Private Equity
Australia's oldest newspaper publisher Fairfax Media Ltd said it has received a takeover bid worth as much as A$2.87 billion (US$2.13 billion) from a second U.S. private equity firm, sending its shares sharply higher, Reuters reported. The surprise offer from buyout firm Hellman & Friedman values Fairfax at A$1.225 to A$1.25 a share, compared to an earlier offer from TPG Capital Management and Ontario Teachers' Pension Plan Board of A$1.20 a share. The Sydney-based publisher said it would allow both suitors to conduct due diligence "to explore whether a potential whole of company proposal is available".
2 min read · 18 May 2017
Calgary oil and gas company Primavera Resources Corp has secured equity financing from ARC Financial Corp, a Canadian energy private equity firm. No financial terms were released. The deal was closed concurrently with the company's acquisition of 18,400 net acres of Montney rights located in the Goose region of northeastern British Columbia. Primavera, which is led by CEO Dan O’Byrne and President Andrew Wiacek, said the partnership with ARC will supports its development of the asset. Earlier this month, STEP Energy Services Inc, an ARC portfolio company, closed its initial public offering in Canada, raising $100 million.
2 min read · 18 May 2017
U.S. private equity firm Gauge Capital has made an investment in eDynamic Learning, a Kelowna, British Columbia-based publisher of online high school career and elective courses. The financial terms of deal, done in partnership with the company's shareholders and management team, were not disclosed. With the investment, Gauge Capital's Tom McKelvey, Drew Johnson and James Jackson have joined eDynamic’s board. CEO Kevin Viau, who founded eDynamic in 2008, will continue to lead the company. Crestline Investors provided financing for the transaction.
3 min read · 18 May 2017
Eddyfi Technologies has acquired TSC Inspection Systems, a Milton Keynes, United Kingdom-based provider of non-destructive testing (NDT) service, rental and product solutions. No financial terms were released. Eddyfi, a Québec City developer of inspection equipment and software for the industrial sector, said the deal broadens its product portfolio and addressable markets. The acquisition was financed by Caisse de dépôt et placement du Québec, a minority investor in Eddyfi. In March, the Caisse invested $36.5 million in the company to support its global growth strategy.
3 min read · 18 May 2017
Canadian private equity firm Whitehorse Liquidity Partners has closed its debut fund at its US$400 million hard cap, well above an original US$300 million target. Whitehorse Liquidity Partners Fund I, which will make preferred equity investments in private equity portfolios, was backed by a range of institutional and individual limited partners. Toronto-based Whitehorse was founded two years ago by Managing Partner Yann Robard, formerly the head of secondaries and co-investments at Canada Pension Plan Investment Board. The firm's other principals include Partner Michael Gubbels and Senior Principal Rob Gavin, who was promoted with the fund's close.
3 min read · 18 May 2017
Onex Corp has set a US$6.5 billion target for its fifth flagship fund, which would be the largest in the private equity firm’s 33-year history. In its report of first-quarter 2017 results, the Toronto investor said it recently launched fundraising for Onex Partners V. Onex, a listed firm, plans to commit about US$2 billion. Closing on US$6.5 billion would give the fund about 14 percent more in committed capital than its predecessor, which collected US$5.7 billion in 2014.
2 min read · 18 May 2017
IAM Private Debt Group has provided a $28 million senior term loan to The SM Group International Inc (SMi), a Montréal-based engineering, integration and construction management company. The funds raised will be used by the company to replace current bank facilities and support continued growth. SMi is a portfolio investment of Alaris Royalty Corp, a Canadian alternative equity firm. Alaris reports investing $40.5 million in the business since 2013. IAM Private Debt Group is a division of Integrated Asset Management Corp (TSX: IAM), a Toronto alternative investments manager.
2 min read · 17 May 2017
Calgary's Painted Pony Petroleum Ltd (TSX: PPY) has closed its acquisition of UGR Blair Creek Ltd, an operator of natural gas assets in the Montney resource play in British Columbia. The deal, announced in March, was valued at $277 million, including debt. The seller was a portfolio investment of Canadian energy private equity firm ARC Financial Corp and U.S. firm EnCap Investments. As part of the transaction, ARC and EnCap each took about 12.38 percent of Painted Pony's issued and outstanding shares. ARC appointed Managing Director Paul Beitel to the board, while EnCap appointed George Voneiff.
7 min read · 17 May 2017
Canadian private equity firm Onex Corp has closed its sale of USI Insurance Services for an enterprise value of US$4.3 billion, including debt. The sale, announced in March, saw the U.S. insurance brokerage and consulting business go to U.S. private equity firm KKR & Co and Canadian pension fund manager Caisse de dépôt et placement du Québec. Onex acquired USI in 2012 with an equity investment of US$610 million. The company's sale awarded the investor with proceeds of US$2.1 billion, including a 2015 distribution of US$181 million. Onex said this resulted in a gross multiple of invested capital of 3.4 times and a gross return of 34 percent.
2 min read · 17 May 2017
Vesta Energy Corp has agreed to receive a $295 million financing co-led by U.S. energy private equity firm Riverstone Holdings and Canadian firm JOG Capital. In conjunction with the financing, Vesta has undertaken a private placement offering intended to raise up to $10 million from existing shareholders. With the deal, Riverstone's Olivia Wassenaar will join the board of directors. Calgary-based Vesta is an exploration and production company focused on light oil properties in the Joffre Duvernay Shale oil play in Alberta. Led by Founder and CEO Curtis Cook, it will use the funds raised to develop the resource and pursue its growth strategy.
4 min read · 17 May 2017
