Private Equity
Hayward Industries Inc, a U.S. maker of residential and commercial swimming pool equipment and industrial flow control products, has agreed to be acquired by a private equity consortium. No financial terms were released. The consortium is led by U.S. private equity firms CCMP Capital Advisors and MSD Partners and includes Alberta Investment Management Corp (AIMCo), a Canadian pension fund. Elizabeth, New Jersey-based Hayward, a family-owned business, said the deal will support investments in product innovation, geographic expansion and acquisitions.
5 min read · 19 June 2017
Tricor Pacific Founders Capital has acquired Saxon Chocolates Inc, a Toronto-based maker of fine Belgian chocolate and a wide variety of other confectionery products. No financial terms were disclosed. Tricor Founders, a Canadian private equity family office, made the investment through Ganache Gourmet Inc, which owns Totally Chocolate LLC, acquired last year. Tricor Founders Managing Director Derek Senft, who led the deal, said the investor aims to make further acquisitions in the edible gifting and confections space. The Saxon Chocolates transaction comes on the heels of Tricor Founders' buy of Keybrand Foods Inc last week.
3 min read · 19 June 2017
U.S. activist investor Jonathan Litt on Monday called for Canada's Hudson's Bay Co to consider going private and to monetize its vast real estate holdings, sending shares in the owner of Saks Fifth Avenue up 13 percent, Reuters reported. Litt made the request to the board of directors in a letter which disclosed his investment firm Land & Buildings Investment Management LLC had acquired a 4.3 percent stake in Hudson's Bay. The company, also known as HBC, said in a statement that it was reviewing the letter from Litt, a former Citigroup real-estate analyst whose activist hedge funds focuses on the property sector.
3 min read · 19 June 2017
Caisse de dépôt et placement du Québec has partnered with GE Capital Aviation Services (GECAS), GE's aircraft leasing business, to create a global aircraft financing platform. The platform, to be capitalized at US$2 billion, will be named Einn Volant Aircraft Leasing. It will focus on acquiring fuel-efficient aircraft from airlines and leasing them back under long-term leases. GECAS will source the opportunities and invest alongside the platform. Caisse President and CEO Michael Sabia said the initiative will "provide financing solutions to airlines to help support the growth of their fleet and answer essential industry needs."
4 min read · 19 June 2017
A group of investors led by U.S. private equity firm Apollo Global Management LLC and Ontario Teachers' Pension Plan will buy a majority stake in U.S. job portal CareerBuilder LLC, Reuters reported. CareerBuilder is owned by Tribune Media Co, TV station operator Tegna Inc and newspaper group McClatchy Co. These current owners will all retain a minority stake. Reuters previously reported that a potential CareerBuilder deal would value the business at more than US$500 million, including debt.
1 min read · 19 June 2017
Pattern Energy Group Inc (NASDAQ, TSX: PEGI) announced several initiatives to increase the San Francisco-based power company's growth outlook and access to capital. They include a new strategic partnership with Public Sector Pension Investment Board (PSP Investments). The deal will see the Canadian pension fund buy a 9.9 percent stake in Pattern, making it the company's largest shareholder. PSP will also co-invest US$500 million in projects acquired by Pattern, including Canada's Meikle and Mont Sainte-Marguerite wind projects. A vehicle managed by Riverstone Holdings will account for most of an additional US$724 million commitment.
10 min read · 19 June 2017
The Public Sector Pension Investment Board (PSP Investments) reported its net assets under management hit $135.6 billion at the end of fiscal year 2017, up 16.1 percent from $116.8 billion the year before. The Canadian pension fund's one-year portfolio net return was 12.8 percent, outperforming the policy portfolio benchmark. PSP's private equity assets totaled $15.9 billion as of March 31, 2017, and showed a one-year return of -3.4 percent. In the same period, infrastructure assets totaled $11.1 billion and showed a 14.4 percent return. PSP has been led by President and CEO André Bourbonnais since 2015.
8 min read · 16 June 2017
Calgary oil and gas producer Vermilion Energy Inc (TSX, NYSE: VET) has appointed Stephen Larke to its board of directors. Larke is an operating partner and advisory board member at Azimuth Capital Management, a Canadian energy private equity firm. Prior to joining Azimuth, formerly known as KERN Partners, he was a managing director and executive committee member with Canadian energy investment firm Peters & Co.
3 min read · 15 June 2017
H2O Midstream LLC has acquired Permian Basin produced water infrastructure from the U.S. subsidiary of Calgary energy producer Encana Corp (TSX, NYSE: ECA). Financial terms were not released for the deal, which includes an agreement whereby H2O will gather, dispose and deliver for re-use produced water for a substantial portion of Encana's acreage position in Texas. Houston-based H2O is an energy midstream company with an exclusive focus on water. It is funded by U.S. energy private equity firm EIV Capital and its institutional partners.
3 min read · 15 June 2017
Founders Advantage Capital Corp (FA Capital) has closed a $100 million senior secured credit facility with the credit subsidiary of Sagard Holdings. The deal's proceeds will be used to repay FA Capital's existing senior indebtedness, make additional acquisitions, and for other priorities. Based in Calgary, FA Capital is focused on making majority-interest acquisitions of cash-flow positive mid-market companies. Sagard is a debt and equity investment firm affiliated with Canada's Power Corp.
3 min read · 15 June 2017
