Private Equity
Canada Pension Plan Investment Board (CPPIB) is considering a bid for Dominion Diamond Corp and is studying the Canadian miner's books, people familiar with the process told Reuters. The move comes after Dominion, the world's third largest diamond producer by market value, put itself up for sale in late March, following an unsolicited US$1.1 billion approach by U.S. billionaire Dennis Washington. CPPIB is one of more than five parties that have signed an agreement with Dominion to get access to its confidential data, one source said. It is unlikely that the pension fund will make an offer for the company on its own, and if CPPIB decides to proceed with a bid, it may financially back a partner with mine operation expertise, the sources said.
3 min read · 11 May 2017
Home Capital Group, Canada's biggest non-bank lender, is in talks to divest about $2 billion in assets to help pay down a high-interest loan and delay a potential sale of the entire company, sources told Reuters. The Toronto company wants to sell all or part of its commercial mortgage portfolio, its consumer finance business and a small portion of its traditional residential mortgage portfolio to raise the $2 billion. U.S. buyout firms Cerberus Capital Management LP, Fortress Investment Group LLC and Apollo Global Management LLC are among those in active talks with Home Capital about buying some of its assets. Caisse de dépôt et placement du Québec, as well as other pension funds and some private equity firms, are in talks about providing an alternative loan, the sources said.
2 min read · 11 May 2017
The private equity group of Brookfield Asset Management has closed its buy of an 85 percent controlling stake in Greenergy Fuels Holdings Ltd, a supplier of road fuels to consumers in the United Kingdom. The terms of the deal, announced in February, were not released; however, as PE Hub Canada has reported, Brookfield expects to invest about £210 million (US$260 million) of equity in the acquisition. London-based Greenergy is one of five major platform investments made by Brookfield Capital Partners IV, which raised US$4 billion last year. Another investment, Brazil's BRK Ambiental, closed last month.
2 min read · 11 May 2017
Sheridan Capital Partners has acquired Canadian Orthodontic Partners (COP), a Toronto-based provider of back-office support to orthodontic practices in Canada. No financial terms were disclosed. COP, which also offers financing to support treatment for patients, currently provides management services to locations in five provinces. Dr. John McManaman, chief orthodontic officer at COP, said the partnership with Sheridan, a U.S. private equity firm, will help accelerate the company's growth across Canada.
2 min read · 10 May 2017
U.S. pipeline Kinder Morgan Inc's Canadian unit is seeking to raise up to $1.75 billion in an initial public offering in Toronto, Reuters reported, citing a regulatory filing. If successful, the deal would be one of Canada's top five IPOs and help fund the expansion of Kinder Morgan's Trans Mountain pipeline. Kinder Morgan expects the expansion project to cost about $7.4 billion. In the last few months, Kinder Morgan had been working on a dual-track process to explore an IPO or joint venture of its Canadian business. Kinder Morgan had held talks with major Canadian pension funds and private equity firms about raising funds for the project, Reuters previously reported.
2 min read · 10 May 2017
Uranium Energy Corp (NYSE: UEC) has agreed to acquire all of the issued and outstanding shares of Reno Creek Holdings Inc, a Vancouver-based uranium mining and exploration company. The deal, expected to close in July, will see UEC acquire Reno Creek and its Reno Creek in-situ recovery project in Wyoming, by issuing shares and warrants to the company's owner, Pacific Road Capital Management. Pacific Road, an Australian mining private equity firm, acquired Reno Creek and its project in 2010 and currently has a 97.27 percent ownership interest.
7 min read · 10 May 2017
Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investment managers, said it planned to expand its London operations, hiring staff and boosting investments, Reuters reported. PSP, which manages $125.8 billion across a range of markets, said it would increase staffing in London to 40 from 28 over the next 12 months. It opened the office in 2015. The team will focus on private equity, private debt, infrastructure and real estate, PSP said, and help it to boost investments across Europe by 20-30 percent over the next five years.
2 min read · 10 May 2017
Public Sector Pension Investment Board (PSP Investments) has launched its European hub via a new London-based office. The initiative is intended to increase the Canadian pension's fund's European exposure across a range of asset classes. The hub's leadership includes Simon Marc, managing director of private equity, Oliver Duff, managing director of principal debt and credit investments, and Patrick Charbonneau, managing director of infrastructure investments. PSP's recent European activity includes last month's acquisition of Paris-based Cerba HealthCare SAS, a deal done alongside Partners Group.
3 min read · 10 May 2017
Stingray Digital Group Inc (TSX: RAY.A-B) has acquired Yokee Music Ltd, an Israeli provider of three popular social music apps. No financial terms were released. Stingray, a business-to-business multi-platform music company, said the deal will provide mobile app development and optimization expertise and expand its portfolio of consumer-facing products. Montréal-based Stingray raised $180 million in an initial public offering in 2015. It continues be a portfolio company of Caisse de dépôt et placement du Québec, Novacap, Telesystem and other investors.
4 min read · 09 May 2017
Northstar Scaffold Services Inc has acquired Sky-Hi Scaffolding Ltd, a Burnaby, British Columbia provider of scaffold solutions to residential, commercial, and industrial customers. No financial terms were released. The seller was Kevin Lottis, who has owned Sky-Hi since 1993. The acquisition creates a national scaffolding service provider with six branches, according to Andover Capital, the Canadian private equity firm that backs Northstar. Established in 1967, Northstar has its headquarters in Winnipeg.
2 min read · 09 May 2017
