Private Equity
CBRE Group Inc (NYSE: CBG) has agreed to acquire a majority stake in Caledon Capital Management, a Toronto-based portfolio management and advisory firm specializing in infrastructure and private equity investments. Terms weren't disclosed for the deal, which will see Caledon renamed CBRE Caledon Capital Management and operating as a separate entity under CBRE’s investment management unit. The closing is expected to occur later this year. Caledon, which has $9 billion in assets under management, was founded in 2007 by David Rogers, who formerly led the private equity group at Ontario Municipal Employees Retirement System (OMERS).
4 min read · 09 June 2017
Canadian commercial financing company ECN Capital Corp said it would buy U.S.-based Service Finance Holdings LLC for $410 million (US$304 million) in cash, Reuters reported. The deal is expected to close in the third quarter. ECN Capital offers financial services to rail and commercial aviation markets, while Service Finance lends for home improvement projects in the United States. Founded in 2004, Boca Raton, Florida-based Service Finance is a portfolio investment of U.S. private equity firm Flexpoint Ford. Flexpoint has held a minority equity stake in the company since 2015.
1 min read · 09 June 2017
Home Capital Group Inc has received takeover approaches led by Canadian private equity firms Onex Corp and Brookfield Asset Management but is moving ahead with plans to stay independent, Reuters reported, citing a Globe & Mail story. The Globe & Mail cited a source close to the process as saying the offers received to date were "speculative, conditional and not that attractive". It said the company was working on plans to restore its financial health, through steps including the sale of smaller lines of business.
2 min read · 08 June 2017
Canadian metals and materials manufacturing company BlackRock Metals Inc has raised $40 million in equity financing from Orion Mine Finance Group, a U.S. private equity firm. Founded in 2008, BlackRock is developing a vanadium and titanium bearing magnetite and ilmenite deposit in Québec. It said the funds raised will support the completion of technical designs, permitting, equipment orders, initial construction work and other priorities. Montréal-based BlackRock said it will focus on putting together a construction financing package for its $950 million project with Orion and other investors later in 2017.
3 min read · 08 June 2017
Array Canada Inc, acquired in 2015 by U.S. private equity firm Carlyle Group, has bought 100 percent of Summit Manufacturing LLC, a New York manufacturer of point-of-sale merchandising, retail displays and fixtures. The terms of the deal, closed last month, were not released. Array, a Toronto provider of in-store merchandising services for cosmetic and apparel retailers and brand manufacturers, said the buy enhances its capacity, geography and client reach. Carlyle acquired Array from Canadian private equity firm TorQuest Partners. TorQuest, which invested in 2012, reported earning 5x its money and a 61 percent return with the sale.
3 min read · 08 June 2017
Oakcreek Golf and Turf LP has acquired Simpson Norton Corp, a Goodyear, Arizona-based distributor of commercial turf maintenance and irrigation equipment, systems and parts in the United States. No financial terms were released. Calgary-based Oakcreek is a supplier of Toro commercial turf equipment, Yamaha golf cars and PistenBully snowcats. Established in 1969, it is a portfolio investment of Banyan Capital Partners, a Canadian private equity firm. Banyan's Jeff Wigle said the Simpson deal is a "significant milestone" for Oakcreek. Banyan will continue to invest in the company's growth into new markets and acquisition activity, he added.
3 min read · 08 June 2017
Embattled Canadian drugmaker Valeant Pharmaceuticals International Inc said it would sell its iNova Pharmaceuticals business for US$930 million in cash as it looks to pay down debt, Reuters reported. The unit, which sells prescription and over-the-counter products, will be bought by a company jointly owned by private equity firms Pacific Equity Partners and Carlyle Group, Valeant said. The deal is expected to close in the second half of this year. Valeant is focusing on its dermatology, eye care and gastrointestinal units while pruning other assets to repay long-term debt, which stands at US$28.54 billion as of March 31.
2 min read · 08 June 2017
BDC Capital has earmarked $250 million for investment in Canadian growth equity opportunities over the next five years. The initiative, which forms part of a $1.8 billion strategy announced in April, will focus on making minority investments of $2 million to $25 million in companies with at least $5 million to $10 million in revenue. Overseeing the initiative will be Vice President Claude Miron. Miron replaces Elmer Kim, who joined BDC last year to launch the growth equity practice and team. Miron has nearly three decades of experience in a range of professional roles in the corporate finance, mezzanine, private equity and venture capital markets.
4 min read · 05 June 2017
India's ICICI Bank Ltd and Canada's Fairfax Financial Holdings Ltd will pare their stakes in joint venture insurer ICICI Lombard General Insurance Co Ltd's planned initial public offering of shares, Reuters reported. While the size and other details of the IPO will be decided at a future date, ICICI Lombard said the two shareholders had informed it of their intention to sell part of their holdings. Fairfax will own 22.1 percent of the insurer after its planned sale of a 12.2 percent stake in ICICI Lombard to an affiliate of Warburg Pincus and two other investors is completed.
1 min read · 05 June 2017
Alpine Growth Partners has invested in Datavalet Technologies Inc, a Montréal-based designer, installer and manager of customizable wireless environments. No financial terms were disclosed. With the deal, Alpine Managing Partners Toby Chang and Daniel Forest have joined the company's management team. Founded in 1998, Datavalet reports that its services reach more than 9,000 customer locations and manage more than 120 million user sessions annually. The partnership with Alpine is intended to accelerate Datavalet's long-term growth. Alpine makes control investments in small Canadian and U.S. businesses.
3 min read · 05 June 2017
