Private Equity
Canada Cartage has acquired Doyle Transportation, a Guelph, Ontario-based provider of fleet outsourcing, full-truckload, and less-than-truckload solutions in Canada and the United States. No financial terms were released. Canada Cartage, a Mississauga, Ontario-based provider of dedicated trucking solutions, said the deal will strengthen its service to customers in southwestern Ontario. Canada Cartage was taken private in 2007 by U.S. private equity firm Nautic Partners for about US$173 million.
2 min read · 08 November 2017
U.S. private equity firm StoneCalibre has acquired Applied Voice & Speech Technologies Inc (AVST), a Foothill Ranch, California-based developer of software-based unified communications solutions. No financial terms were released. StoneCalibre said it merged the company with XMedius Solutions Inc, a secure file exchange solutions business with headquarters in Montréal. StoneCalibre acquired XMedius from France's Sagemcom Documents SAS in 2015. It said the combined entity will provide a complete set of communication tools that leverage both voice and data. AVST was formerly backed by Ignition Partners and Second Alpha Partners.
3 min read · 08 November 2017
Source Energy Services Ltd (TSX: SHLE) has closed its acquisition of a Northern White proppant mine in Wisconsin, two frac sand terminals located in British Columbia, and exploration rights to more than 3,600 acres of land in the Peace River Valley of Alberta from Preferred Proppants LLC. The deal had a total consideration of about $100 million (US$80 million). Source, a Calgary-based producer, supplier and distributor of frac sand, also wrapped up private and public offerings that generated $93.8 million to help fund the deal. Source, backed by Canadian private equity firm TriWest Capital Partners since 2013, went public this year, raising $175 million.
4 min read · 07 November 2017
Canadian private equity firm Beringer Capital has acquired BrandShop, a Shelton, Connecticut digital commerce provider. No financial terms were disclosed for the deal, which saw the company's management retain a significant stake. BrandShop specializes in direct-to-consumer services that help clients expand sales channels, access and analyze transaction-driven data, and achieve brand loyalty. Beringer will provide the capital needed for the company to continue scaling. BrandShop is the fourth deal of Beringer's third fund. It follows the fund's acquisition of Blue Acorn Inc earlier in 2017.
2 min read · 07 November 2017
Canadian fertilizer producer and farm supplier Agrium Inc said this week it will sell its Idaho phosphate production facility for US$100 million to fertilizer company Itafos, to address concerns of U.S. regulators about its merger with Potash Corp of Saskatchewan, Reuters reported. Under the deal, Itafos gets Agrium’s Conda, Idaho plant and adjacent mineral rights. Separately, Agrium will sell its North Bend, Ohio, nitric acid plant to a subsidiary of Trammo Inc for an undisclosed price. In June, Itafos closed a US$34.05 million funding deal with Zaff, Pala Investments and J.P. Morgan Asset Management. Itafos recently redomiciled from Canada to the Cayman Islands.
2 min read · 07 November 2017
Signa Holding GmbH, the Austrian property and retail group that owns German department store operator Karstadt, sent Hudson’s Bay Co this week details of the financing it has put together for its 3 billion euro bid (US$3.5 billion) for Kaufhof, a German retail chain owned by Hudson’s Bay, Reuters reported. Hudson’s Bay had said last week it would review Signa’s offer for Kaufhof, but also called it incomplete, non-binding and unsolicited, with no evidence of financing. U.S. activist hedge fund Land & Buildings Investment Management LLC, which has been pressuring Hudson’s Bay to consider asset sales, said last week it was unclear what additional evidence Hudson’s Bay would expect at this stage regarding Signa’s ability to finance the Kaufhof transaction.
4 min read · 07 November 2017
General Electric Co is exploring options for its aircraft leasing operations, including the sale of all or part of the business, as Chief Executive John Flannery searches for new divestitures, sources told Reuters. GE is considering options for GE Capital Aviation Services (GECAS), the world’s second-largest lessor, following expressions of interest from some of its competitors, the sources said. A spin-off of the business is also a possibility. In June, GECAS struck a partnership with Caisse de dépôt et placement du Québec, Canada’s second largest pension fund, to create a new company focused on leasing high-tech, fuel-efficient narrow-body aircraft.
2 min read · 06 November 2017
Canadian private equity firm TorQuest Partners has made an undisclosed investment in The TEAM Companies Inc, a Los Angeles, California-based payroll, business affairs and technology provider to the advertising and entertainment communities. With the deal, CEO Gerry Schwartz, who founded TEAM in 1992, will retire and transition his role to COO Justin Kramer. Schwartz will remain a minority investor and advisor. Kramer said the partnership with TorQuest will focus on continuing the company's existing growth strategy. TEAM, which has an office in Toronto, is the third platform investment of TorQuest Partners Fund IV, which last year raised $925 million.
3 min read · 06 November 2017
OMERS Infrastructure Management has bought an additional 4.36 percent interest in the holding company of Thames Water Utilities Ltd, a British provider of water and wastewater services, from Hermes Investment Management. No financial terms were released. OMERS Infrastructure, formerly Borealis Infrastructure, the infrastructure arm of the Ontario Municipal Employees Retirement System (OMERS), first invested in Thames Water earlier this year. The additional investment increases its stake to about 27 percent.
3 min read · 06 November 2017
The Kissner Group has agreed to acquire US Salt LLC, an Overland Park, Kansas-based bulk salt and specialty packaged salt producer. No financial terms were disclosed for the acquisition, which is expected to close this year. Cambridge, Ontario-based Kissner, which operates in the same industry, said the deal will create a comprehensive consumer and industrial salt franchise. US Salt is being sold by Crestwood Equity Partners. Kissner is backed by U.S. private equity firm Metalmark Capital and a vehicle held by Silverhawk Capital Partners and Demetree Salt LLC. Metalmark led the 2015 buy of Kissner from Canadian private equity firm TorQuest Partners.
3 min read · 06 November 2017
