Private Equity
TricorBraun Inc, a portfolio company of U.S. private equity firm AEA Investors, has agreed to acquire Salbro Bottle Inc, a Woodbridge, Ontario-based manufacturer and distributor of packaging solutions. No financial terms were released. Founded in 1990, Salbro specializes in providing creative plastic containers, glass containers and closures. St. Louis, Missouri-based TricorBraun, which operates in the same industry, said the acquisition will expand its reach and presence in the Canadian market. TricorBraun was acquired by AEA last year from CHS Capital. Update: Salbro is backed by Crosswinds Holdings, a Canadian private equity firm.
3 min read · 26 June 2017
Gaming Nation Inc (TSX-V: FAN), a Thornhill, Ontario online gaming brand, has agreed to be acquired by an affiliate of Orange Capital, a U.S. hedge fund. The deal will see Orange Capital acquire all of the company's issued and outstanding shares for about $44 million and result in Gaming Nation's de-listing from the TSX Venture Exchange. The acquisition follows a review of the company's strategic options. It is supported by shareholders representing 45 percent of outstanding shares. Gaming Nation's platforms include 5050 Central, BD Sport Group, Fantasy Guru, Fantasy Guru Elite and Pick Nation.
5 min read · 26 June 2017
N&W Global Vending SpA has acquired Cafection Enterprises Inc, a Québec City maker of bean-to-cup coffee machines. No financial terms were released for the deal, which was done via a joint venture of N&W and François Baron, Cafection's owner. Baron will hold a 33 percent stake in the JV upon its close in July, and become its CEO. The JV will focus on the manufacture and sale of coffee machines for the North American office coffee service market and development of Cafection machine sales in other countries. Valbrembo, Italy's N&W, which operates in the same sector, was acquired last year by U.S. private equity firm Lone Star Funds.
3 min read · 26 June 2017
Swiss mining private equity firm Pala Investments has invested about $41 million in Cobalt 27 Capital Corp (TSX-V: KBLT), a Toronto investor in cobalt, a key element in electric vehicle and battery energy storage technologies. The investment, made as part of Cobalt 27's $200 million initial public offering, increases Pala's existing stake to about 19.46 percent of issued and outstanding common shares. Reuters recently reported that Cobalt 27's IPO highlights the "burgeoning market for cobalt as the car industry's push toward electric vehicles gathers pace." Cobalt 27 is led by Chairman and CEO Anthony Milewski, a Pala managing director.
4 min read · 26 June 2017
Canada Goose Holdings Inc (NYSE/TSX: GOOS), which went public in March, has commenced a proposed secondary offering of a minimum of 12.5 million subordinate voting shares. The shares will be offered and sold by certain investors in the company, including U.S. private equity firm Bain Capital. The deal has not yet been priced. Bain, which acquired Canada Goose in 2013, will continue to hold a controlling interest upon the offering's completion, the prospectus said. Canada Goose, a Toronto-based maker of luxury outdoor apparel, raised $390 million in gross proceeds from its initial public offering.
4 min read · 26 June 2017
Public Sector Pension Investment Board (PSP Investments) has acquired a majority interest in Stahmann Farms Enterprises, an Australian grower, processor and marketer of pecans. No financial terms were disclosed. Based in Toowoomba, Queensland, Stahmann Farms was founded in 1971 as an Australian branch of the Stahmann family pecan farm originally established in New Mexico in 1932. It has been independent since its spin-off in 2006. Stahmann Farms said it will use its partnership with the Canadian pension fund to help increase production capacity and improve processing facilities in New South Wales and Queensland.
2 min read · 26 June 2017
Canadian private equity firm Catalyst Capital Group is exploring options for Therapure Biopharma, Bloomberg reported. Catalyst has hired Wells Fargo & Co to find a buyer for the contract development and manufacturing part of its business, the story said. The Therapure unit could fetch $400 million. Catalyst is also interviewing banks to advise on an initial public offering for Therapure’s proprietary products division, Bloomberg said. Toronto-based Therapure is a maker of complex biotherapeutics, and a developer, maker and seller of its own blood and plasma-related therapeutic products. It was established in 2008 by Catalyst.
1 min read · 26 June 2017
Alasko Foods Inc has acquired FooDelicious Inc, a packaged frozen food company based in Ingersoll, Ontario. No financial terms were released. Alasko, a Montréal-based supplier of branded and private-label frozen fruits and vegetables, said the deal will strengthen its packing and distribution capabilities. Alasko serves food service, industrial and retail channels across Canada. It was acquired in 2010 by Catterton Partners, a U.S. consumer-focused private equity firm. Last year, the company also secured an investment from Canadian investors Avrio Capital and Fondaction CSN.
2 min read · 23 June 2017
Sears Canada Inc said it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in its sales due to competition from big-box retailers and online merchants, Reuters reported. Existing lenders have agreed to provide up to $450 million in interim financing to help the company controlled by U.S. billionaire hedge-fund investor Eddie Lampert focus on selling discounted designer labels and low-priced clothing. About 78 percent of Sears Canada shares are held by Lampert and others close to the company. Sears Canada has total liabilities of $1.1 billion as of April 29, according to financial disclosures.
2 min read · 22 June 2017
Altice USA Inc, the cable operator that Netherlands-based Altice NV formed by acquiring Cablevision and Suddenlink Communications, said on Wednesday it had raised US$1.9 billion in an initial public offering, Reuters reported. Altice USA priced 63.9 million shares at US$30, making it this year's second largest U.S. IPO and giving the company a market capitalization of approximately US$22 billion. Altice USA's parent will hold 70.3 percent of Altice USA's shares and 98.3 percent of the voting rights. London-based private equity firm BC Partners and Canada Pension Plan Investment Board, two pre-existing minority investors in Altice USA, will jointly own a minority stake in the company.
2 min read · 22 June 2017
