Canada

Warburg Pincus backs SCM Insurance Services

Warburg Pincus has made an investment in SCM Insurance Services, a Canadian insurance services provider. No financial terms were disclosed. Morgan Stanley served as financial adviser to SCM on the transaction. SCM is also backed by TorQuest Partners.

Isatis Capital to sell a majority of its Astellia shares to EXFO

Quebec-based EXFO, a provider of network testing, monitoring and analytics, has agreed to acquire a 33.1 percent state in Astellia, with the intent to buy the remaining equity. The sellers include Isatis Capital and Astellia's founders. The total amount of the deal will be 8.6 million euros or 10 euro per share. Based in France, Astellia is a provider of network and subscriber intelligence for mobile operators.

EV Private Equity invests in Evolution Engineering

EV Private Equity has invested in Evolution Engineering Inc. Financial terms weren’t announced. Evolution Engineering, of Calgary, provides products and engineering services to the measurement while drilling market.

Canada's Toromont to buy Caterpillar dealer Hewitt for C$1.02 billion: Reuters

Toromont Industries Ltd (TIH.TO) said on Monday it would buy privately held Hewitt Group for about C$1.02 billion ($818 million) in cash and shares to expand its network of heavy equipment dealers in eastern Canada.

BHP explores $2 bln stake sale in Canada potash mine: Reuters

Anglo-Australian mining giant BHP Billiton Ltd is considering selling a 25 percent interest in its Canadian potash mine project, a stake that could be worth close to US$2 billion, sources told Reuters. The move comes as U.S. hedge fund manager Elliott Management Corp has been pushing the company for changes. BHP is working with an investment bank for the potential stake sale in its partly built Jansen, Saskatchewan potash project, the sources said. BHP laid out options for the Jansen project in an investor presentation dated August 22, saying it could wait, find a partner, divest or optimize it.

RNP to fund management buyout of Advance Wire Products

Canadian royalty financing firm Royalty North Partners (RNP) has agreed to fund the management buyout of Advance Wire Products Ltd (AWP), a Surrey, British Columbia designer and maker of display fixtures and merchandising solutions. RNP agreed to provide a $6.8 million loan to an entity that will acquire the company's outstanding shares. Management and RNP will also make an equity contribution. With the deal's close, Michael McAdam will become the new president of AWP. Vancouver-based RNP provides royalty financing to private, mid-market companies.

Canada Life U.K. to acquire TDR-backed Retirement Advantage

The U.K. affiliate of Canada Life, a subsidiary of Great-West Lifeco Inc, has agreed to acquire Retirement Advantage Group, a London-based specialist in the British retirement income market. No financial terms were released for the deal, which is expected to close in the fourth quarter. Great-West Lifeco, a Winnipeg financial services holding company, said the acquisition will strengthen Canada Life's position as a leading U.K. insurer. Retirement Advantage was created in 2015 when TDR Capital, a British private equity firm, merged the retirement income and equity release divisions of MGM Advantage Life Ltd and Stonehaven UK Ltd.

Eager for red-hot cobalt gains, investors think small: Reuters

Institutional investors hoping to profit from cobalt, this year's high-flying metal, are buying into companies that are smaller than their usual fare to gain exposure to an industry supplying the burgeoning electric car market, Reuters reported. Small cobalt-focused companies are mushrooming, mostly in Canada, a long-time hub for mining startups, but only one, Toronto's Cobalt 27 Capital Corp, concentrates entirely on the mineral. Cobalt 27, which in June raised $200 million in an initial public offering, the Toronto Stock Exchange's biggest mining IPO since 2012, is backed by Swiss mining private equity firm Pala Investments.

Sequoia to acquire Faces Cosmetics from Everstone

The Indian affiliate of U.S. venture capital firm Sequoia Capital has agreed to acquire Faces Cosmetics Inc, a Canadian cosmetics business, Reuters reported. No financial terms were released for the deal, which includes Faces' global subsidiaries and brand, the report said. Sequoia is buying the company from an affiliate of Everstone Capital, an Indian private equity firm. Established in 1974, Vaughan, Ontario-based Faces manufactures and retails colour cosmetics, makeup, skin care products and accessories for men and women.

Canadian PE bounces back in H1 2017 as deals collect $13.9 bln

Canada's private equity market saw a major rebound in deal-making in the first half of 2017, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). A total of $13.9 billion was invested in 277 deals at the end of June, which already surpasses the $13.8 billion invested in the whole of 2016. Much of the activity was concentrated in Q2 2017, when $8.9 billion went to 170 deals, making it the most active quarter since Q3 2015. Exit activity was also prominent in H1 2017. The period saw 80 exits, including the GardaWorld sponsor-to-sponsor deal and initial public offering of Canada Goose, exceeding the number in each of the last four years.