Private Equity
The Fastway Group, a subsidiary of Mill Street & Co, has acquired Sauve Lumber and Building Supplies Ltd, a Timmins, Ontario provider of lumber, construction, home and garden materials, tools and accessories. No financial terms were disclosed. Fastway, which operates in the same industry, said the deal adds to its geographic reach and product knowledge. Mill Street, a Canadian private investment firm, invested in Fastway last year. The company was created through acquisitions of Toronto's Speed Fastening Systems Inc and Port Perry, Ontario's Uxport Tools Inc.
2 min read · 15 May 2017
Canada Pension Plan Investment Board (CPPIB) has partnered with IndoSpace to create IndoSpace Core, a joint venture that will acquire and develop logistics facilities in India. CPPIB has initially committed about US$500 million to the joint venture and will own a majority stake. IndoSpace Capital Asia will manage the new entity. As part of the deal, IndoSpace Core will acquire 13 industrial and logistics parks from IndoSpace's portfolio, and will have the option to acquire more parks worth about US$700 million. IndoSpace, a Mumbai industrial and logistics real estate developer, is owned by the Everstone Group and Realterm.
3 min read · 15 May 2017
Canadian private equity firm Beringer Capital has acquired a majority stake in iCiDIGITAL, a digital consulting business headquartered in Raleigh, North Carolina. No financial terms were released for the deal, which will see the company's top management retain an interest. Founded in 2014, iCiDIGITAL reports achieving expansion of 30 percent per year. Beringer, a specialty investor in media and marketing industries, said it will support the company's continued growth by investing in its team, services and solutions. The iCiDIGITAL deal comes on the heels of Beringer's investment in U.S. digital commerce agency Blue Acorn Inc last month.
3 min read · 15 May 2017
An affiliate of Bermuda private equity firm Oakley Capital Investments has agreed to acquire a majority stake in TechInsights, an Ottawa-based provider of intellectual property consulting, patent brokerage, and technical reverse engineering. Oakley said it expects to invest US$49.9 million in the business. The seller is AXIO Group Management Ltd, a portfolio company of Electra Private Equity, a U.K. private equity firm. Oakley will partner in the deal with AXIO CEO Henry Elkington, who will become TechInsights' chairman with the acquisition's close. Oakley said it will support the growth of TechInsights' subscription and syndicated data product offering.
3 min read · 15 May 2017
U.S. buyout firm TPG Capital Management has raised its cash bid for Fairfax Media Ltd, offering A$2.76 billion (US$2.04 billion) for the struggling Australian publisher and sending its shares to a six-year high, Reuters reported. The fresh offer from TPG and partner Ontario Teachers' Pension Plan Board would allow shareholders to cash out completely rather than leaving them with scrip in a piecemeal collection of small assets including radio, regional newspapers and television streaming. Fairfax is the publisher of The Sydney Morning Herald and The Australian Financial Review, but its best-performing asset is property listings website Domain, which has boomed amid the decline of newspaper earnings.
2 min read · 15 May 2017
Canada's Brookfield Asset Management has agreed to buy Light SA's stake in Brazilian renewable energy company Renova Energia SA and eventually become controlling shareholder, a source with direct knowledge of the talks told Reuters. Brookfield will first acquire a 20.3 percent stake owned by Light in Renova, worth about US$64 million. A second step to become controlling shareholder will involve a capital injection of 800 million reais, diluting controlling investor Centrais Elétricas de Minas Gerais SA, the source said.
1 min read · 12 May 2017
Stellwagen Group, acquired earlier this year by Acasta Enterprises Inc (TSX: AEF), has agreed to buy the commercial aviation advisory and asset management business of ECN Capital. The purchase price is US$22.5 million, payable through an issue of Acasta shares. Ireland's Stellwagen, which operates in the same field, will gain an established asset management platform, expertise and greater distribution capabilities, Acasta said. Acasta bought Stellwagen as part of a $1.1 billion round of deals. A Canadian special purpose acquisition corporation (SPAC), Acasta plans to launch as a private equity firm this year.
3 min read · 12 May 2017
Evergreen Consumer Brands, a Brampton Ontario designer, maker and distributor of health and beauty care, oral care, and cleaning products, has completed a management buyout. It was funded with subordinated debt provided by First West Capital, an affiliate of Canadian credit union First West Credit Union. No financial terms were disclosed. Langley, British Columbia-based First West Capital, which provides subordinated debt, mezzanine, and equity financing to Canadian mid-market businesses, entered the Ontario market last year with the hire of David Hastie from Roynat Capital.
3 min read · 12 May 2017
Canadian gold producer Continental Gold Inc (TSX: CNL) has agreed to receive a US$25 million investment from RK Mine Finance, an affiliate of Australian mining finance firm Red Kite Group. The private placement deal, which will provide Red Kite with 4.6 percent of the company's issued and outstanding common shares, was accompanied by a US$109 million strategic investment by Newmont Mining Corp, a U.S. gold producer. Toronto-based Continental said the proceeds will support the construction of its Buriticá gold project in Columbia.
4 min read · 12 May 2017
Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ have agreed to join the take-private acquisition of Canam Group Inc (TSX: CAM) as equity investors. The deal, announced last month, will see Canam acquired by U.S. private equity firm American Industrial Partners (AIP) and the Dutil family for $875 million, including debt. The Caisse and Fonds, existing investors in Canam, will with Dutil shareholders own up to 40 percent of the company's equity with the deal's close, while AIP will hold the majority share. Based in Saint-Georges, Québec, Canam is a maker of customized products for the construction industry.
5 min read · 12 May 2017
