SA, a Paris-based provider of calibration services for the test and measuring equipment market. The deal, which values the company at about €670 million (US$787 million), will see OPE partner with senior management led by CEO Olivier Delrieu. The seller is European private equity firm Ardian, which acquired Trescal in 2013. Established in 1956, Trescal operates across more than 110 sites in 22 countries and serves more than 40,000 customers in a range of industries. OPE is the private equity arm of the Ontario Municipal Employees Retirement System (OMERS).