Private Equity
Dubai Aerospace Enterprise Ltd (DAE) is acquiring Dublin-based AWAS, the world's tenth biggest aircraft lessor, in a deal that will add over 200 planes to its fleet and more than double the size of its current business, Reuters reported. DAE, controlled by the government of Dubai, signed a definitive agreement to buy AWAS from British financier Guy Hands' private equity firm Terra Firma Capital Partners and Canadian Pension Plan Investment Board (CPPIB). They did not disclose financial terms of the deal. The sale marks the exit of Terra Firma and CPPIB from AWAS, in which they first put in money in 2006.
2 min read · 24 April 2017
Hallcon Corp has acquired Overland Park, Kansas-based Transportation Certification Services Inc (TCS) and Rail Temps Inc, which together provide training, certification, consulting, regulatory compliance, and staffing for the rail and transit industries. No financial terms were released. Hallcon, an outsourced transportation services specialist, said the deal will position it for entry into new markets and geographies and add to its capabilities. Based in Toronto, Hallcon was acquired by Canadian private equity firm Novacap in mid-2015. Novacap and co-investors bought the business from U.S. private equity firm Southfield Capital.
3 min read · 21 April 2017
Canadian engineering and construction company SNC-Lavalin Group Inc said it would buy British engineering and consultancy firm WS Atkins Plc for $3.6 billion, firming up an indicative offer it made earlier this month, Reuters reported. The combination creates a global company specializing in professional services and project management with $12.1 billion in revenue. Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), SNC's biggest shareholder, will extend a loan of $1.5 billion to SNC and buy $400 million of equity in the company to help finance the acquisition.
2 min read · 20 April 2017
Ontario Teachers’ Pension Plan has promoted Tamara Finch to managing director, portfolio management. Finch, who joined Ontario Teachers' in 2002, will in the new role head its private capital portfolio management group, which focuses on value creation, talent management, governance, portfolio construction, analytics and sharing of best practices. Finch currently works with several portfolio companies and sits on the boards of Baybridge Seniors Housing Inc and Exal Group. Ontario Teachers' also promoted Jeff Clark to managing director, business analysis and quality assurance.
2 min read · 20 April 2017
Riverbed Technology Inc has agreed to acquire Xirrus, a Thousand Oaks, California maker of wireless networking products. No financial terms were released. San Francisco's Riverbed said the deal, expected to close this month, will help expand its software-defined wide area network and cloud networking solution. Riverbed was acquired two years ago by Thoma Bravo and Ontario Teachers’ Pension Plan (OTPP) for about US$3.5 billion. Xirrus is backed by August Capital, Canaan Partners, InterWest Partners, QuestMark Partners, US Venture Partners and others.
5 min read · 20 April 2017
Syntax Systems, acquired last year by Canadian private equity firm Novacap, has bought Core Services Corp, a Somerset, New Jersey-based provider of hosting, cloud and consulting services for Oracle applications. No financial terms were disclosed for the deal, which was funded by Novacap, Northleaf Capital Partners and other investors. The combination of Syntax, a Montréal provider of enterprise-resource-planning software, and Core Services marks a key step toward creating "the leading provider of cloud-based ERP services," Novacap Senior Partner Ted Mocarski said. Novacap is currently raising its fifth mid-market technology fund, targeted at $600 million.
4 min read · 20 April 2017
Virtu Financial Inc (NASDAQ: VIRT), a U.S. electronic trading business, has agreed to buy KCG Holdings Inc (NYSE: KCG) in a cash transaction valued at about US$1.4 billion. With the deal's closing, expected in the third quarter, New York-based Virtu said it expects to migrate trading of the combined company onto a single platform. Several investors are backing the merger, including Canada's Public Sector Pension Investment Board (PSP Investments), which is partnering North Island and Singapore's GIC to invest US$625 million in Virtu's common stock.
8 min read · 20 April 2017
European private equity firm Partners Group and Canada's Public Sector Pension Investment Board (PSP Investments) have closed their acquisition of Cerba HealthCare SAS, a Paris-based medical laboratory services operator. The deal, announced in January, saw Partners Group and PSP Investments pay about 1.8 billion euros (US$1.9 billion) for the company. The seller was European private equity firm PAI Partners, which acquired a majority stake in Cerba from IK Investment Partners in 2010.
3 min read · 20 April 2017
Canada's Lundin Mining Corp (TSX: LUN) has closed its sale of an interest in TF Holdings Ltd, through which Lundin owned a 24 percent stake in Tenke Fungurume Mining SA, a copper and cobalt mine in the Democratic Republic of Congo. The buyer, Chinese private equity firm BHR Partners, paid US$1.136 billion in cash for the interest. The deal was announced last November. Lundin, a base metals mining company headquartered in Toronto, said the sale enables a focus on its majority-owned operations and projects, growth of the business, and maintenance of a strong balance sheet.
3 min read · 20 April 2017
Stelco, formerly U. S. Steel Canada Inc, said its salaried employees, retirees and affiliated groups have agreed to support the company's restructuring plan with Bedrock Industries Group. The steel producer, which has been operating under creditor protection since 2014, entered into a restructuring deal with Bedrock in late 2016, shortly after United States Steel Corp (NYSE: X) agreed to transfer ownership to the U.S. private equity firm. The agreement remains subject to court approval. Bedrock previously said it will continue operating Stelco's plants in Hamilton and Nanticoke, Ontario.
3 min read · 19 April 2017
