Private Equity
Descartes Systems Group (TSX: DSG) has acquired MacroPoint LLC, a Cleveland, Ohio-based freight visibility platform for shippers, brokers and third-party logistics providers. Descartes paid about US$107 million for the company is a cash-and-stock transaction. Waterloo-based Descartes, a provider of software-as-a-service solutions to logistics-intensive businesses, said the deal expands its global logistics network with connections to more than 2 million trucking assets. MacroPoint was backed last year with a US$44 million investment by Susquehanna Growth Equity (SGE), a U.S. private equity firm. As part of the deal, SGE has become a Descartes shareholder.
4 min read · 15 August 2017
Peloton Computer Enterprises, a Calgary-based provider of well data software solutions to the oil and gas industry, has secured an undisclosed strategic investment. The deal was led by Silver Lake Kraftwerk, a technology growth capital fund managed by U.S. private equity firm Silver Lake. It was joined by Canadian private equity firm TriWest Capital Partners and HarbourVest Partners, a U.S. private-markets asset manager. Founded in 1991, Peloton today has more than 450 clients, including 21 of the 25 biggest North American exploration and production companies. Led by CEO Glen Gray, it will use the funds raised to explore new product capabilities and acquisition opportunities.
4 min read · 15 August 2017
GSO Capital Partners LP, the credit arm of U.S. private equity firm Blackstone Group, has entered into private agreements to sell all of the common shares it holds in The Stars Group Inc (TSX: TSGI), formerly known as Amaya Inc. GSO agreed to sell close to 14 million shares for $23.50 per unit, which will generate proceeds of about $328.5 million. The sale does not include any preferred shares held by GSO in the company. Earlier this month, The Stars Group, a gaming and interactive entertainment products and services provider, rebranded and moved its headquarters from Montréal to Toronto.
2 min read · 14 August 2017
The Fastway Group, a subsidiary of Mill Street & Co, has acquired Impact Tools, a Toronto-based provider of industrial power tool equipment. No financial terms were released. Fastway, which operates in the same sector, said the deal strengthens its presence in the Toronto market. Mill Street, a Canadian private investment firm, invested in Fastway last year. The company was created through acquisitions of Toronto’s Speed Fastening Systems Inc and Port Perry, Ontario’s Uxport Tools Inc.
2 min read · 14 August 2017
Island Star Mall Developers Pvt Ltd, a retail development investment platform of Canada Pension Plan Investment Board (CPPIB) and the Phoenix Mills Ltd (PML), has acquired a land parcel in Pune, India for about $32 million. The acquisition, Island Star's first, will be used to develop a second PML shopping mall location in the city. In April, CPPIB bought an initial 30 percent stake in Island Star and agreed to invest $330 million to grow the stake to 49 percent. The combined investment will support acquiring, developing and operating retail-led, mixed-use developments across India.
4 min read · 14 August 2017
Canadian luxury goods and jewelry company Birks Group Inc (NYSE MKT: BGI) has agreed to sell its U.S. subsidiary, Mayor's Jewelers Inc, to Aurum Holdings Ltd, a fine watch and jewelry retailer in the United Kingdom. The deal, expected to close this fall, is valued at about US$104.6 million. As part of the deal, Birks struck a five-year distribution agreement with Aurum to sell its products in the United Kingdom. It will also continue to sell products in the United States via Mayor's. Montréal-based Birks will use the sale's proceeds to invest in its brand and Canadian retail operations. Aurum has been owned by U.S. private equity firm Apollo Global Management since 2012.
5 min read · 14 August 2017
Pattern Energy Group Inc (Nasdaq, TSX: PEGI) has closed its buy of a 51 percent interest in the 179 megawatt Meikle wind power facility in the Peace region of British Columbia. The San Francisco power company paid US$68 million for the stake. The remaining 49 percent was acquired by Canada's Public Sector Pension Investment Board (PSP Investments). In June, PSP Investments agreed to co-invest US$500 million in projects acquired by Pattern, including the Meikle facility. Pattern Energy Group LP, Pattern's main shareholder, is backed by U.S. private equity firm Riverstone Holdings.
3 min read · 14 August 2017
Onex Corp held an initial close on fundraising for its fifth flagship private equity fund, securing 80 percent of the US$6.5 billion target. In its report of second-quarter 2017 results, Onex said it raised US$5.2 billion for Onex Partners V in July. Included in the amount is US$3.1 billion of third-party capital. Additionally, Onex, a listed firm, committed US$2 billion, while management made a minimum 2 percent commitment. The close positions the fund to become the biggest in the Toronto investor’s 33-year history.
2 min read · 14 August 2017
The United States is lagging behind Canada in the race to attract capital for infrastructure projects despite launching a charm offensive to global investors and reaching out to officials north-of-the-border for advice, Reuters reported, quoting a top Canadian investor. Bjarne Graven Larsen, chief investment officer at Ontario Teachers' Pension Plan, said Canada has an advantage in already being home to a number of the world's biggest infrastructure investors and having an established track record in utilizing public and private funding to build infrastructure. Canada is setting up an infrastructure bank to facilitate private investment in projects such as new roads, bridges and tunnels. It plans to attract $4 to $5 for every $1 of public funding for projects.
3 min read · 11 August 2017
Canadian specialty coffee retailer Second Cup Ltd (TSX: SCU) has closed its $8 million debt exchange transaction with SPE Finance LLC, an affiliate of Serruya Private Equity (SPE). Each of the four SPE shareholders now hold about 6.9 percent of Second Cup's outstanding shares or about 7.2 percent if warrants are exercised. SPE Managing Directors Michael Serruya and Aaron Serruya have as a result joined the company's board of directors. SPE is a Canadian family office that specializes in consumer-brand investments.
2 min read · 11 August 2017
