Private Equity
Canadian private equity firm Champlain Financial Corp has acquired Riverside Lobster International Inc, a branded seafood processor and wholesale distributor based in Meteghan Center, Nova Scotia. No financial terms were released for the deal, which was announced by Ascendiant Capital Markets LLC, Riverside's financial advisor. The company will be merged with Cheticamp Fisheries International Ltd, acquired by Champlain in May. The merger will create a Maritime seafood business with revenue of more than $175 billion, Ascendiant said. Marc Poulin, formerly the CEO of Sobeys Inc, will serve as executive chairman of Champlain's seafood platform.
3 min read · 26 July 2017
Borealis Infrastructure has agreed to acquire an additional 5.5 percent interest in the holding company of Thames Water Utilities Ltd, a U.K. provider of water and wastewater services. No financial terms were disclosed for the deal, which is expected to close this year. The seller is Australia's AMP Capital. Borealis, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), originally became an investor in Thames Water earlier in 2017. The additional investment will increase its overall stake in the company to about 23 percent.
2 min read · 26 July 2017
Francisco Partners and minority investors have agreed to sell a majority stake in Corsair, a Fremont, California provider of computer components and peripherals, to EagleTree Capital, a U.S. private equity firm. The deal, valued at US$525 million, will be backed by co-investors. They include Canada's Investment Management Corp Ontario (IMCO). IMCO, which oversees $60 billion in assets on behalf of Ontario Pension Board and Workplace Safety and Insurance Board, was officially launched this week in part to seek out private-market investment opportunities. The Corsair deal is expected to close in the months ahead.
5 min read · 26 July 2017
Canaccord Genuity Acquisition Corp, a Canadian special purpose acquisition corporation (SPAC), has filed a final prospectus with most domestic regulators for an initial public offering of $30 million Class A restricted voting units. The proceeds will be used to acquire one or more businesses. The SPAC, which is sponsored by CG Investments, an affiliate of Canaccord Genuity Group Inc, will target a growth company with an enterprise value of between $50 million and $250 million for its qualifying acquisition.
4 min read · 25 July 2017
Infrastructure investment required to support global economic growth is expected to reach US$97 trillion by 2040, according to a report by the G20's Global Infrastructure Hub. The report, Global Infrastructure Outlook, also found that US$18 trillion, or almost 19 percent of the total forecast, will be unfunded if current spending trends continue. The United States will see the largest gap in infrastructure spending at US$3.8 trillion. Canada will have one of the lowest funding gaps. Based on current trends, Canada is expected to meet 98 percent of spending on infrastructure required to keep pace with a 61 percent rise in GDP by 2040, the report found.
6 min read · 25 July 2017
Canadian financial holding company Fairfax Financial Holdings has agreed to invest $190 million in AGT Food and Ingredients Inc (TSX: AGT), a Regina, Saskatchewan-based processor of pulses, staple foods and ingredients for export and domestic markets. The investment will made in preferred securities and common share purchase warrants, giving Fairfax the right to nominate up to two board members. AGT, which also supplies retail packaged and canned foods, will use the funds raised to repay debt, invest in growth initiatives, and for other priorities. Founded in 2007, the company is led by President and CEO Murad Al-Katib.
4 min read · 25 July 2017
GF Piping Systems, a division of Switzerland's Georg Fischer Ltd, agreed to buy a 49 percent stake in Urecon Ltd, a Coteau-du-Lac, Québec-based developer of pre-insulated piping systems for freeze protection, chilled water and district heating markets. No financial terms were disclosed. GF said the deal will expand its North American footprint and accelerate the introduction of its pre-insulated piping system package for cooling and air-conditioning. Founded in 1969, Urecon was acquired in 2013 by Capital régional et coopératif Desjardins (CRCD), a private equity fund managed by Desjardins Entreprises Capital régional et coopératif.
2 min read · 25 July 2017
Hong Kong's CK Infrastructure is seen as the front-runner to buy German metering and energy management group Ista for more than 4.5 billion euros (US$5.2 billion), sources told Reuters. CKI made a binding offer for private equity-owned Ista on Tuesday, while two consortiums considered strong contenders refrained from making final bids, the sources said. Canada Pension Plan Investment Board, which already owns a minority stake in Ista and had tied up with Blackstone Group to buy the whole company, was one of the contenders to hold back, as was a consortium of Ontario Teachers' Pension Plan and Brookfield Asset Management. Owner CVC Capital Partners is expected to choose a buyer this week.
2 min read · 25 July 2017
The Investment Management Corp of Ontario (IMCO), a Toronto manager of institutional assets, has officially commenced operations. IMCO was formed by the Ontario government in 2016 to provide public sector funds with scale and give them access to private-market investments. It will oversee $60 billion in assets from two members, Ontario Pension Board (OPB) and Workplace Safety and Insurance Board. Last year, it was announced that Bert Clark, formerly president and CEO of Infrastructure Ontario, would become IMCO's first CEO. Its first CIO will be Jill Pepall, who joins from OPB.
2 min read · 24 July 2017
Acasta Enterprises Inc (TSX: AEF) has changed its leadership to reposition itself as a public company from a special purpose acquisition corporation. Acasta's board now consists of Geoff Beattie as independent chairman, Anthony Melman as CEO, and three new independent directors, Robert Schwartz, Jay Swartz and Michael Young. Belinda Stronach has resigned as a director but remains a founder. Acasta founders Hunter Harrison and Gordon Nixon also agreed to sell their equity interests to directors, senior management and certain other founders. Earlier in 2017, Acasta closed its qualifying acquisition, buying three businesses for $1.1 billion.
2 min read · 24 July 2017
