Private Equity
United American Corp (UnitedCorp), a Miami-based telecommunications and information technology holding company, has agreed to buy TNW Wireless Inc and iFramed Canada Ltd, both Canadian affiliates of Investel Capital Corp. UnitedCorp will issue 25 million common shares for the purchase of each company. With the deal, Investel will become UnitedCorp's largest investor. UnitedCorp said the two acquisitions will allow it to deploy next generation smartphone wireless service and social media content posting technology. Investel is a Canadian investor in distressed and underachieving telecommunications companies.
3 min read · 30 June 2017
Canada Pension Plan Investment Board (CPPIB) has agreed to acquire 100 percent of Parkway Inc (NYSE: PKY), a real estate investment trust (REIT) that owns and operates office properties located in sub-markets in Houston, Texas. CPPIB agreed to pay US$1.2 billion, or US$23.05 per share. TPG Capital and its affiliates, which hold about 9.8 percent of the company's outstanding common stock, have agreed to vote in favour of the deal. It is expected to close in the fourth quarter. Parkway owns about 8.7 million square feet across 19 Houston office properties.
3 min read · 30 June 2017
Vitamin and natural health products company Jamieson Wellness Inc has filed a final prospectus with Canadian securities regulators for an initial public offering of common shares. As reported by PE Hub Canada this month, Jamieson plans to raise $300 million. The issue, which will include a secondary offering by certain investors, among them U.S. private equity firm CCMP Capital Advisors, is priced at $15.75 per unit. The Windsor, Ontario-based company also authorized a greenshoe option to raise up to $45 million. CCMP, which acquired Jamieson in 2014, will account for these additional proceeds if secured.
4 min read · 29 June 2017
Jacuzzi Brands LLC, which is backed by U.S. private equity firms Ares Management, Clearlake Capital Group and Apollo Global Management, has acquired Hydropool Hot Tubs and BathWraps. No financial terms were disclosed. Sphaeris Capital Management LLC advised Jacuzzi on the deals. Founded in 1970, Mississauga, Ontario-based Hydropool is a provider of hot tubs and swim spas. David Jackson, Hydropool's president, will continue in that role. BathWraps, located in Roselle, Illinois, is a maker of acrylic wetspace walls, tubs and showers.
4 min read · 29 June 2017
Highland West Capital has gone big with its second platform investment, backing a turnkey supplier to North America’s wood-processing industry. In June, the Vancouver private equity firm acquired a majority stake in BID Group. It partnered with the management team, led by CEO Alistair Cook and Chairman Brian Fehr, whose family owned the forest-products specialist for more than 30 years. Terms weren’t disclosed. However, BID, which has revenue approaching $400 million, represents a “large-sized deal,” Highland Managing Director David Mullen told PE Hub Canada.
3 min read · 29 June 2017
3esi-Enersight has acquired Energy Navigator, a Calgary provider of software solutions to oil and gas companies. No financial terms were released. Calgary's 3esi-Enersight, which operates in the same vertical, said the deal makes it the largest provider of integrated strategy, planning and reserves solutions to the upstream petroleum industry. The company, led by CEO Wayne Sim, resulted from a 2016 merger between 3esi and Enersight Corp. It is backed by Rubicon Technology Partners, a U.S. software-focused private equity firm.
4 min read · 29 June 2017
StorageVault Canada Inc (TSX-V: SVI), a Regina-based owner and operator of storage facilities, has launched a secondary offering of common shares on behalf of funds managed by Canadian private equity firm PFM Capital. The sale, which forms part of a broader $135 million offering, is priced at $2.65 per unit and is expected to generate gross proceeds to PFM of approximately $50 million, not including the greenshoe option. StorageVault said the sale is the result of a PFM policy to limit investment concentrations in a single company. Regina's PFM, which oversees $652 million in assets, invests in mid-market businesses.
4 min read · 29 June 2017
Caisse de dépôt et placement du Québec, one of the world's biggest infrastructure and real estate investors, is holding off on major investments in London real estate amid uncertainty over the impact of Britain's planned exit from the European Union, Reuters reported. Canada's second-biggest public pension fund has been an enthusiastic investor in Britain and earlier this year agreed to finance the expansion of London's Heathrow Airport in which it is one of the biggest shareholders. Until recently, London was one of the cities the Caisse was most committed to investing in along with New York and Shanghai.
3 min read · 29 June 2017
Waterloo network policy control solutions provider Sandvine Corp (TSX: SVC) said it has received an acquisition offer from U.S. private equity firm Francisco Partners. Francisco proposed to purchase all of Sandvine's issued and outstanding common shares for $4.15 per unit. Sandvine, which is led by President and CEO Dave Caputo, said it solicited the new offer during the "go-shop" period permitted under its agreement with U.S. private equity firm Vector Capital. Vector in May offered to buy the company for $3.80 per unit, which implies an equity value for Sandvine of about $483 million. Sandvine's board continues to recommend the Vector deal.
3 min read · 29 June 2017
La Coop fédérée, a Montréal-based agri-food enterprise and agricultural collective, has secured a $200 million investment in preferred shares. The funding came from National Bank of Canada, as well as Fonds de solidarité FTQ, Fondaction CSN and Capital régional et coopératif Desjardins, which also accounted for investments of $155 million in 2012 and 2013. CEO Gaétan Desroches said the funds raised will support priorities in La Coop fédérée's five-year growth plan, including acquisition and capital investment projects. Founded in 1922, La Coop fédérée represents more than 90,000 members in nearly 70 cooperatives with operations across Canada.
5 min read · 28 June 2017
