Private Equity
Torys LLP this week released its much-anticipated overview of Canadian private equity market trends in 2017. In an exclusive PE Hub Canada feature article, Torys Partners Cameron Koziskie and Michael Akkawi and Counsel Sophia Tolias discuss what's ahead in the context of 2016's slower deal-making. They also highlight factors expected to shape the 2017 market, including the rise of a new class of financial investor and the steps being taken by many PE firms to address competition, deal flow and pricing issues.
5 min read · 16 January 2017
Tamarack Valley Energy Ltd (TSX: TVE) has acquired all of the issued and outstanding shares of Spur Resources Ltd, a Calgary oil and gas company focused on the exploration, development, and acquisition of properties in Alberta and Saskatchewan. The deal, which was announced last November, has a total value of $407.5 million, including debt. As part of the transaction, investors in Spur Resources received shares in a newly-formed Tamarack company called Spur Petroleum Ltd. Founded in 2006, Spur Resources has been backed by Apex I, a fund managed by Canadian private equity firm PFM Capital.
3 min read · 16 January 2017
Keolis Canada, an affiliate of France's Keolis Group, has acquired Autocars Skyport Inc, a Montréal-based bus transportation company that specializes in airport services. No financial terms were disclosed. Keolis Canada said the deal will help it to consolidate operations at Montréal–Pierre Elliott Trudeau International Airport and expand its service offerings. Keolis Group, a global transport business, is jointly owned by SNCF Group and Caisse de dépôt et placements du Québec (CDPQ). CDPQ increased its stake in the company to 30 percent in 2012.
3 min read · 16 January 2017
Intrawest Resorts Holdings Inc, the owner of some of the most popular ski resorts in North America, is working with investment banks on a possible sale, sources told Reuters. The company, majority-owned by U.S. private equity firm Fortress Investment Group LLC, is in the initial stages of reaching out to potential buyers, including buyout firms, the sources said. Intrawest, which has a current market capitalization of US$750 million, has its principal offices in Denver, Colorado and Banff, Alberta.
2 min read · 13 January 2017
Sequel Youth and Family Services LLC, a portfolio company of Canadian alternative equity firm Alaris Royalty Corp, has agreed to combine with Global Partner Acquisition Corp (GPAC). In a separate release, Sequel and GPAC said the deal has an initial enterprise value of about US$423.3 million. Alaris, which invested in the company in 2013, will receive a cash distribution of US$30 million as a result. It will also retain a US$62.2 million investment in the new business, also called Sequel, and continue receiving annual distributions of US$6.2 million. Huntsville, Alabama-based Sequel develops programs for young people with behavioral, emotional, or physical challenges.
6 min read · 13 January 2017
Canada Pension Plan Investment Board (CPPIB) announced that Chief Financial Officer and Senior Managing Director Benita Warmbold will retire in June. Warmbold joined CPPIB in 2008 in the role of COO and was later promoted to her current position. The pension fund said it plans to name a successor ahead of her retirement date. Toronto-based CPPIB oversaw $300.5 billion in assets as of September 2016.
2 min read · 12 January 2017
VWR International LLC, a portfolio company of U.S. private equity firm Madison Dearborn Partners, has acquired Seastar Chemicals Inc, a Sidney, British Columbia maker of high purity reagents used in the global research, laboratory and microelectronics industries. No financial terms were released. Radnor, Pennsylvania's VWR, a provider of solutions to laboratory and production customers, said the acquisition extends its high purity reagents capabilities. Madison Dearborn bought VWR from Clayton, Dubilier & Rice in June 2007.
2 min read · 12 January 2017
Place-Crete Systems LP has bought Associated Asbestos Abatement Ltd, a Regina, Saskatchewan specialist in the removal of asbestos, mould and related substances. No financial terms were released. Place-Crete, a provider of a range of construction materials and services across Western Canada, will gain additional exposure to the Saskatchewan market with the deal. St. Albert, Alberta-based Place-Crete is a portfolio investment of Canadian private equity firm Mosaic Capital Corp. Mosaic acquired a 75 percent interest in the company for $18 million in September 2014.
2 min read · 12 January 2017
Vancouver women’s fashion retailer Aritzia Inc (TSX: ATZ), which went public last year, announced that Berkshire Partners and other investors will sell additional shares in the company for $17.45 per share. The secondary deal will generate gross proceeds of up to $403 million. With the close of the initial $351 million offering and another trade, Berkshire will own about 28.7 percent of Aritzia's issued and outstanding subordinate voting shares and multiple voting shares and about 51.1 percent of the related voting power. Berkshire, a U.S. private equity firm, acquired Aritzia in 2005.
4 min read · 12 January 2017
Canada’s top 10 private equity deals in 2016 reflected values of more than $10.8 billion, down 11 percent from the $12.2 billion invested in the top 10 deals in 2015. That number is based on PE Hub Canada’s list of the largest deals announced last year, supplemented by preliminary Thomson Reuters data. It suggests that PE dollar flows in Canada’s market declined in 2016, relative to a year ago, as they reportedly did on a global basis.
3 min read · 12 January 2017
