Private Equity
Borealis Infrastructure has agreed to acquire a 34.6 percent interest in GNL Quintero SA, a Chilean land-based terminal for the receiving, unloading, storage and regasification of liquefied natural gas. No financial terms were released. As part of the transaction, Borealis has agreed to grant Enagás, one of GNL's existing owners, a 12-month call option for 5 percent of its shares. Empresa Nacional del Petróleo also holds a GNL stake. Borealis is the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS). The deal marks OMERS' first direct infrastructure investment in South America.
3 min read · 11 April 2017
Germany's Siemens and Canada's Bombardier are in talks to combine their rail operations, sources told Reuters, a move that could strengthen their hand against Chinese state-backed market leader CRRC Corp. Siemens' and Bombardier's transport businesses are roughly comparable in size. With a combined 2016 operating profit of US$1.28 billion, the joint venture could be valued anywhere between US$14 billion and US$27 billion, according to the multiples of listed peers. Caisse de dépôt et placement du Québec made a $2.1 billion convertible share investment in Bombardier's rail arm last year, giving the pension fund a 30 percent interest.
4 min read · 11 April 2017
Waterous Energy Fund (WEF), a private equity fund launched earlier this year by Canadian investment banker Adam Waterous, has agreed to buy Northern Blizzard Resources Inc (TSX: NBZ) for $244 million. The deal will see WEF acquire about 67 percent of the company's issued and outstanding common shares from Riverstone Holdings and NGP Energy Capital Management, both U.S. private equity firms. Riverstone and NGP have backed Northern Blizzard since its founding in 2009 and public listing in 2014. Based in Calgary, Northern Blizzard is a crude oil production and development company. Once closed, the investment will be WEF's second to date.
4 min read · 11 April 2017
An affiliate of U.S. private equity firm New Water Capital Partners has recapitalized GSC Technologies, a Montréal-based maker of kayaks and watersports equipment, as well as storage and outdoor furniture products. No financial terms were disclosed. Established in 1982, GSC has company-owned manufacturing locations and outsourced partners across the United States and Canada. Its president and vice-president, respectively Robert Farber and Jason Farber, will continue in their roles. The partnership with New Water is intended to increase the company's brand awareness, geographic expansion, and broadening of product lines, Principal Anuj Singh said.
2 min read · 11 April 2017
Burlington, Massachusetts-based power generation provider InterGen said its shareholders are exploring a potential sale of the business. The announcement, made in response to media speculation, confirmed that InterGen and its shareholders are looking into the possibility of a sale or a change in ownership structure. The company is jointly owned by Ontario Teachers’ Pension Plan and China Huaneng Group-Guangdong Yudean Group. Ontario Teachers' acquired its 50 percent interest as part of a $2.2 billion acquisition deal in 2005.
2 min read · 11 April 2017
Direct Travel Inc, a portfolio company of U.S. private equity firm ABRY Partners, has agreed to merge with Vision Travel Inc, a Toronto-based travel management company. No financial terms were disclosed for the deal, which is expected to close this month. The combination of Direct, a Denver, Colorado-based travel manager, and Vision will create a North American business with more than US$3 billion in sales and offices in more than 60 locations, the companies said. ABRY invested in Direct last year, when it acquired the equity interest of Silver Oak Services Partners.
3 min read · 10 April 2017
Fiera Infrastructure, an infrastructure investment firm, has acquired an indirect equity interest in a renewable energy portfolio owned by D.E. Shaw Renewable Investments LLC, an affiliate of D.E. Shaw Group, and other investors. No financial terms were released. The portfolio consists of eight U.S.-based solar and wind power generation projects, as well as three other projects expected to be added in 2017. The total portfolio reflects a gross generation capacity of 921 megawatts and includes assets located across eight states. Fiera Infrastructure is an affiliate of Montréal asset manager Fiera Capital Corp.
4 min read · 10 April 2017
U.S. mining private equity firm Orion Mine Finance has made an equity investment in Leagold Mining Corp (TSX.V: LMC) a Vancouver company focused on mid-tier gold production opportunities in Latin America. Orion bought common shares and receipts worth about $67.1 million (US$50 million) as part of a US$200 million financing package provided in support of Leagold's acquisition from Goldcorp Inc of the Los Filos gold mine in Guerrero State, Mexico. The package included a credit facility with an Orion affiliate of US$150 million. Leagold announced the close of the acquisition, valued at US$350 million, earlier this month.
3 min read · 10 April 2017
French food company Cérélia Group has acquired English Bay Batter Inc, a Vancouver-based bakery business that makes cookies, muffins, brownies and other pastries sold across North America. No financial terms were released. Cérélia said the deal creates a global business with an enlarged range of product offerings distributed via retail, in-store bakery and food-service channels. Founded in 1983 by CEO Jack Seguin, English Bay was acquired by Canadian investment holding company Kilmer Van Nostrand in 2014. Manulife Capital and BMO Capital Partners also invested. Cérélia has been backed by European private equity firm IK Investment Partners since 2015.
2 min read · 10 April 2017
WesternOne Inc (TSX: WEQ) has agreed to sell the manufacturing operations of its modular building business, Britco Manufacturing, to Triple M Modular Ltd, a Lethbridge, Alberta specialist in manufactured and modular housing. Under the terms of the agreement, Triple M will pay $2.5 million in cash upon closing and an additional $2.5 million contingent on earnings from the business. The deal is expected to close in May. Triple M has been a portfolio company of Canadian private equity firm TriWest Capital Partners since 2013.
3 min read · 10 April 2017
