Private Equity
Altice USA, the cable operator that Netherlands-based Altice NV put together by acquiring Cablevision Systems Corp and Suddenlink Communications, will be valued at up to US$22 billion after its initial public offering on the New York Stock Exchange, Reuters reported. Of the projected US$1.6 billion in proceeds at the top end of the price range, Altice USA would receive US$374 million because about three quarters of the shares sold will be offered by London-based private equity firm BC Partners and fellow stakeholder Canadian Pension Plan Investment Board.
2 min read · 12 June 2017
World Oil Tools Inc, a Calgary maker and supplier of specialty inflatable products and technology consumed in downhole completions operations, has been acquired by Rubicon Oilfield International Holdings LP. No financial terms were disclosed. Rubicon, a Houston, Texas manufacturer of oilfield products, said the deal will strengthen its downhole completions solutions. Rubicon is backed by a line-of-equity investment of up to US$300 million from Warburg Pincus, a U.S. private equity firm. Last October, the company acquired Logan International Inc.
4 min read · 12 June 2017
Nutrinor Inc has acquired a majority interest in Fromagerie Champêtre, a Repentigny, Québec maker of a range of cheese products. No financial terms were disclosed. Saint-Bruno, Québec-based Nutrinor, a cooperative that operates a line of agriculture, agrifood, energy and hardware retailing businesses, now co-owns the company with Capital croissance PME, a private equity fund. The fund is sponsored by Capital régional et coopératif Desjardins and Caisse de dépôt et placement du Québec.
3 min read · 12 June 2017
Aptean, a portfolio company of U.S. private equity firm Vista Equity Partners, has acquired FDM Software, a Vancouver provider of records management, computer-aided dispatch, mapping and analysis solutions for public safety agencies. No financial terms were released. Atlanta, Georgia-based Aptean said the deal will strengthen and expand its suite of mission critical enterprise software solutions. The company was formed with Vista's merger of CDC Software Inc and Consona Corp in 2012.
3 min read · 12 June 2017
Longview Solutions Inc, a Canadian finance and tax performance management software company, has merged with Tidemark Systems Inc, a U.S. enterprise financial planning and analytics software provider. No financial terms were disclosed. The add-on deal is Toronto-based Longview's second since being acquired by Marlin Equity Partners, a U.S. private equity firm, in 2014. The company merged with Germany's Arcplan Holding GmbH in 2015. Redwood City, California's Tidemark, venture-backed since its founding in 2010, was also a Marlin portfolio investment.
3 min read · 12 June 2017
Redknee Solutions Inc (TSX: RKN) has entered into an agreement with an affiliate of U.S. private equity firm ESW Capital to back stop the company's launch of a US$54 million rights offering. The proceeds of the offering, expected to close in September, will be used to fund a restructuring of the business, including a reduction of global personnel. Redknee, a Toronto-based provider of software and services to the telecommunications industry, also announced changes in its senior leadership as part of the restructuring. Earlier in 2017, ESW invested US$83.2 million in the company.
10 min read · 09 June 2017
Canadian private equity fund Catalyst Capital Group recently proposed a strategic partnership with Home Capital Group Inc that would see it injecting new capital into the lender, Reuters reported, citing a Globe & Mail story. Citing sources familiar with the proposal, the Globe & Mail reported that Catalyst, an asset manager that focuses on distressed companies, had also put forward a proposed new management team for Home Capital with banking experience. The report said Catalyst is understood to have lined up support for the proposal from a group of institutional investors.
1 min read · 09 June 2017
Canadian mining company Northern Vertex Mining Corp (TSX-V: NEE) has closed the initial tranche of a US$20 million private placement deal with Greenstone Resources, a U.K. metals and mining private equity firm. With the US$10.8 million first close, Greenstone holds 19.9 percent of issued and outstanding shares. Additionally, Senior Partner Michael Haworth will join the board. Vancouver-based Northern Vertex said a second tranche is scheduled to close following a shareholders meeting in July. It plans to use the proceeds to continue development and construction of its flagship Moss Mine gold-silver project in Arizona and for other priorities.
6 min read · 09 June 2017
Stelco Inc, formerly U. S. Steel Canada Inc, announced that the Ontario Superior Court of Justice has sanctioned its restructuring arrangement and transaction with Bedrock Industries Group, a U.S. private equity firm. The deal is expected to close this month, resulting in the Canadian steel producer's emergence from creditor protection. Stelco agreed to restructure with Bedrock in 2016, shortly after United States Steel Corp (NYSE: X) agreed to transfer ownership to the investor. Bedrock previously said it will continue operating Stelco’s plants in Hamilton and Nanticoke, Ontario.
3 min read · 09 June 2017
A visit to trucking company Titanium Transportation helps explain why BlackBerry's stock is once again a darling in Canadian markets, having soared 70 percent in two months, Reuters reported. Nestled in an industrial area some 50 kilometers north of Toronto, the trucker is an early adopter of a new BlackBerry fleet-tracking service known as Radar. Radar is emblematic of BlackBerry Chief Executive John Chen's strategy for turning around the Canadian icon, by steering the company away from consumer electronics and back to its roots of selling products to businesses.
5 min read · 09 June 2017
