Private Equity
Canadian mergers and acquisitions got off to their strongest start in 17 years in 2017 as cross-border deal activity picked up pace, with JPMorgan, Goldman Sachs and RBC taking the top three spots in the advisory rankings, Reuters reported. Foreign banks further consolidated their position in Canadian deal-making as companies looked beyond borders for growth opportunities. Deal value in the first quarter of 2017 jumped 12 percent to US$75.4 billion, making it the best first quarter only behind the same period in 2000.
2 min read · 06 April 2017
TA Realty LLC, a U.S. private real estate investment firm, has sold a portfolio of industrial and office assets to funds managed by Brookfield Asset Management. The portfolio, consisting of 45 assets totaling 8.6 million square feet, was sold for US$854.5 million. TA Realty said the properties are located in 12 states and include locations in major U.S. cities. Toronto-based Brookfield sponsors private funds that invest in office, retail, multifamily, industrial, hospitality and alternative real estate sectors.
3 min read · 05 April 2017
Citron Hygiene, formerly known as Cannon Services, has acquired Alpine Jan-San, an Edmonton-based provider of commercial washroom hygiene services. No financial terms were released for the deal, which had an effective close in March. The acquisition comes on the heels of Citron's purchase of Workplace Essentials last month. Citron, a Toronto provider of washroom hygiene, pest control and life safety solutions, said the latest deal supports its growth plan and will enhance its presence in Alberta. The company was bought a year ago by Canadian private equity firm Birch Hill Equity Partners.
3 min read · 05 April 2017
China's sovereign wealth fund China Investment Corp said it has joined hands with Canada's Brookfield Asset Management Inc in acquiring 90 percent of a natural gas pipeline unit from Brazil's state oil firm Petróleo Brasileiro SA (Petrobras), Reuters reported. The consortium includes other institutional investors, CIC stated on its website. Reuters reported last September that Petrobras agreed to sell 90 percent of its natural gas pipeline unit to a group of investors, including Brookfield, for US$5.2 billion.
1 min read · 05 April 2017
SecureCom Mobile Inc and DFMMJ Investments Ltd, affiliates of Canadian private equity firm the Delavaco Group, have agreed to combine. The merger and related deals will result in a new business focused on the cultivation and harvesting of marijuana. It will be called Liberty Health Sciences Inc and will operate in the United States under the brand Aphria USA. Aphria Inc (TSX: APH), a Canadian cannabis producer, will invest $25 million as part of a related $60 million private placement. Canadian private equity firm Serruya Private Equity will also make a lead investment. Serruya's Aaron Serruya is expected to join Liberty's board, according to Aphria.
10 min read · 05 April 2017
EZShield Inc, an identity theft and fraud protection services company, has been acquired by the Wicks Group of Companies, a U.S. private equity firm. The terms of the March deal were not released. EZShield, based in Baltimore, Maryland, was sold by Canadian private equity firm Edgestone Capital Partners. Edgestone acquired the business in 2007 when it was a division of Custom Direct Inc. It was spun out with Custom Direct's sale in 2010. EZShield is Edgestone's second recent exit. Earlier this week, Canadian life reinsurance company Aurigen Capital Ltd, backed by Edgestone since 2007, was sold to PartnerRe Ltd.
3 min read · 05 April 2017
Calabrio Inc, a U.S. customer engagement software company, has bought Symmetrics Inc, a Canadian provider of business intelligence solutions that link contact centre systems with corporate data. No financial terms were released. With the acquisition, Calabrio will establish a centre of excellence for customer and employee engagement in Vancouver. It will be headed by Richard McElroy, the former president and COO of Symmetrics. Based in Minneapolis, Minnesota, Calabrio was acquired in 2016 by the technology group of U.S. private equity firm Kohlberg Kravis Roberts & Co.
3 min read · 04 April 2017
Fix Auto World, a Canadian aftermarket services network, has agreed to acquire the assets of 11 glass and automotive aftermarket companies formerly owned by the Skidmore Group. No financial terms were disclosed for the deal, which includes a third investment by Caisse de dépôt et placement du Québec. The Caisse has since 2015 backed various growth initiatives of Montréal-based Fix Auto. The latest will expand its service offering and grow its network to more than 2,000 franchise, retail, repair, affiliate, distribution and manufacturing locations worldwide. The deal is expected to close this month.
4 min read · 04 April 2017
PartnerRe Ltd has closed its acquisition of Aurigen Capital Ltd, a Canadian life reinsurance company. The cash deal, announced in October 2016, was valued at $375 million. Bermuda’s PartnerRe, a multi-line reinsurer, said Aurigen's management and employees will join its existing life and health segment as a newly-formed business unit called North America Life. Based in Toronto, Aurigen was launched in 2007 with a $500 million equity investment from a private equity consortium consisting of Edgestone Capital Partners, Bregal Capital, Pine Brook Partners and Soros Strategic Partners.
2 min read · 04 April 2017
OMERS Private Equity (OPE) has agreed to acquire Inmar Inc, a Winston-Salem, North Carolina operator of intelligent commerce networks. No financial terms were disclosed for the deal, which will see OPE buy a majority interest in Inmar from U.S. private equity firm ABRY Partners, the company's backer since 2014. With the acquisition's close, expected in the second quarter, ABRY will remain an Inmar shareholder. Founded in 1980, Inmar connects offline and online transactions for retailers, manufacturers and trading partners in multiple industries. OPE said it will support the company's continued growth both organically and through acquisitions.
4 min read · 04 April 2017
