Private Equity
Corob SpA has acquired Novaflow Systems Inc, a Prescott, Ontario designer and maker of automated dispensing systems servicing a range of markets, including paints, printing inks, coatings, dyes, oils and chemicals. No financial terms were released for the deal, which closed earlier this month. Italy's Corob, a supplier of advanced tinting equipment to the global paints and coatings industry, said the acquisition will create synergies, expand its product offering, and help introduce it to new markets. Corob was acquired in 2016 by Italian private equity firm Wise SGR from Nordic Capital.
3 min read · 18 August 2017
Canada Pension Plan Investment Board has agreed to participate in the acquisition of Calpine Corp, a U.S. generator of electricity from natural gas and geothermal resources. The deal, led by U.S. private equity firm Energy Capital Partners, is valued at US$5.6 billion. It includes an investment by CPPIB of US$750 million. Established in 1984, Houston, Texas-based Calpine has 80 North American power plants with the capacity to generate about 26,000 megawatts of electricity. CPPIB Managing Director Avik Dey said the pension fund's investment will help expand its natural resources portfolio to include power and renewable assets.
3 min read · 18 August 2017
Global Knowledge Training LLC has acquired ctc TrainCanada, an Ottawa-based provider of corporate training and development solutions. No financial terms were released. Global Knowledge said the deal solidifies its position as an information technology training specialist, adds desktop applications training courses to its portfolio, and expands its presence across Canada. Headquartered in Cary, North Carolina, Global Knowledge is a portfolio investment of U.S. private equity firm Rhône Capital. Rhône acquired the company from MidOcean Partners in 2014.
2 min read · 17 August 2017
U.S. buyout firm Hellman & Friedman LLC is exploring the sale of a stake in HUB International Ltd in a deal that could value one of the largest North American insurance brokerages at between US$6 billion and US$7 billion, sources told Reuters. Hellman & Friedman, which acquired Hub in 2013, has hired an investment bank to explore the stake sale, the sources said. Several private equity firms, sovereign wealth funds and public pension funds are considering an investment. Chicago-based HUB provides insurance products through more than 400 brokerages across Canada and the United States. It was founded in 1998 with the merger of 11 privately held Canadian brokerages.
2 min read · 17 August 2017
Branded Cities Network LLC (BCN) has acquired the 50.001 percent interest held in Clear Channel Outdoor Canada by Clear Channel Outdoor Holdings Inc (NYSE: CCO), a U.S. outdoor advertising company. No financial terms were disclosed for the deal, which gives Phoenix, Arizona-based BCN 100 percent ownership of Clear Channel Outdoor Canada. The latter, which is headquartered in Toronto, has out-of-home media assets in Canada’s six largest markets. Clear Channel Outdoor Holdings is a subsidiary of iHeartMedia Inc, a portfolio company of U.S. private equity firms Bain Capital and Thomas H. Lee Partners.
3 min read · 17 August 2017
Cushman & Wakefield has acquired 20 VIC Management Inc, a Toronto commercial real estate advisory and management company. No financial terms were released. Cushman & Wakefield, a real estate business based in Chicago, said the deal will expand its Canadian presence and add depth to the core offering of asset services and project and development services. George Buckles and Randy Scharfe, 20 VIC's co-founders, will join the company as executive managing directors, asset services. Cushman & Wakefield has been owned by an investor group composed of TPG Capital, PAG Asia Capital and Ontario Teachers' Pension Plan since 2015.
3 min read · 17 August 2017
Canada Pension Plan Investment Board and Cyrela Commercial Properties SA (CCP) have completed a portfolio exchange transaction. The previously announced deal saw CPPIB acquire a 33 percent interest in CCP's Brazilian office portfolio and CCP acquire the pension fund's 50 percent equity stake in their existing logistics joint venture. The agreement also saw CPPIB and CPP commit up to US$400 million to a new joint venture focused on additional investments in office properties in Brazil. The properties are located primarily in São Paulo's Faria Lima commercial district.
4 min read · 16 August 2017
IAM Private Debt Group has provided a $23 million senior loan to DBG Group Ltd, a Toronto-based designer and manufacturer of parts for the North American heavy truck and auto industry. The funds raised will be used by the company to repay current creditors, finance a cross-border asset purchase, and support working capital requirements. IAM Private Debt Group is affiliated with Canadian alternative asset manager Integrated Asset Management Corp (TSX: IAM).
2 min read · 15 August 2017
THC BioMed Intl Ltd has secured a commitment of up to $12 million in funding from Alumina Partners, a U.S. private equity firm. Based in Kelowna, British Columbia, THC is a provider of scientific research, plant innovation and product development for the medical cannabis industry. The commitment, which brings the company's total available resources to $22 million, will be used for expansion, marketing and working capital. Earlier this year, THC acquired Clone Shipper LLC, a U.S. specialist in packaging products for the transportation of live plants.
3 min read · 15 August 2017
Calgary-based infrastructure specialist Petrowest Corp (TSX: PRW) said it has consented to the appointment of a receiver after lenders demanded immediate repayment of all amounts owing under the company's credit facilities. Canadian specialty finance firm Crown Capital Partners, which has $25 million of loans outstanding to Petrowest, said it will work with the receiver to maximize proceeds for all stakeholders. Crown also announced it is formalizing an offer to acquire the assets of Petrowest's civil and rental divisions, which it believes should be maintained as "going concerns."
2 min read · 15 August 2017
