Private Equity
Multiple suitors are weighing bids to challenge the US$575 million offer for Performance Sports Group Ltd made by a financial consortium in the bankruptcy court auction of the Bauer hockey gear maker, sources told Reuters. Private equity firms Thomas H. Lee Partners LP, Bain Capital LP, KKR & Co LP, KPS Capital Partners LP, and Sycamore Partners have indicated their interest in the Canadian-born sporting goods company, the sources said. British retailer Sports Direct International plc and Canadian pension fund manager Caisse de dépôt et placement du Québec have also submitted letters of interest.
2 min read · 14 December 2016
Star Mountain Capital, a U.S. lower mid-market alternative assets manager, has hired Mark Weisdorf as a strategic investor and senior advisor. Weisdorf, a 35-year market veteran, previously worked at Canada Pension Plan Investment Board, where between 2000 and 2003 he served as head of private market investments. During his time at CPPIB, he was a co-founding member of the Institutional Limited Partners Association (ILPA). Between 2005 and 2014, Weisdorf served as CEO and managing director of J.P. Morgan Asset Management's infrastructure investments group.
3 min read · 14 December 2016
Steelhead Petroleum Ltd has agreed to acquire Toro Oil & Gas Ltd (TSX-V: TOO), a Calgary junior energy company focused on opportunities in the Alberta-Saskatchewan Viking light oil fairway. Steelhead will acquire all of Toro's outstanding common shares and purchase warrants for a total purchase price of $44.1 million. Toro senior officers and directors holding about 21 percent of shares have agreed to vote in favour of the deal. It is expected to close in early 2017. Calgary oil and gas company Steelhead was launched last year with initial funding from ARC Financial Corp, a Canadian energy private equity firm.
5 min read · 14 December 2016
Canadian private equity firm Regimen Equity Partners has invested in All Gold Imports Inc, a Markham, Ontario importer and distributor of more than 100 specialty food ingredients, including a variety of nuts, seeds and fruits. The terms of the platform deal, the fourth of Regimen's inaugural fund, were not disclosed. Founded in 1990, All Gold supplies industrial food manufacturers and snack re-packers across North America and Australia. Louis Pillemer, the company's CEO, said the partnership with Regimen will help it grow internationally. In July, Regimen invested in Montréal's Plastifab Industries.
3 min read · 14 December 2016
Sovereign wealth funds are queuing up to finance the West's overhauls of crumbling roads, bridges and ports as public purse strings are loosened after a period of austerity, but they still face project delays and fierce competition for deals, Reuters reported. Qatar's sovereign fund was first off the blocks this week, promising US$10 billion for U.S. infrastructure after President-elect Donald Trump floated plans to spend up to US$1 trillion on projects that will take years to complete. Britain has flagged projects worth nearly US$632 billion, including expanding Heathrow airport and high-speed rail, European governments are backing more spending on energy, transport and telecoms, and Canada is speaking to SWFs and pension funds to create an infrastructure bank.
4 min read · 14 December 2016
U.S. consumer private equity firm Brentwood Associates has invested nearly $50 million in SAXX Underwear, a Vancouver designer of men’s underwear brands. Founded in 2006 by Trent Kitsch, SAXX was acquired in 2010 by private investors, who remain the majority shareholders. The company reports showing revenue growth of more than 75 percent annually since 2012. Brentwood said it plans to build on this growth by helping broaden SAXX's product portfolio, enhance its digital presence, and expand its international distribution. SAXX is led by CEO Tim Bartels and chaired by Terry Holland, head of Canadian private equity firm Krystal Financial Corp.
4 min read · 14 December 2016
Acasta Enterprises Inc (TSX: AEF) said it has raised more than $100 million in a private placement in connection with its proposed acquisitions. Last month, Acasta said it will acquire Apollo Health & Beauty Care, JemPak Corp and Stellwagen Finance Co, which together have an estimated enterprise value of about $1.1 billion. The amounts raised include $70 million from new and existing shareholders. Acasta said it also received a proposal for a $160 million credit facility. The Toronto special purpose acquisition corporation (SPAC) is also planning to launch as a private equity firm.
4 min read · 13 December 2016
Vancouver gaming company Gateway Casinos & Entertainment Ltd has been selected by the Ontario Lottery and Gaming Corp (OLG) as the service provider for gaming operations in Ontario's northern and southwestern regions. As a result, Gateway will add eleven Ontario properties to its portfolio, joining existing properties in British Columbia and Alberta. Gateway said the deal marks the latest step in its evolution since 2010, when Canadian private equity firm Catalyst Capital Group took it under management to restructure the company. With the Ontario expansion, Gateway's total properties will total 29.
4 min read · 13 December 2016
Sweden's IFS has agreed to acquire Mxi Technologies Ltd, an Ottawa provider of maintenance software for the global aviation industry. No financial terms were released for the deal, which is expected to close in Q1 2017. IFS, an enterprise applications company, said the deal makes it "a world leading provider" of software solutions to defense and commercial aviation operators, maintenance, repair, and overhaul companies, and original equipment manufacturers. IFS was acquired by European private equity firm EQT in late 2015.
4 min read · 13 December 2016
U.S. private equity firm Edgewater Capital Partners has acquired Fiber Materials Inc from GrafTech International Holdings Ltd, a portfolio company of Brookfield Asset Management's private equity group. The deal's financial terms were not disclosed. Biddeford, Maine-based Fiber Materials is a designer and maker of advanced composite materials used in aerospace, defense and industrial applications. Independence, Ohio's GrafTech, acquired last year by Brookfield Capital Partners IV, said the sale will allow it to focus on its core graphite electrode and related businesses.
3 min read · 13 December 2016
