Private Equity
Canadian specialty finance firm Crown Capital Partners has increased the size of its fourth special situations fund to $175 million. Crown Capital Fund IV, which initially closed in September 2015, received an additional commitment of $50 million. It has a maximum limit of $300 million, which may be reached through additional closings expected up until September 2018. As reported by PE Hub Canada in 2015, Crown Capital is pursuing a two-track fundraising process that includes public sources. To date, Fund IV has invested $110 million of debt and quasi-equity in six deals. This includes the $15 million invested last month in Source Energy Services.
3 min read · 18 January 2017
Canadian private equity firm Newlook Capital has made an investment in Direct Elevator Services Ltd, a Toronto-based provider of elevator maintenance and modernization services. No financial terms were disclosed. The investment, made via Newlook Capital Industrial Services LP, is strategic and will help expand the fund's industrial services portfolio, the firm said. Newlook also said it secured additional fund commitments from Industrial Alliance Securities Inc, a securities brokerage firm, and Raintree Financial Solutions, a private capital markets dealer.
4 min read · 18 January 2017
Alithya, a Canadian provider of consulting services in information technology and organizational management, has raised $17 million in additional funding. Existing investors Capital régional et coopératif Desjardins (CRCD), Investissement Québec (IQ) and Telus Ventures participated in the deal, as did new investor iA Financial Group. Québec City-based Alithya, which reports growth of more than 400 percent over the past five years, said the funds raised will help increase its market presence in Canada and abroad. Led by President and CEO Paul Raymond, Alithya last October acquired Pro2p, a Montréal provider of business consulting services.
4 min read · 18 January 2017
Next Gear Solutions, a portfolio company of U.S. private equity firm Serent Capital, has acquired Luxor CRM, a Toronto provider of a customer relationship management (CRM) solution for restoration contractors. No financial terms were disclosed. Oxford, Mississippi-based Next Gear, the maker of DASH, a restoration management software solution, said the deal brings a deluxe CRM into its product suite. Next Gear secured an investment from Serent in 2016. Founded in 2000, Luxor CRM was led by CEO Lukas Szczurowski. With the acquisition, he becomes vice president of sales at Next Gear.
3 min read · 18 January 2017
Parkbridge Lifestyle Communities Inc has bought Nestle In Resort, Heron's Landing and Glenway Village, which are retirement, family and cottage RV resort properties located in Ontario's Kawartha region. No financial terms were released. Parkbridge said the acquisitions add to its portfolio of land lease communities. The Calgary-based company, which currently holds and operates 115 properties across Canada, is owned by British Columbia Investment Management Corp (bcIMC). It was acquired for $790 million in 2010.
3 min read · 17 January 2017
Fairfax India Holdings Corp, a platform launched in 2014 to make private equity and other investments in India, has acquired a 51 percent stake in Saurashtra Freight Private Ltd for about US$30 million. The proceeds will be used to buy the container freight station (CFS) business of Saurashtra Infra and Power Private Ltd, and for future growth. Saurashtra Infra runs the CFS at Mundra Port, India's second largest port. Fairfax India is an affiliate of Fairfax Financial Holdings Ltd, a Toronto holding company. Last month, the Ontario Municipal Employees Retirement System (OMERS) invested in the platform's US$350 million private offering.
3 min read · 17 January 2017
Canadian private equity firm Parallel49 Equity has acquired Kinetrex Energy, a supplier of liquefied natural gas (LNG) in the Midwestern United States. Terms weren't disclosed for the deal, which was done in partnership with the company's management. Established in 2013, Kinetrex operates two LNG production facilities in Indianapolis, Indiana, which allow the company to provide fueling solutions to the transportation, commercial, industrial, agricultural and power markets. It is Parallel49’s second platform investment since the firm’s launch in 2015, following a rebranding of Tricor Pacific Capital's fifth fund. Last year, Parallel49 invested in Questco LLC.
2 min read · 17 January 2017
Gamber-Johnson LLC of Stevens Point, Wisconsin has merged with Precision Mounting Technologies Ltd (PMT) of Calgary. Both companies are makers of rugged computer mounting systems that secure electronics, such as tablets, radios, cameras and laptops, in professional vehicles and other commercial settings. Brian Wagner will serve as president and CEO of both businesses. The merger deal was backed by an undisclosed investment from Main Street Capital Corp, a U.S. debt and private equity firm. Main Street invested in Gambler-Johnson last year. Founded in 1985, PMT will continue to have its headquarters in Calgary.
3 min read · 17 January 2017
U.S. real estate investment trust (REIT) American Realty Capital Hospitality Trust (ARC Hospitality) has agreed to an investment of up to US$400 million from a real estate private equity fund managed by Brookfield Asset Management. The investment, to be made in the form of convertible preferred units, is expected to close in March. With the close, ARC Hospitality, which invests in North American hotel properties, will become self-managing and change its name to Hospitality Investors Trust. Brookfield will be afforded governance and approval rights over some of the company's activities.
7 min read · 17 January 2017
U.S. private equity firm Lovell Minnick Partners has made an undisclosed investment in Engage People Inc, a Concord, Ontario-based solutions provider to the loyalty and incentive industry. The proceeds of the investment will be used to support the global growth of Engage, which will continue to be majority-owned and operated by its current management team, led by CEO Jonathan Silver. With the deal, Lovell Minnick President Steven Pierson and Partner Spencer Hoffman will join the company's board. Engage is the first Canadian investment of Lovell Minnick, which specializes in financial services and related business services.
3 min read · 17 January 2017
