Private Equity
Canadian royalty financing firm Grenville Strategic Royalty Corp has led a US$500,000 royalty investment in Factor75 LLC, an online personalized chef service based in Chicago. Grenville partnered in the funding deal with Foregrowth Holdco Inc and Darwin Strategic Royalty Corp. Grenville established a joint venture with Foregrowth, an affiliate of Gravitas Ilium Corp, and Darwin in October. Founded in 2011, Factor75 prepares and delivers meals throughout the United States.
2 min read · 19 December 2016
Calgary oilfield services company Ideal Completions Group LLC has agreed to acquire the Canadian and U.S. flowback and production testing assets of Cathedral Energy Services Ltd. In a separate statement, Cathedral said the deal has a total cash consideration of $17.8 million. The acquisition, expected to close in January, will be funded by Ideal management and an affiliate of Edge Natural Resources, a U.S. energy private equity firm. Led by President Rutger Niers, Ideal said it has access to additional capital to expand its flowback business in North America.
2 min read · 19 December 2016
Five banks and a fund have lined up around £750 million (US$929 million) of debt financing to back Onex Corp's buyout of British holiday park operator Parkdean Resorts, banking sources told Reuters. Bank of America Merrill Lynch, Barclays, JP Morgan, RBC and SMBC have underwitten a £600 million senior leveraged loan, which is due to launch for syndication to institutional investors in January. Ares is sole provider of a £150 million of second lien loan.
1 min read · 19 December 2016
The private equity group of Ontario Teachers' Pension Plan has closed its acquisition of the Canadian wine business of Constellation Brands Inc. The deal, announced in October, was valued at $1.03 billion. Ontario Teachers' did the deal in partnership with Constellation Brands Canada's management. The acquired assets include wine brands, such as Jackson-Triggs and Inniskillin, as well as wineries, vineyards, offices, facilities, and Wine Rack retail stores. Ontario Teachers' said the business is the leader in Canada with about three times the market share of its closest competitor.
2 min read · 19 December 2016
Canadian medical device company Angiotech Pharmaceuticals Inc has agreed to be bought by a consortium led by U.S. healthcare investment firm Vivo Capital and China's ZQ Capital. The latter are joined by GSO Capital Partners, China Orient Asset Management (International) Holding and Fung Shing Investments. Terms were not released for the deal, which is expected to close in the first quarter of 2016. Vancouver-based Angiotech develops and makes branded, private label, and original equipment manufacturer (OEM) surgical instruments. Its existing investors include Blue Mountain Capital, Courage Capital Management and Cetus Capital.
5 min read · 19 December 2016
Canadian private equity firm Onex Corp has agreed to acquire Parkdean Resorts UK Ltd, owner and operator of 73 caravan holiday parks across England, Scotland and Wales. Onex agreed to pay about $2.25 billion (£1.35 billion), Reuters reported, in a deal that is expected to close in Q1 2017. Onex has committed to invest US$750 million of equity in the acquisition. Tony Morgan, a managing director at Onex, said the Toronto firm plans to support Parkdean Resorts' growth, both organically and through add-on deals. Earlier this month, Onex closed its US$1.37 billion acquisition of U.S. grocery retailer Save-A-Lot.
3 min read · 19 December 2016
Canadian private equity firm Birch Hill Equity Partners has sold its interest in BIOX Corp (TSX: BX), a Hamilton, Ontario-based producer of biodiesel fuel from a variety of agricultural feedstocks. Birch Hill sold its common shares, representing about 16.2 percent of BIOX's issued and outstanding shares, for about $6.7 million in a private transaction with FP Resources Ltd, an affiliate of Clearwater Fine Foods Inc. In August 2006, Birch Hill invested $48 million in BIOX as part of a $70 million deal.
2 min read · 16 December 2016
Fairfax India Holdings Corp (TSX: FIH.U), an affiliate of Fairfax Financial Holdings Ltd, has launched a US$150 million bought deal financing and a US$350 million concurrent private placement. The Ontario Municipal Employees Retirement System (OMERS) will acquire about 17 million subordinate voting shares as part of the latter offering, which is expected to close in January. Fairfax India was set up in 2014 to make private equity, public equity and debt investments in India. Its recent private deals include April's US$300 million invested in Sanmar Chemicals Group.
3 min read · 15 December 2016
Savanna Energy Services Corp said it had received interest from other potential bidders after fellow oilfield services provider Total Energy Services Inc went hostile with its offer to buy the company, Reuters reported. Calgary-based Savanna, which has a market value of about $190 million, said it would explore strategic alternatives early next year. Last month, Alberta Investment Management Corp (AIMCo) agreed to provide the company with about $219 million in debt and equity financing.
2 min read · 15 December 2016
U.S. private equity firm Lake Pacific Partners has exited Maxi Canada Inc, a maker of frozen chicken products based in St-Lin-Laurentides, Québec. The exit resulted from the company's acquisition this week by U.S. private equity firm Altamont Capital Partners. Lake Pacific invested in Maxi in 2002. William Voss, managing director of Lake Pacific, said that during the investor's period of ownership the business "achieved dramatic growth, added capacity, shifted away from foodservice and industrial markets, built well-known brands and greatly expanded retail distribution."
2 min read · 14 December 2016
