Private Equity
Alberta Investment Management Corp (AIMCo) has agreed to invest US$500 million in the acquisition of Swiss insurer Allied World Assurance Co Holdings AG by Fairfax Financial Holdings Ltd. Fairfax, a Canadian financial holding company, announced the proposed buy of Allied World for US$4.9 billion in December. The cash-and-stock transaction is expected to close in the second quarter. AIMCo's investment will give it a stake in the company of about 10 percent. Allied World is a provider of property, casualty and specialty insurance and reinsurance solutions.
2 min read · 13 March 2017
Canadian private equity firm Birch Hill Equity Partners has recapitalized Cozzini Bros Inc, a U.S. knife-rental and knife-sharpening service company. No financial terms were disclosed for the deal, which provided Birch Hill with a majority stake. It also gave an exit to Audax Private Equity, which bought Cozzini in 2010. Des Plaines, Illinois-based Cozzini provides cutlery and other sharpening services to more than 40,000 U.S. restaurants, grocery stores, institutional kitchens and other foodservice establishments. Birch Hill's Pierre Schuurmans said his firm will back Cozzini's next stage of growth by continuing its acquisition program and increasing outside sales efforts.
3 min read · 13 March 2017
U.S. private equity firm Vista Equity Partners said on Monday it would buy Canadian financial technology services provider DH Corp in a deal valued at $4.8 billion (US$3.6 billion), Reuters reported. Vista said it would combine DH with one of its portfolio companies, U.K.-based Misys, a software provider for retail and corporate banking, lending, treasury and capital markets. The acquisition follows DH's appointment of a special committee in December to assess expressions of interest to buy the company.
2 min read · 13 March 2017
Canada’s two biggest pension funds have agreed to partner with LOGOS, a real estate logistics operator, to invest in warehouses in Singapore and Indonesia, betting on demand from the rise of e-commerce and a burgeoning middle class in southeast Asia, Reuters reported. Canada Pension Plan Investment Board said in a statement it will initially commit US$142 million for an about 48 percent stake in LOGOS Singapore Logistics Venture. It will also commit US$100 million for a stake of about 48 percent in LOGOS Indonesia Logistics Venture. CPPIB and Ivanhoé Cambridge, which is the real estate arm of Canada’s second-largest pension fund manager Caisse de dépôt et placement du Québec, will be equal partners in both joint ventures, the statement said.
2 min read · 13 March 2017
Citron Hygiene, formerly known as Cannon Services, has acquired Workplace Essentials, a washroom and workplace hygiene company based in Billerica, Massachusetts. No financial terms were disclosed. The acquisition is Citron Hygiene's second since it was bought last April by Canadian private equity firm Birch Hill Equity Partners. The company acquired Sani-Service from Serruya Private Equity last September. Peter Farrell, president and CEO of Citron Hygiene, a Toronto-based provider of washroom hygiene, pest control and life safety services, said his company's latest add-on deal is an important first step in its North American and global growth plan.
3 min read · 10 March 2017
Healthcare of Ontario Pension Plan (HOOPP) reported a 10.35 percent return on its investments in 2016, exceeding its portfolio benchmark by 4.23 percent. As a result, net assets overseen by the Canadian pension fund increased to $70.4 billion at the end of last year, up from $63.9 billion in 2015. Private equity investments returned 15 percent on a currency-hedged basis, compared to 17.7 percent the year before. At present, private equity accounts for 7.5 percent of HOOPP's total assets.
3 min read · 10 March 2017
Northleaf Capital Partners has closed its acquisition of a 33.3 percent equity interest in Northwest Parkway, a toll-road located in the Denver, Colorado area. No financial terms were released for the deal, announced in December and done in partnership with DIF Infrastructure IV and HICL Infrastructure Co Ltd. With the deal, Northleaf, a Canadian private-markets investor, and its partners own the rights to operate Northwest for the 90 years remaining in a 99-year concession. In January, Northleaf wrapped up its second OECD-focused infrastructure fund at its $950 million hard-cap target.
3 min read · 10 March 2017
Ontario Teachers’ Pension Plan has partnered with Anbaric in the launch of Anbaric Development Partners, a new development company. The company, which will be managed by Anbaric, will develop clean energy infrastructure projects across North America, accelerating the revitalization of aging transmission networks. Ontario Teachers' plans to fund development costs, which are projected to produce US$2 billion in fully constructed assets. Based in Wakefield, Massachusetts, Anbaric specializes in early-stage development of electric transmission systems and microgrid projects.
3 min read · 09 March 2017
Savanna Energy Services Corp (TSX: SVY), a Calgary-based contract drilling and oilfield services company, has agreed to be acquired by Western Energy Services Corp (TSX: WRG). The deal, which will see Savanna shareholders receive, for each Savanna share held, 0.85 of a Western share, is valued at about $533 million, including debt, Western said in a separate release. It is expected to close later this year. Western said the deal will create a stronger, more diverse global oilfield service company. Late in 2016, Alberta Investment Management Corp (AIMCo) agreed to provide Savanna with about $219 million in debt and equity financing.
9 min read · 09 March 2017
Misys is competing against Advent International to buy DH Corp, the Financial Times is reporting. DH Corp, the Canadian financial-technology company, went up for sale in late 2016. Credit Suisse and RBC Capital Markets are advising on the auction, Buyouts has reported. DH Corp, which has a market value of about $2.5 billion, is expecting bids sometime this week, the Financial Times said.
1 min read · 09 March 2017
