Private Equity
Golden Gate Capital, a U.S. private equity firm, has agreed to acquire a majority stake in GAL Canada Elevator Products Corp, a Mississauga, Ontario designer, maker and distributor of elevator components and systems. The undisclosed investment was part of a broader agreement between Golden Gate and GAL Manufacturing Corp, which has its headquarters in the Bronx, New York. GAL was founded in 1927 as a family-owned business. Its Canadian affiliate is managed by Steve Husband.
3 min read · 05 May 2017
Home Capital Group Inc (TSX: HCG) has appointed Alan Hibben to its board of directors, replacing Gerald Soloway, the company's founder. Hibben has spent more than three decades serving in a number of senior executive roles in the financial industry. They include his role as head of RBC Capital Partners, the private equity and venture capital arm of the Royal Bank of Canada. This week, Reuters reported that several Canadian and U.S. private equity firms are considering bids to acquire Home Capital, a Toronto-based alternative mortgage lender.
4 min read · 05 May 2017
Canadian private equity firm KV Private Equity has acquired Northern Lite Manufacturing Ltd, a Kelowna, British Columbia maker of high-end fibreglass truck campers. No financial terms were released. Founded in 1989 as a family-owned business, Northern Lite distributes its truck campers across Canada and the United States. KV Private Equity, an Edmonton-based investor in lower mid-market operating companies, said the investment is the first of its KV Private Equity Fund.
2 min read · 04 May 2017
SNC-Lavalin CEO Neil Bruce said Elliott Capital Advisors' stake in WS Atkins is not an "obstacle" to buying the British engineering and construction company, after the U.S. hedge fund disclosed a 6.8 percent shareholding last week, Reuters reported. Elliott said in a filing that it acquired the stake in a contracts-for-difference deal on April 21, the day after Atkins agreed to be acquired by the Canadian construction and engineering group. Bruce said SNC still plans to close the deal around the end of July.
2 min read · 04 May 2017
Co-investments, in which investors and a sponsor’s primary fund invest alongside each other in an M&A deal, have become a staple of today’s private equity landscape. It’s not hard to see why. Given the importance of having an effective co-investment strategy, and of avoiding potential pitfalls, Torys LLP Partner Stefan Stauder and Senior Associate Jamie Becker have come up with some "how-to" guidelines for investors negotiating and managing co-investment arrangements with PE sponsors.
8 min read · 04 May 2017
Innergex Renewable Energy Inc (TSX: INE) has agreed to acquire three wind projects in France from the Velocita Group, a portfolio investment of Riverstone Holdings, a U.S. private equity firm. The deal is valued at $335 million and reflects an equity purchase price of about $76.2 million. It will give Innergex a 69.55 percent interest in the assets, and its partner, Régime de rentes du Mouvement Desjardins, a 30.45 percent interest. The wind farms are in France's Bourgogne-Franche-Comté region and have an installed capacity of 119.5 megawatts. Innergex, a Longueuil, Québec renewable power producer, is backed by Caisse de dépôt et placement du Québec.
4 min read · 04 May 2017
Brookfield Asset Management is joining a group of Oi SA's bondholders being advised by Moelis & Co as the Brazilian telecommunications company restructures, Reuters reported, citing a Bloomberg story. Brookfield, Canada's largest alternative asset manager, joined the steering committee of the group last week. Oi sought court protection from creditors last June on about 65 billion reais (US$20.55 billion) in Brazil's biggest-ever bankruptcy filing.
1 min read · 04 May 2017
Canadian merger and acquisition (M&A) activity remained strong in the first quarter of 2017, in large part because of mid-market deals, Crosbie & Co reported. According to data developed from Capital IQ and other sources, there were 761 M&A deals valued at $80 billion in this period, up from 602 deals worth $102 billion a year ago. Crosbie said mega-deals, such as Cenovus Energy Inc’s acquisition of a stake in oil sands projects owned by ConocoPhillips Co and other assets, also played a role. Domestic M&A activity accounted for 505 deals valued at $45 billion in Q1 2017, up from 408 deals worth $36 billion the year before.
3 min read · 03 May 2017
Fengate Real Asset Investments has appointed Michael Boychuk to chair of the firm's advisory board, replacing David McFadden, who is stepping down after serving for twelve years. Boychuk, who joined the advisory board in 2014, is the former president of Bimcor, one of Canada's largest corporate pension funds. He previously served as a senior executive at BCE Inc, including as head of BCE Capital, the company's venture capital arm. Toronto-based Fengate is an infrastructure, real estate and private equity investment firm.
3 min read · 03 May 2017
Michael (Mick) MacBean, a senior managing director at TriWest Capital Partners, has been appointed to the board of TerraVest Capital Inc. MacBean joined TriWest, a Canadian private equity firm, in 2010 after founding and leading Diamond Energy Services and serving with ARC Financial Corp. Vegreville, Alberta-based TerraVest is an industrial manufacturer focused on acquiring businesses.
1 min read · 03 May 2017
