Private Equity
1 min read · 28 May 2017
Waterloo network policy control solutions provider Sandvine Corp (TSX: SVC) has agreed to be acquired by Vector Capital. The U.S. private equity firm will acquire all of the company's shares, other than certain shares held by management, for $3.80 per unit, which implies an equity value for Sandvine of about $483 million. Dave Caputo, president and CEO of Sandvine, said the partnership with Vector will allow the company to pursue a number of long-term growth opportunities "more aggressively." Founded in 2001, Sandvine provides its technology to more than 300 networks in more than 100 countries. It was venture-backed before going public in 2006.
7 min read · 28 May 2017
Jamieson Wellness Inc, a Canadian vitamin and natural health products company, has filed a preliminary prospectus with domestic securities regulators for an initial public offering of common shares. The IPO, which has not yet been priced, is expected to include a secondary offering for certain shareholders, including U.S. private equity firm CCMP Capital Advisors, which acquired Jamieson in 2014 for more than $300 million. Reuters reported last year that CCMP was planning to sell the company. BMO Capital Markets and RBC Capital Markets are the IPO's joint bookrunners. Founded in 1922, Jamieson is headquartered in Windsor, Ontario.
2 min read · 26 May 2017
U.K. private equity firm Apax Partners has closed its sale of interest held in Garda World Security Corp, a Montréal-based security services provider. No financial terms were disclosed for the deal, which was announced in March. The buyers were U.S. private equity firm Rhône Capital, which now holds a 61 percent stake, and GardaWorld's founder, Chairman and CEO Stephan Crétier. Apax led a consortium that paid $1.1 billion to acquire GardaWorld in November 2012. Crétier said the business doubled in size in terms of revenue and employees during Apax's period of ownership.
3 min read · 26 May 2017
Alberta oil and gas land sales have reached levels not seen since 2014 thanks to a rush to buy land in an oil-rich pocket of the Duvernay shale play that was until recently written off as being uneconomic, Reuters reported. Vesta Energy, one of two private companies leading the land purchases, last week secured $305 million in financing led by private equity firms Riverstone Holdings and JOG Capital. Resurgent land prices are a rare bright spot for Canada's energy industry, dominated by northern Alberta's oil sands projects, a sector that global companies have withdrawn from this year because of high costs and slow returns on capital.
3 min read · 26 May 2017
Alberta Investment Management Corp (AIMCo) has entered into a financing partnership with Ikkuma Resources Corp (TSE: IKM), a Calgary junior oil and gas company. AIMCo agreed to provide a debt-with-warrants financing that includes a $45 million second-lien senior secured term loan. The deal entitles AIMCo to acquire up to 6.75 million of the company's common shares for $0.86 per unit. In a separate release, Ikkuma said it will use the proceeds to pay down outstanding indebtedness, strengthen liquidity, and help fund development of its Cardium oil play.
3 min read · 26 May 2017
U.S. private equity firm Speyside Equity has acquired McGregor & Thompson Hardware Ltd, a Vancouver-based manufacturer and distributor of doors, frames, finishing hardware, construction specialty products and access control devices. The deal's financial terms were not disclosed. Established in 1964, McGregor & Thompson primarily serves the mixed-use multi-family residential market along with the industrial, commercial, and institutional segment. Speyside said it will support the company's continued growth and development. Speyside also announced its buy of Shanahan’s Holdings Ltd from Banyan Capital Partners and Yellow Point Equity Partners.
2 min read · 25 May 2017
U.S. private equity firm Speyside Equity has acquired Shanahan's Holdings Ltd, a Surrey, British Columbia-based manufacturer and distributor of hardware, hollow-metal doors and construction specialty products. No financial terms were released. The sellers were Canadian private equity firms Banyan Capital Partners and Yellow Point Equity Partners, which invested in Shanahan's in 2007 as part of an ownership transfer. Banyan is an affiliate of Connor, Clark & Lunn Financial Group. Yellow Point closed its fourth fund at $150 million in 2016. Speyside also announced its buy of McGregor & Thompson Hardware Ltd, a Vancouver maker of hardware, doors, frames and other products.
2 min read · 25 May 2017
Canadian metals and mining company Nevada Copper Corp (TSX: NCU) has raised a $2.45 million financing from its cornerstone investor, Pala Investments, adding to the US$5 million provided earlier this year. As a result, Pala, a Swiss private equity firm, increased its interest in the company to 47.2 percent. Vancouver-based Nevada said the proceeds will be used to fund evaluation of development options at Pumpkin Hollow, a large, advanced-stage copper project located in Nevada, and other priorities.
4 min read · 25 May 2017
21st Century Oncology Holdings Inc, a U.S. provider of integrated cancer care services, has agreed to a debt restructuring plan with its senior lenders and bondholders. The deal is expected to reduce the company's net debt by more than US$500 million and include US$75 million in debtor-in-possession (DIP) financing from a group of investors. 21st Century said it plans to implement the restructuring through a Chapter 11 process. 21st Century was acquired in 2008 by U.S. private equity firm Vestar Capital Partners. In 2014, Canada Pension Plan Investment Board invested US$325 million in the business.
5 min read · 25 May 2017
