Private Equity
Lombart Instrument, a portfolio company of U.S. private equity firm Atlantic Street Capital, has acquired Innova Medical Ophthalmics Inc, a privately-held distributor of ophthalmic instruments in Canada. No financial terms were disclosed. David Spear, CEO of Toronto-based Innova, said the combination of the two businesses creates a "market leading value-added supplier for ophthalmic equipment in North America." Based in Norfolk, Virginia, Lombart was acquired by Atlantic Street in April 2016.
3 min read · 09 March 2017
French waste and water group Suez has boosted its industrial water treatment business with the 3.2 billion euros (US$3.4 billion) acquisition of GE Water from General Electric, Reuters reported. In an all-cash deal, Suez and Canadian pension fund manager Caisse de dépôt et placement du Québec will acquire 100 percent of GE Water's equity and debt through a 70/30 joint venture, to which Suez will contribute its existing industrial water activities. The new business will operate under the Suez brand. Suez Chief Executive Jean-Louis Chaussade told reporters the industrial water market was more important than Suez's traditional municipal water market, because industry accounts for 15-20 percent of global water consumption compared with just 5-8 percent for human consumption in cities.
2 min read · 08 March 2017
Caisse de dépôt et placement du Québec has partnered with French water optimization and waste recovery group Suez to acquire the water and process technologies business of General Electric Co. The deal values GE Water, a global provider of water treatment solutions, at about US$3.4 billion. It will see the Caisse invest more than US$700 million to secure a 30 percent stake. Suez will account for the remaining 70 percent of GE Water, which will form part of a new standalone business unit that includes all of Suez's existing industrial water activities. The Caisse said the investment facilitates its increased exposure to the global water sector.
4 min read · 08 March 2017
Canadian specialty finance firm Crown Capital Partners has appointed Michael Overvelde as a senior vice president, finance. Overvelde, who has more than 25 years of experience in capital markets and accounting, joined Crown from Raymond James Ltd, where he served as vice president, equity research analyst. Calgary-based Crown provides debt and quasi-equity financing to mid-market companies. Earlier this year, the firm increased the size of its fourth special situations fund, Crown Capital Fund IV, to $175 million.
2 min read · 08 March 2017
Canada's two largest pension funds have bought a stake of about 1.5 percent in India's Kotak Mahindra Bank for about 22.55 billion rupees (US$338 million) from its founder and chief executive Uday Kotak, Reuters reported, citing stock exchange data. Caisse de dépôt et placement du Québec bought 18.4 million shares in the bank in a block deal at 817 rupees apiece, while Canada Pension Plan Investment Board bought another 9.2 million shares at 817 rupees each, the data showed. Kotak Mahindra is India's fourth-biggest private sector lender by assets.
1 min read · 08 March 2017
U.S. private investment firm Alinda Capital Partners is seeking buyers for Reliance Comfort LP, a Canadian provider of heating and cooling systems, in a deal that could value the company at $3 billion to $4 billion, sources told Reuters. Alinda has hired Canadian Imperial Bank of Commerce and Goldman Sachs as financial advisers for the sale, the sources said. The sale is seen attracting interest from Canadian pension funds and U.S. private equity firms, added the sources, who declined to be identified as the process is confidential.
1 min read · 08 March 2017
An affiliate of Gaz Métro LP has agreed to buy Standard Solar Inc, a Rockville, Maryland developer, installer and funder of commercial solar electric systems in the United States. No financial terms were disclosed for the deal, which is expected to close in the weeks ahead. Gaz Métro, a Canadian natural gas distribution company, said the acquisition will expand its presence in the U.S. solar energy industry and creates opportunities for combining solar with other energy sources. Montréal-based Gaz Métro is owned by Valener Inc, Enbridge Inc and a group of investors, including Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ.
4 min read · 07 March 2017
Caisse de dépôt et de placement du Québec has agreed to provide $90 million in term-loan financing to help construct the Mont Sainte-Marguerite wind farm project in Québec's Chaudière-Appalaches region. Pattern Energy Group LP, a portfolio investment of U.S. private equity firm Riverstone Holdings, is developing the project in partnership with local municipalities. It will include a wind farm of 46 wind turbines that, once operational, will have a capacity of 147 megawatts. The power generated will be sold to Hydro-Québec under a 25-year agreement.
2 min read · 07 March 2017
GESCO Holdings, a portfolio company of U.S. private equity firm Blue Point Capital Partners, has acquired Savoia Canada Inc, a Toronto distributor of ceramic, porcelain and stone surfaces for floor and wall applications. No financial terms were released for the add-on deal, GESCO's second since it was bought by Blue Point in 2013. Founded over 50 years ago, Savoia is the domestic distribution arm of GranitiFiandre-Stonepeak. Its acquisition by GESCO, a Brampton, Ontario flooring and multi-surface distribution company, will strengthen the latter's presence in the ceramic distribution market and enhance its offerings, Blue Point's Jon Pressnell said.
3 min read · 07 March 2017
Brookfield Asset Management Inc said it would buy one of the two "yieldcos" of bankrupt U.S. solar company SunEdison Inc and take a 51 percent stake in the other, for a total of about US$2.5 billion, Reuters reported. Canada's largest alternative-asset manager will acquire TerraForm Global Inc for about US$787 million and buy 51 percent of Terraform Power Inc for US$1.7 billion. TerraForm Global owns or has contracts to acquire 952 megawatts of wind and solar power in Brazil, India, China, South Africa, Thailand, Malaysia and Uruguay. TerraForm Power owns about 2,967 megawatts of solar and wind assets in the United States, Canada, the United Kingdom and Chile.
3 min read · 07 March 2017
