Private Equity
Callidus Capital Corp's (TSX: CBL) exploratory privatization process has attracted the interest of 17 parties, meeting the expectations of its majority owner, Canadian private equity firm Catalyst Capital Group. Catalyst's Newton Glassman, who is also executive chairman and CEO of Toronto specialty lender Callidus, said 17 parties were approved to enter into non-disclosure agreements and participated in the initial stage of the process. A smaller number are expected to continue discussions about a potential deal, he added. The process, which is being advised by Goldman, Sachs & Co, was launched last year and is scheduled to wrap up by the end of Q2 2017.
3 min read · 14 February 2017
Source Energy Services Ltd, a Calgary proppant sourcing and oilfield logistics company, has filed with most Canadian securities commissions for an initial public offering of its common shares. The IPO, which has not yet been priced, will run concurrently with a secondary offering by Canadian private equity firm TriWest Capital Partners, the company's backer since 2013, and other shareholders. Source Energy, which operates from locations across Western Canada and in United States, may seek a $1 billion valuation in a listing, Bloomberg recently reported. Last week, STEP Energy Services Ltd, an oilfield service provider backed by ARC Financial Corp, also filed to go public.
3 min read · 14 February 2017
Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, has approached Popeyes Louisiana Kitchen Inc about a possible acquisition, sources told Reuters. A deal would be a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes' famous Louisiana-style fried chicken and buttermilk biscuits to more diners globally. Private equity firm 3G Capital, which is controlled by Brazilian billionaire Jorge Paulo Lemann, owns about 43 percent of the voting shares in Restaurant Brands. The company was formed in 2014, when 3G Capital-backed Burger King acquired Canadian coffee and doughnut chain Tim Hortons for US$11 billion.
2 min read · 13 February 2017
Australian state-owned power grid Endeavour Energy has attracted indicative offers from at least three bidding groups comprised of local and foreign investors, sources told Reuters. A majority stake in the utility is expected to fetch at least A$4 billion (US$3.07 billion). The bidders are said by sources to be Macquarie Group, which has teamed up with Canada's British Columbia Investment Management Corp, a consortium led by Queensland Investment Corp that includes Canada's Borealis Infrastructure, and a consortium led by Hastings Funds Management that includes Canada's Caisse de dépôt et placement du Québec.
2 min read · 13 February 2017
A Brazilian federal court suspended the US$5.2 billion sale of state-controlled Petróleo Brasileiro SA's natural gas pipeline unit to a group of investors led by Canada's Brookfield Asset Management, Reuters reported. In a document seen by Reuters, the Sergipe state-based court ruled the transaction, which was to be closed within weeks, be halted because of discrepancies in the way Petrobras proceeded with the sale. Brookfield Infrastructure Partners announced its plan to acquire a 90 percent stake in the natural gas system, called Nova Transportadora do Sudeste , in September.
1 min read · 13 February 2017
Presteve Foods Ltd, the debut investment of Canadian family office Tricor Pacific Founders Capital, has acquired La Nassa Foods Inc, a Kingsville, Ontario freshwater fish processor and distributor. No financial terms were released. La Nassa will as a result form part of Wheatley, Ontario's Presteve and be held by Purewater Foods Inc, a specialty protein investment platform created by Tricor Founders. Ulysses Pratas, Presteve's founder and president, said the deal will help make the company a leading North American supplier of wild, freshwater fish and other specialty seafood. Last November, Tricor Founders acquired home meal replacement company Fresh Selections Inc.
3 min read · 10 February 2017
Canada Pension Plan Investment Board, one of the world's biggest infrastructure investors, is awaiting details of U.S. President Donald Trump's planned US$1 trillion infrastructure program, Reuters reported, citing comments made by Chief Executive Mark Machin. Machin said the fund was monitoring developments but it was too early to say what opportunities may materialize while the new U.S. administration works through its priorities. CPPIB already invests billions of dollars around the world in assets such as roads, bridges, and airports, would be an obvious candidate to invest in the program, infrastructure experts say.
2 min read · 10 February 2017
Calgary oilfield service company STEP Energy Services Ltd has filed with most Canadian securities commissions for an initial public offering of its common shares. The offering, which has not yet been priced, will include a secondary sale on behalf of certain investors, including Canadian energy private equity firm ARC Financial Corp, the company's prospectus said. STEP, a provider of coiled tubing and fracturing solutions, was founded in 2011 with a $75 million investment from ARC. Last year, the company bought the assets of energy service provider Sanjel Corp, which was then under court protection from creditors.
3 min read · 10 February 2017
Ottawa has appointed veteran pension executive Jim Leech as a special adviser for its new infrastructure bank, which has been set up to facilitate private investment in such projects as new roads and bridges, Reuters reported. Leech retired in 2014 as CEO of Ontario Teachers' Pension Plan, which had pioneered a model of directly investing in infrastructure, real estate and other alternatives. He previously headed its Teachers' Private Capital, where he oversaw growth in private equity, venture capital and infrastructure investments from $2 billion in 2001 to $20 billion in 2007.
1 min read · 10 February 2017
Russell Hendrix Foodservice Equipment, a portfolio company of U.S. private equity firm Blue Point Capital Partners, has acquired Guitech Services Inc, a Montréal provider of maintenance, repair, parts and services for the foodservice equipment market. No financial terms were disclosed. Russell Hendrix, a Vancouver and Brockville, Ontario provider of foodservice equipment and supplies, said the acquisition will enhance its parts and service business and provide additional growth opportunities. Russell Hendrix was formed last November in a merger supported by Blue Point.
3 min read · 09 February 2017
