Private Equity
Caisse de dépôt et placement du Québec and private equity fund Ardian entered into exclusive talks to acquire a significant stake in airport ground support business Alvest, Reuters reported. Canada’s second-biggest public pension fund and the French private equity investor are set to acquire the stake from France's Sagard Private Equity Partners. The terms of the deal were not disclosed. Paris-based Alvest designs, manufactures and distributes technical products for the aviation industry.
1 min read · 06 September 2017
Canadian private-markets investor Northleaf Capital Partners has hired Michael Morris and Kaushik (Kash) Ramki as director and vice president, respectively. Morris, who joins from HIG Capital, where he served as a principal, will support North American private credit investments from Northleaf's office in Chicago. Ramki, who joins from British Columbia Investment Management Corp (bcIMC), where he served as a senior principal, will operate from Toronto as part of the firm's infrastructure asset management team. Northleaf, which manages more than US$9 billion in commitments, said it now has 100 professionals across its global office network.
3 min read · 05 September 2017
Canadian alternative equity firm Alaris Royalty Corp has invested about $107.1 million (US$85 million) in Sales Benchmark Index LLC (SBI), a Dallas, Texas management consulting business focused on sales and marketing. The deal, which involves the largest capital contribution by Alaris in its 13-year history, gives the investor US$11.1 million of distributions in the first 12 months following the close. Matt Sharrers, CEO of SBI, said the funds raised will support his company's growth plans. Calgary's Alaris specializes in investing risk equity that leaves control of mid-market business partners in the hands of existing owners.
4 min read · 05 September 2017
CanWel Building Materials Group Ltd (TSX: CWX) has agreed to acquire Honsador Holding LLC, a Kapolei, Hawaii distributor of building products and electrical supplies to residential, commercial and military markets. CanWel agreed to pay about $100 million (US$80 million) in cash for the company. The seller is Grey Mountain Partners, a U.S. private equity firm. Grey Mountain bought Honsador from Cyprium Partners in 2014. Vancouver-based CanWel, a distributor of building materials and related products, said the acquisition effectively doubles its sales in the United States. It plans to fund the deal in part through a $50 million bought deal equity financing.
8 min read · 05 September 2017
Singapore’s sovereign wealth fund GIC said this week it would buy a 30 percent stake in BBAM, the world’s largest manager of investments in leased commercial jets, Reuters reported. GIC will buy the stake through partial sales by BBAM’s two existing shareholders, its management team and Canadian private equity firm Onex Corp, GIC said in a statement. Following the purchase, all three parties will have joint minority ownership of the company. GIC did not disclose the financial terms of the deal. BBAM drew a 50 percent investment from Onex in 2012 for US$165 million.
1 min read · 05 September 2017
Caisse de dépôt et placement du Québec has provided US$113 million in loans to Carestream Dental, an Atlanta, Georgia-based maker of imaging systems and practice management software for dental offices. The Caisse said it is collaborating in the growth financing with Clayton, Dubilier & Rice (CD&R), a U.S. private equity firm. CD&R and CareCapital Advisors, a part of Hillhouse Capital Management, struck a deal to acquire Carestream Dental from Carestream Health earlier in 2017. The deal closed this month. Carestream Health has been owned by Canadian private equity firm Onex Corp since 2007.
2 min read · 05 September 2017
Canadian private equity firm Banyan Capital Partners has acquired a majority interest in Rack Attack Products Ltd, a Vancouver-based retailer focused on the sale, installation and servicing of automotive racks and hitches. No financial terms were released for the deal, which will facilitate the retirement of Chris Sandy, owner of Rack Attack since its founding in 1996. Key executives, including Graeme Paterson, the company's new president, will also invest. Banyan Managing Director Jeff Wigle said his firm's investment will back Rack Attack's plan to grow across North America and enter new markets. Banyan is an affiliate of Connor, Clark & Lunn Financial Group.
3 min read · 05 September 2017
China’s 3SBio Inc has agreed to buy the contract development and manufacturing unit of Canada’s Therapure Biopharma Inc for US$290 million, part of a push by the Chinese biotech company into the North American market, Reuters reported. The deal, being done through a venture set up by 3SBio and CITIC Private Equity investment, fits with a push by Chinese drug-makers and biopharmaceutical companies to increase their role in the global market. The acquired unit will continue to operate under the Therapure brand and be led by Therapure’s current CEO, Nick Green. Mississauga, Ontario's Therapure was launched in 2008 by Canadian private equity firm Catalyst Capital Group. Catalyst will retain ownership of Therapure’s plasma protein and therapeutic products business as a separate entity.
2 min read · 05 September 2017
Canadian private equity firm TorQuest Partners has acquired Amenity Health Care Inc, a Winnipeg-based operator of retail pharmacies located across Western Canada. No financial terms were disclosed. Founded four years ago by Chairman David Asper and President and CEO Dalbir Bains, Amenity owns and manages a network of 32 retail pharmacies located in mostly rural and under-serviced communities. TorQuest's Daniel Sonshine said the deal will support the company's next phase of growth. Amenity is the second platform investment of TorQuest Partners Fund IV, which last year raised $925 million. Fund IV's debut deal was Can Art Aluminum Extrusion Inc.
3 min read · 05 September 2017
Rathbone Brothers (RAT.L) has abandoned an attempt to merge with rival wealth manager Smith & Williamson (S&W) after failing to agree to a deal that would have been “in the best interests” of its shareholders, Reuters reported.
2 min read · 31 August 2017
