Private Equity
Canadian online footwear and apparel retailer Shoes.com Technologies Inc announced it shut down operations as of January 27th. The company, which was backed by Canadian merchant bank Hardy Capital Partners, took its three e-commerce properties offline and closed its two brick-and-mortar stores in Vancouver and Toronto. It said it was working with secured lenders to liquidate assets and intended to assign some or all of the affiliates into bankruptcy. In 2015, Shoes.com raised $45 million in a private placement deal. At the time, the company was expected to launch to an initial public offering.
1 min read · 30 January 2017
U.S. private equity firm Riverside Co has sold Polar Windows of Canada Ltd, a Winnipeg maker of window and door systems for residential customers living in climates prone to extreme weather. The news was announced on the website of U.S. investment banking firm SSG Capital Advisors LLC, which advised Polar on the deal. No financial terms were disclosed. The buyer was a consortium that included Henry & Wallace LLC (H&W) and Morris Capital Management, a U.S. private equity firm. Riverside acquired Polar in December 2007.
1 min read · 30 January 2017
U.K. private equity firm B.P. Marsh and Partners has acquired a 30 percent interest in Stewart Specialty Risk Underwriting Ltd (SSRU), a Toronto provider of insurance products to clients in the construction, manufacturing, onshore energy, public entity and transportation industries. In addition to its undisclosed equity investment, B.P. Marsh gave SSRU access to a loan facility of $850,000. With the deal, Oliver Bogue, an investment director at B.P. Marsh, will join the company's board. SSRU was founded last year by CEO Stephen Stewart. B.P. Marsh specializes in investing in early-stage financial services businesses.
3 min read · 30 January 2017
Canada Pension Plan Investment Board and several U.S. private equity firms are interested in acquiring Canadian financial technology services provider DH Corp, sources told Reuters. TPG, Cerberus Capital Management LP and technology-focused Thoma Bravo are some of the U.S. buyout firms looking at DH, the sources said. The moves come more than a month after DH appointed a special committee as it received expressions of interest. The Toronto-based company is currently valued at $2.48 billion.
2 min read · 27 January 2017
Jeld-Wen Holding Inc has priced its initial public offering (IPO) of 25 million common shares at US$23 per share. The IPO, filed last year, will generate about US$575 million in proceeds, according to Renaissance Capital, and result in the company listing its shares on the New York Stock Exchange under the symbol “JELD.” Canadian private equity firm Onex Corp, which bought into Jeld-Wen in October 2011, will share in the proceeds. Onex reports making an equity investment of US$985 million in Jeld-Wen, a Charlotte, North Carolina-based manufacturer of doors and windows.
3 min read · 27 January 2017
The Ontario Municipal Employees Retirement System (OMERS) has agreed to invest US$1 billion 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 deal is expect to close in the second quarter. OMERS' investment will give it a stake in Allied World of about 21 percent. Fairfax said it is discussing deal participation with additional third parties. Allied World is a provider of property, casualty and specialty insurance and reinsurance solutions.
6 min read · 27 January 2017
ESW Capital, a U.S. private equity firm, has acquired preferred shares and a warrant in Redknee Solutions Inc (TSX: RKN), a Toronto provider of software products and services to the telecommunications industry. The private placement will generates gross proceeds of US$83.2 million. Founded in 1999, Redknee reports having 250 service-provider customers in more than 90 countries. It is led by President and CEO Lucas Skoczkowski. Austin, Texas-based ESW focuses on investing in mature business software companies.
3 min read · 26 January 2017
Medisys Health Group Inc has acquired Tri Fit Inc, an Oakville, Ontario provider of corporate fitness facility management and design services, as well as workplace health and wellness programming. No financial terms were released. Medisys, a corporate health specialist, said the acquisition will strengthen its employee health and wellness offering and enable scalable, cost-effective solutions. Tri Fit's founders, Sue Pridham and Veronica Marsden, will continue to run the business. Founded in 1987, Montréal-based Medisys is a portfolio company of Canadian healthcare private equity firm Persistence Capital Partners.
4 min read · 26 January 2017
Montréal junior mining company Falco Resources Ltd (TSX-V: FPC) has closed a private placement deal that generated gross proceeds of about $10.8 million. The investors were private equity funds managed or sponsored by Caisse de dépôt et placement du Québec, Capital régional et coopératif Desjardins, Fonds de solidarité FTQ and the Québec government. The funds raised will be used to advance a de-watering program related to the development of Falco's Horne 5 gold project in the Rouyn-Noranda, Québec mining camp, exploration activity, and other priorities.
4 min read · 26 January 2017
National Technical Systems Inc (NTS), a portfolio company of U.S. private equity firm Aurora Capital Group, has bought Canadian testing laboratories Fiarex and CEM for an undisclosed sum. Chambly, Québec's Fiarex specializes in mechanical and environmental testing, while Boucherville, Québec's CEM specializes in electromagnetic compatibility and interference testing. Jean-Pierre Rioux, president of the two acquired companies, said the deal will provides customers with a broader scope of test and inspection capabilities. Aurora bought Calabasas, California-based NTS in 2013.
3 min read · 26 January 2017
