Private Equity
DW Healthcare Partners has signalled an interest in doing more deals in Canada’s healthcare industry with the close of its fourth private equity fund. The Toronto and Park City, Utah, investor today announced DW Healthcare Partners Fund IV raised US$295 million in committed capital. It is the firm’s largest fund to date, exceeding by 11 percent the US$265 million secured by Fund III in 2013. Some 31 limited partners joined Fund IV, Managing Partner Andrew Carragher told PE Hub Canada.
3 min read · 29 March 2017
Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired Interprovincial Meat Sales Ltd, a Dartmouth, Nova Scotia meat trader and distributor of beef, poultry and pork. No financial terms were released for the deal, which was announced by Generational Equity, the advisor to Interprovincial Meats. The acquisition is expected to facilitate Premium Brands entry into markets in Eastern Canada. Based in Vancouver, Premium Brands has been a portfolio company of Canadian private equity firm Pender West Capital Partners since 2005.
2 min read · 29 March 2017
CVC Capital Partners is selling German metering and energy management group Ista, which could be worth up to 4 billion euros (US$4.3 billion), sources told Reuters. Pension funds, insurers and infrastructure investors are expected to show interest. Canada Pension Plan Investment Board, which already owns a minority stake in Ista, is tying up with Borealis Infrastructure to make a bid, while Allianz, the Government of Singapore Investment Corp and Ontario Teachers' Pension Plan, are also likely to show their interest, the sources said.
2 min read · 29 March 2017
The Ontario Teachers' Pension Plan's rate of return dropped to 4.2 percent last year from 13 percent in 2015 due to unfavorable currency movements, Reuters reported. The results still exceeded a benchmark target of 3.5 percent for the fund, Canada's third-biggest public pension plan. The plan, which administers pensions for working and retired teachers in Canada's most populous province, said its net assets grew to $175.6 billion at the end of 2016 from $171.4 billion a year earlier.
2 min read · 29 March 2017
Milestone Apartments Real Estate Investment Trust said this week that its unitholders approved the Canadian company's takeover by U.S. private investment firm Starwood Capital Group for about US$1.3 billion, Reuters reported. Starwood last week raised its offer to US$16.25 per Milestone unit from US$16.15, after proxy advisory firm ISS recommended Milestone unitholders to vote against the deal. It is expected to close on or about April 28, the company said.
1 min read · 28 March 2017
Despite a number of disruptive events in 2016, or perhaps because of them, private equity funds remain the favoured access point for institutional investors looking for a return from their private investments. For this reason, the fundraising environment has arguably never been better for general partners. But how does a GP stand out from the pack in a crowded market in 2017? In a PE Hub Canada feature article, Osler, Hoskin & Harcourt LLP Partner Mary Abbott offers 10 useful tips to PE fundraisers.
6 min read · 28 March 2017
Canadian private-markets investor Northleaf Capital Partners has hired Matt Murphy as legal counsel. Murphy, who is based in the firm's Toronto headquarters, will work with Northleaf deal teams and external legal counsel to review, structure and complete investments. He joined Northleaf from Canadian law firm Torys LLP, where he served as an associate practicing corporate and securities law with a focus on private equity and fund formation. Murphy was the lead author on "Hot topics in private fund negotiations," a Torys' feature article published on PE Hub Canada last month.
2 min read · 28 March 2017
India's Bharti Airtel said it sold a 10.3 percent stake in its telecom tower unit Bharti Infratel to U.S. private equity firm Kohlberg Kravis Roberts & Co LP and Canada Pension Plan Investment Board for more than 61.9 billion rupees (US$952.75 million), Reuters reported. Bharti Airtel sold 190 million shares in Infratel to KKR and CPPIB at 325 rupees apiece, the country's top telecom operator said in a statement, adding that the funds will primarily be used to reduce its debt. The deal will leave Bharti's stake in Infratel at 61.7 percent, with the remainder owned by a slew of fund managers.
2 min read · 28 March 2017
Ontario Teachers' Pension Plan and Borealis Infrastructure have partnered in the launch of two new British smart energy companies. They are MapleCo, a meter asset provider that will support the roll out of a national smart meter program, and SGN Smart, an affiliate of SGN Ltd, which will provide services and resources to MapleCo. No financial terms were disclosed for the deal, which is being done in collaboration with SSE plc. SGN, a British gas distribution network company, is backed by Borealis, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS).
2 min read · 27 March 2017
Dominion Diamond Corp, the target of an unsolicited US$1.1 billion approach by U.S. billionaire Dennis Washington, said it will launch a formal sales process, Reuters reported. The Canadian company's stock rose on speculation that global miners including Rio Tinto and Anglo American's De Beers unit may now make a bid. Analysts have also speculated that Russia's Alrosa and private equity players could be interested in Dominion, which owns the Ekati diamond mine in Northwest Territories and is the world's third-largest diamond producer by value.
2 min read · 27 March 2017
