Private Equity
Manitok Energy Inc (TSX-V: MEI) has agreed to acquire all of the issued and outstanding shares of Corinthian Oil Corp, a Calgary-based oil and gas company. Under the terms of the deal, $3.1 million Manitok shares will be issued to holders of Corinthian shares at $0.070486665 per Manitok unit. About 44 million Manitok shares will be issued in total. Corinthian was formed with the acquisition of Corinthian Exploration Corp by Legacy Oil + Gas Inc in 2014. It has since been a portfolio company of Canadian energy private equity firm ARC Financial Corp. Calgary's Manitok is an explorer and developer of conventional oil and gas reservoirs in Western Canada.
3 min read · 13 September 2017
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired certain assets of Banco Management Inc, a Halifax-based specialist in life insurance solutions. No financial terms were released for the deal, which involves Banco's managing general agent business. Hub, a Chicago-headquartered insurance brokerage, earlier this month bought another domestic insurer, Integro (Canada) Ltd. H&F, which acquired Hub for about US$4.4 billion in 2013, is reportedly exploring the sale of an interest in the company.
2 min read · 12 September 2017
Canadian family office Skidmore Development Group and Canadian private equity firm SouthPac Partners have partnered in the acquisition of Cinnaroll Bakeries Ltd, a bakery and maker of gourmet cinnamon rolls. Terms weren't disclosed. Founded in 1987, Calgary's Cinnaroll markets Cinnaroll by Baker Boys, a wholesale maker of branded baked products, and CinnZeo, a network of café-style cinnamon roll stores. Skidmore and SouthPac said they will focus on accelerating the growth of Cinnaroll’s wholesale business in North America. They will also support the continued growth of the CinnZeo brand in North America and globally.
2 min read · 12 September 2017
Sandvine Corp (TSX: SVC) said the Ontario Superior Court of Justice has approved the acquisition of the company by U.S. private equity firm Francisco Partners and Procera Networks Inc. The deal, announced in July, is valued at about $562 million (US$444 million) and expected to close this month. It will see Sandvine, a Waterloo-based network policy control solutions provider, merged with Procera, a Fremont, California-headquartered networking equipment maker. Sandvine, which has been led since 2001 by President and CEO Dave Caputo, terminated an acquisition deal with Vector Capital prior to accepting the offer from Francisco.
3 min read · 12 September 2017
Cabot Credit Management’s planned 1 billion pound (US$1.3 billion) initial public offering has been delayed by the resignation from its board of the former boss of Provident Financial, Reuters reported. Cabot, which is Britain’s biggest debt collection business, had planned to announce its intention to float in London this week. The company is still planning to press ahead with its flotation this year, the source said. A second source told Reuters that Canada Pension Plan Investment Board and U.K. private equity firm Apax Partners had separately expressed interest in buying Cabot this year, although the talks did not develop. Apax and CPPIB declined to comment.
2 min read · 12 September 2017
Canadian private equity firm Regimen Equity Partners has recruited David Eisler as a managing director. In the role, Eisler will work with Regimen’s team to identify and secure investments in private Canadian businesses and help those businesses grow. He joins Regimen from Canadian private equity firm Stern Partners, where since 2015 he served as a vice president. Before then, Eisler spent 14 years as a managing director at Banyan Capital Partners. Vancouver-based Regimen invests in companies with a focus on commercial and industrial markets and annual earnings of $3 million to $10 million. It also has offices in Edmonton and Toronto.
2 min read · 12 September 2017
Purpose Investments Inc has agreed to acquire the retail fund business of LOGiQ Asset Management Inc (TSX: LGQ), a Toronto-based asset manager. Purpose agreed to pay $32.9 million for retail asset management contracts held by LOGIQ. The deal is expected to close by the end of December, subject to the approval of shareholders and other conditions. Toronto-based Purpose has more than $3.4 billion in assets under management and offers exchange traded funds, mutual funds and other investment products. In May, the firm received a minority equity investment from OMERS Platform Investments.
5 min read · 11 September 2017
Banks are preparing to sell down a £647 million (US$852 million) leveraged loan financing backing the acquisition of U.K.-based software company Civica Group by Swiss asset manager Partners Group, banking sources told Reuters. Partners agreed to buy Civica from OMERS Private Equity in a deal that valued the company at around £1 billion, the firms said in July. Deutsche Bank and Natixis are leading the all-sterling leveraged loan financing, alongside Credit Agricole, Natwest, SMBC and UniCredit, the sources said. OMERS Private Equity, part of Canadian pension fund OMERS, acquired Civica in 2013 from 3i Group for £390 million.
2 min read · 11 September 2017
Canadian private equity firm Clairvest Group has made a growth equity investment in Also Energy Inc, a solar monitoring company based in Boulder, Colorado. No financial terms were released for the deal, which is Clairvest's first in the renewable energy sector. Established in 2007 by CEO Robert Schaefer and CTO Holden Caine, Also Energy provides software and hardware to enable the monitoring and control of power production and operations for U.S. and global commercial, industrial and utility-scale plants. Clairvest's investment marks the fifth deal done so far by Clairvest Equity Partners V, which raised $600 million in 2014.
2 min read · 11 September 2017
U.S. natural resources private equity firm Denham Capital has agreed to sell its interest in JDS Silver Holdings Ltd, including the company's high-grade silver-lead-zinc Silvertip mine, to Coeur Mining Inc (NYSE: CDE). The deal is valued at as much as US$250 million and is expected to wrap up in October. Denham a year ago invested US$65 million in JDS Silver to help the Vancouver-based company construct and bring into production the Silvertip mine, which is located in northern British Columbia. The deal was Denham's first in the Canadian mining industry. Coeur Mining is a Chicago-based precious metals producer.
3 min read · 11 September 2017
