Private Equity
Canadian private equity firm Ironbridge Equity Partners has invested in A V Gauge & Fixture Inc, an Oldcastle, Ontario maker of specialized gauging and check fixture equipment for the automotive industry. No financial terms were disclosed. Founded in 1985, AV Gauge supplies most major OEMs and Tier-I’s and operates in eight facilities across Canada, United States and Mexico. The partnership with Ironbridge will help the company grow and diversify, CEO Denis Levasseur said. Ironbridge invested in AV Gauge through Ironbridge Equity Partners II and Ironbridge Equity Partners III. Fund III closed last year at its hard cap target of $238 million.
2 min read · 01 August 2017
Stingray Digital Media Group Inc (TSX: RAY.A-B) has bought SBA Music PTY Ltd, a Sydney, Australia-based provider of in-store media solutions. No financial terms were released. Stingray, a multi-platform music services specialist, said the integration of SBA into its in-store media operation will support expansion in the Asia-Pacific market. Montréal-based Stingray raised $180 million in an initial public offering in 2015. It continues be a portfolio company of Caisse de dépôt et placement du Québec, Novacap, Telesystem and other investors.
3 min read · 01 August 2017
SPE Finance LLC, an affiliate of Serruya Private Equity (SPE), has agreed to exchange its secured term loan to Second Cup Ltd (TSX: SCU) for equity. The $8 million loan, provided to the Toronto-based specialty coffee retailer last December, will be converted to common shares for four SPE shareholders. As a result, each of the shareholders will hold about 6.9 percent of Second Cup's outstanding common shares or 7.2 percent if related warrants are exercised. Taken together, SPE shareholders will hold up to 28.89 percent of shares and have the right to nominate two board members with the deal's close next month. SPE is a Canadian family office.
4 min read · 31 July 2017
AES Corp (NYSE: AES) and Alberta Investment Management Corp (AIMCo) have closed their joint acquisition of FTP Power LLC (sPower), a Salt Lake City, Utah-based owner, operator and developer of U.S. utility-scale solar assets. The deal, announced in February, saw AES and AIMCo purchase the company from U.S. hedge fund manager Fir Tree Partners for US$1.6 billion, including debt. With the deal, AES and AIMCo will each own an equity interest in sPower of approximately 50 percent.
4 min read · 31 July 2017
Shareholders of Osisko Gold Royalties Ltd (TSX, NYSE: OR) have approved the company's proposed buy of a precious metals portfolio from U.S. private equity firm Orion Mine Finance Group. The deal, announced in June, is valued at $1.13 billion. Osisko, a Montréal-based intermediate precious metal royalty and stream company, said the acquisition is expected to close today. Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ, both existing investors in the company, earlier agreed to fund about 41 percent of the $675 million cash payment for the portfolio.
2 min read · 31 July 2017
U.S. private equity firm KSL Capital Partners and Henry Crown and Co (HCC), the owner of Aspen Skiing Co LLC, have closed their acquisition of Intrawest Resorts Holdings Inc (NYSE: SNOW), a ski resort operator and adventure company. The deal, announced in April at a value of US$1.5 billion, saw KSL and HCC acquire IntraWest from U.S. private equity firm Fortress Investment Group. IntraWest, which has principal offices in Denver, Colorado and Banff, Alberta, will be combined with other businesses under Squaw Valley Ski Holdings. KSL’s Bryan Traficanti will serve as the combined entity's interim CEO.
7 min read · 31 July 2017
Japanese holistic healthcare company Otsuka Pharmaceutical Co Ltd has agreed to acquire Daiya Foods Inc, a Vancouver maker of plant-based, allergen-free foods. Otsuka, an affiliate of Otsuka Holdings Co Ltd, agreed to pay $405 million for the business. Founded in 2008, Daiya sells its products in more than 25,000 stores across North America and in select international markets. The company will continue to be based in Canada and led by existing management, including CEO Terry Tierney, upon the deal's close. Daiya has since 2015 been backed by U.S. private equity firms Northwood Ventures and Stockton Road Capital.
4 min read · 31 July 2017
Canada’s top 10 first-half private equity deals had disclosed values of more than $13.4 billion, up 89 percent from the $7.1 billion invested in the top 10 deals at the same time in 2016. The number is based on PE Hub Canada’s list of the largest deals announced in January through June, supplemented by preliminary Thomson Reuters data. It suggests the domestic market may be poised in 2017 to end a three-year decline in investment activity. H1 2017’s top deals are led by Vista Equity Partners’ $4.8 billion acquisition of DH Corp, the largest Canadian PE deal in three years.
3 min read · 31 July 2017
Fengate Real Asset Investments has agreed to partner with Friday Harbour Resort, a luxury resort community project located in Innisfil, Ontario. Fengate will manage an investment made in the project by Labourers' Pension Fund of Central and Eastern Canada-LiUNA. No financial terms were released. The Friday Harbour project is currently under construction on Lake Simcoe, with the operational launch expected to take place this year. Toronto-based Fengate is an infrastructure, private equity and real estate investment firm.
3 min read · 28 July 2017
PointNorth Capital has acquired a 9.75 percent interest in AGT Food and Ingredients Inc (TSX: AGT), a Regina, Saskatchewan-based supplier of pulses, staple foods and food ingredients. The deal's financial terms were not released. PointNorth joins Fairfax Financial Holdings, which earlier this week announced a $190 million investment in the company. PointNorth, a Canadian special situations investor, was launched last year by the principals of Oxford Park Group.
1 min read · 28 July 2017
