Private Equity
Garda World Security Corp, a Montréal-based security services provider, said it plans to refinance existing indebtedness with its forthcoming sale to U.S. private equity firm Rhône Capital and Stephan Crétier, the company's chairman and CEO. GardaWorld said it expects to refinance the debt with a portion of the proceeds of financing deals consisting of: $71 million in equity; US$1.22 billion in new senior secured credit facilities, and; a US$630 million principal amount of new senior unsecured notes. Rhône will gain a 61 percent stake in GardaWorld with the close of the acquisition from Apax Partners, expected in July.
3 min read · 10 April 2017
Ski resorts operator Aspen Skiing Co LLC and U.S. private equity firm KSL Capital Partners LLC will buy Intrawest Resorts Holdings Inc for about US$1.5 billion, including debt, Reuters reported. Intrawest's shares had risen 49 percent since January 12, the day before Reuters reported that it was working with investment banks on a possible sale. Intrawest, which has its principal Canadian office in Banff, Alberta, is majority-owned by U.S. private equity firm Fortress Investment Group LLC. Fortress took Intrawest private in 2006 for US$2.8 billion, and then took it public again in 2014.
2 min read · 10 April 2017
1 min read · 10 April 2017
Imperial Capital Group, one of Canada’s oldest private equity firms, has raised $500 million for its sixth mid-market fund to create fresh opportunities for doing large-size deals. The Toronto investor in March closed Imperial Capital Acquisition Fund VI at its hard-cap target, 25 percent above its original goal of $400 million, Managing Partner Jeff Rosenthal told PE Hub Canada. It's the largest fund Imperial has raised in its 28-year history, exceeding by 70 percent the $295 million secured by Fund V in 2014.
3 min read · 07 April 2017
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired certain assets of Insurance Supermarket Inc, a Vaughan, Ontario insurance marketing organization that connects consumers with advisors. No financial terms were released. Hub, a global insurance brokerage with significant operations in Canada, was bought by H&F for about US$4.4 billion in October 2013. The company has its headquarters in Chicago.
2 min read · 07 April 2017
Canadian private equity firm Penfund has made a US$75 million second-lien debt investment in Aveanna Healthcare, an Atlanta, Georgia-based pediatric home healthcare company serving medically fragile children. Aveanna, which is owned by U.S. private equity firms Bain Capital, J.H. Whitney Capital Partners and other investors, including Penfund, was launched in a merger last month. The transaction brought together PSA Healthcare and Epic Health Services. PSA previously secured US$53.5 million in financing from Penfund. The Toronto-based investor raised $724 million for its fifth mid-market fund in 2016.
3 min read · 07 April 2017
Source Energy Services, a proppant-sourcing and oilfield-logistics company, revised its recently filed initial public offering to raise $175 million. Source, backed by Canadian private equity firm TriWest Capital Partners, updated its prospectus to sell common shares at $10.50 apiece, down from a prior range of $17 to $20 per unit. The repriced IPO is expected to raise more than $200 million, once its greenshoe option is exercised, and value the Calgary company at more than $500 million.
2 min read · 06 April 2017
U.S. private equity firm Hammond, Kennedy, Whitney & Co (HKW) has sold GMD Distribution Inc, a distributor to the Canadian pharmaceuticals industry. No financial terms were disclosed for the deal, which saw GMD sold to McKesson Corp, a U.S. pharmaceuticals distributor. Oakville, Ontario-based GMD, which specializes in supplying specialty ophthalmic pharmaceuticals to clinics, was recapitalized by HKW in early 2015. The transaction included the affiliated Ophthalmic Direct LP. During the investment period, the company acquired Adjuvantz Inc, a Canadian provider of patient support programs.
2 min read · 06 April 2017
Canada Pension Plan Investment Board has partnered with the Phoenix Mills Ltd to develop, own and operate retail-led mixed-use developments across India. CPPIB will take an initial 30 percent interest in Island Star Mall Developers Pvt Ltd (ISMDPL), a Phoenix affiliate that will serve as the investment platform. CPPIB intends to invest about $330 million to increase that stake to 49 percent. ISMDPL currently owns Phoenix MarketCity Bangalore, an Indian shopping mall. The partnership will focus on acquiring and developing greenfield assets and existing retail assets to build additional malls.
4 min read · 06 April 2017
Roland Lescure, executive vice-president and CIO of Caisse de dépôt et placement du Québec announced he is leaving the Canadian pension fund to enter public and political life. Lescure, who joined the Caisse in 2009, said he wants to play an active role in French and European politics. He plans to share more details of his plans this week. The Caisse has launched a global recruitment process to fill the CIO position. In the interim, Michael Sabia, the pension fund's president and CEO, will assume Lescure’s responsibilities.
3 min read · 06 April 2017
