Private Equity
Enwave Energy Corp has closed its acquisition of the district energy systems in London, Ontario and Charlottetown, Prince Edward Island from Veresen Inc, a Calgary energy infrastructure company. No financial terms were released. Toronto-based Enwave, an integrated energy services provider, said the deal expands its network and capabilities as well as its presence across Canada. Enwave is owned by Brookfield Asset Management and its institutional partners. Brookfield acquired the business from Borealis Infrastructure and the City of Toronto for $480 million in 2012.
2 min read · 05 July 2017
Evoqua Water Technologies LLC has acquired ADI Systems Inc, Lange Containment Inc and Geomembrane Technologies Inc, all providers of wastewater solutions. No financial terms were released. The seller is ADI Group Inc, a Fredericton, New Brunswick specialist in wastewater treatment, waste-to-energy solutions, cover and liner systems, construction services, mushroom farming and composting. U.S.-based Evoqua said the deal will expand its position in industrial wastewater solutions. The company was created in 2014 with AEA Investors' buy of Siemens Water Technologies LLC.
2 min read · 05 July 2017
Canada Pension Plan Investment Board announced several senior executive changes and appointments. They include the appointment of Senior Managing Director Ed Cass, formerly the pension fund's chief investment strategist, to global head of real assets, replacing Graeme Eadie. Geoffrey Rubin will step into the role previously held by Cass, joining the senior management team. Additionally, CPPIB hired Neil Beaumont as senior managing director and chief financial and risk officer. Beaumont was most recently an executive with BHP Billiton.
3 min read · 05 July 2017
C.H. Guenther & Son Inc (CHG) has bought Les Plats du Chef Inc, a Dollard-des-Ormeaux, Québec frozen food company specializing in snacks, hors d'oeuvres and soups. No financial terms were disclosed. The seller in the deal is an affiliate of Claridge, the private equity family office of Stephen Bronfman. Founded in 1981 by Michel and Monique Lachapelle, Plats Du Chef operates manufacturing facilities in Montréal and Toronto, producing retail food products for a number of channels. Claridge, which acquired the company in 2002, helped it grow through acquisition activity and new product development. U.S.-based CHG also operates in the food industry.
3 min read · 05 July 2017
Canadian private equity firm Mosaic Capital Corp has amended an agreement with the corporate financial services branch of ATB Financial to increase its credit facility from $35 million to $50 million. Mosaic CEO Mark Gardhouse said the additional credit availability will allow the firm to make more mid-market acquisitions. The Calgary-based investor earlier this year acquired a majority stake in Cedar Infrastructure Products Inc, a Vaughan, Ontario distributor of specialty materials used in construction.
2 min read · 04 July 2017
Canadian engineering and construction company SNC-Lavalin Group Inc (TSX: SMC) has completed its acquisition of WS Atkins plc, a British design, engineering and project management consultancy business. The deal, announced in April, was valued at about $3.6 billion. Montréal-based SNC-Lavalin said its combination with WS Atkins creates a new global entity with more than 50,000 employees and annual revenue of approximately $12 billion. Caisse de dépôt et placement du Québec helped fund the deal by providing SNC-Lavalin with a $1.5 billion loan and purchasing about $400 million in equity.
6 min read · 04 July 2017
Equity Group Investments (EGI), the private investment vehicle of Sam Zell, has invested in ILTA Grain Inc, a Surrey, British Columbia processor, distributor and exporter of pulse crops (e.g. peas, lentils, chickpeas, and beans). No financial terms were released. With the deal, EGI Managing Director Joe McIntosh will join the board. Founded in 2011, ILTA Grain was acquired in 2014 by a fund affiliate of U.S. private equity firm NGP Energy Capital Management. The company's president and CEO, Dan Burneski, said the EGI investment will support expansion of ILTA Grain's global footprint.
2 min read · 04 July 2017
Canbriam Energy Inc has secured about $100 million (US$74 million) from its existing private equity investors, including Warburg Pincus, ARC Financial Corp, Ontario Teachers' Pension Plan, BlackRock Inc and State Street Corp. Calgary's Canbriam, a producer of liquids-rich natural gas resources, said the funds raised will help support infrastructure development related to the company's Altares Montney asset in Northeast British Columbia. Founded in 2007, Canbriam has been private equity-backed since 2008. It was in 2016 reported to be weighing an initial public offering as early as this year.
2 min read · 04 July 2017
Brookfield Asset Management placed a formal bid for control of Renova Energia SA, which would include 800 million reais (US$242 million) in fresh capital for the Brazilian renewable energy company, sources told Reuters. Under terms of the bid, a Brookfield-led group would buy the 16 percent stake that Light SA has in Renova at an equivalent of 9 reais per unit of Renova. The buyout would allow Light to exit Renova's controlling bloc, which is also formed by Cia Energética de Minas Gerais SA and RR Participações SA. The Brookfield-led group would then pour 800 million reais into Renova, effectively diluting RR and the utility known as Cemig, the sources said.
2 min read · 04 July 2017
Canada Pension Plan Investment Board said it would buy Houston-based real estate investment trust Parkway Inc for US$1.2 billion, its second significant U.S. investment this week, Reuters reported. Parkway, in which U.S. private equity firm TPG Capital has a 9.8 percent stake, said it owned 19 Houston office properties totaling about 8.7 million square feet. On Wednesday, CPPIB agreed to invest up to US$1 billion to buy oil and gas assets in the United States in a partnership with Encino Energy Ltd. The pension fund is most heavily invested in the United States, which accounts for about 39 percent of its $317 billion of assets.
2 min read · 30 June 2017
