Canada

Axium closes acquisition of North American solar portfolio

Canadian infrastructure investment firm Axium Infrastructure has acquired a 100 percent interest in an 84 megawatt (MW) AC solar portfolio from Renewable Energy Trust Capital. No financial terms were released. The portfolio consists of eight solar photovoltaic facilities in California, Georgia and Ontario, which reached operation between 2012 and 2015. With the deal, Axium has invested in about 300 MWAC of solar generation across North America and deployed almost US$800 million of fund capital. Earlier this year, Axium partnered in the buy of a stake in the K2 Wind Facility.

AIMCo provides $219 mln in financing to Savanna Energy Services

Alberta Investment Management Corp (AIMCo) has agreed to provide a $200 million second lien senior secured term loan facility to Savanna Energy Services Corp (TSX: SVY), a Calgary-based contract drilling and oilfield services company operating in North America and Australia. AIMCo also agreed to provide a private placement that will generate gross proceeds of about $18.8 million. The funds raised by the company will be used in part to reduce indebtedness. In a separate release, AIMCo CEO Kevin Uebelein said the deal will give Savanna the "flexibility to weather this current market downturn" and allow it to "position for future growth."

Ironbridge to exit Demers Ambulances with Clearspring's buy

Canadian private equity firm Ironbridge Equity Partners has agreed to sell Demers Ambulances, a maker of ambulances, to an investor group led by Clearspring Capital Partners. The financial terms of the previously announced transaction were not disclosed. Ironbridge initially invested in Beloeil, Québec-based Demers in 2012. The investor worked with Demers' management to expand the company's distribution in the United States, open a U.S. manufacturing facility, improve internal systems, and reduce working capital needs. Earlier in 2016, Toronto's Ironbridge closed its third mid-market fund, Ironbridge Equity Partners III, at $238 million.

Oaktree-owned Power Factors buys software provider Ekhosoft

Ekhosoft Inc, a Canadian provider of intelligent operational management software solutions, has been acquired by Power Factors LLC, a U.S. software company focused on renewable energy assets. No financial terms were released. The industrials division of Brossard, Québec-based Ekhosoft, founded in 2000 by CEO Patrick Ramsey, will continue to operate under its existing name, while the renewables division will be merged with Power Factors. Larkspur, California's Power Factors was acquired earlier this year by U.S. private equity firm Oaktree Capital Management.

Banyan Capital-backed MIP acquires British healthcare supplier

The British subsidiary of MIP Inc has acquired Cromptons Healthcare Ltd, a supplier of reusable and single use healthcare products in the United Kingdom. No financial terms were disclosed. MIP, a Montréal-based manufacturer of textile products for healthcare facilities, is a portfolio company of Banyan Capital Partners, a Canadian private equity firm. Banyan Managing Director Jeff Wigle said the acquisition will help MIP to build on "its already strong position in the U.K. healthcare market." Banyan is an affiliate of Canadian boutique asset management firm Connor, Clark & Lunn Financial Group.

Clearspring Capital, CDPQ invest in Ironbridge's Demers Ambulances

Canadian private equity firm Clearspring Capital Partners has made an investment in Demers Ambulances, a Beloeil, Québec-based designer, maker and distributor of ambulances in North America. No financial terms were disclosed for the deal, which was done in partnership with Caisse de dépôt et placement du Québec and members of Demers' management team. The company was previously majority owned by Ironbridge Equity Partners, which invested in 2012. Clearspring Managing Partner Lawrence Stevenson said the investment will support Demers' continued growth at home and abroad. Earlier this year, Clearspring closed its third mid-market fund at $260 million.

RCF-backed AQM Copper to be acquired by Teck for $25 mln

AQM Copper Inc (TSX-V: AQM), a Toronto-based mining company, has agreed to be acquired by Teck Resources Ltd (TSX: TCK.A-B). Vancouver's Teck agreed to pay about $25 million for AQM shares it does not own. The deal is expected to close in early 2017. AQM's officers and representatives of U.S. private equity firm Resource Capital Funds, holding about 18 percent of AQM's total issued and outstanding shares, have agreed to vote in favour of the acquisition. AQM is focused on exploring and developing copper deposits in Southern Peru.

Sage Gold raises $11.5 mln to advance Timmins mining project

Canadian mining company Sage Gold Inc (TSX-V: SGX) has completed an $11.5 million financing package with affiliates of Cartesian Capital Group, a U.S. private equity firm. The financing package, which includes an equity investment and a secured gold prepayment investment, will help fund the company's development of its flagship Clavos gold project in the Timmins mining camp. Toronto-based Sage also announced its buy of a 40 percent minority interest in Clavos from Kirkland Lake Gold Inc for $1 million.

PE-backed merger creates Russell Hendrix Foodservice Equipment

Russell Food Equipment Ltd, a Vancouver provider of food service equipment and supplies (FE&S), has merged with Hendrix Hotel & Restaurant Equipment & Supplies Ltd, a Brockville, Ontario company that operates in the same industry. No financial terms were released for the deal, which created a new business, Russell Hendrix Foodservice Equipment. It will be "positioned as the market leader in the Canadian FE&S distribution industry," Mark Morris, a partner at U.S. private equity firm Blue Point Capital Partners, said. Blue Point acquired Russell last year. Russell Hendrix's CEO will be Larry Vander Baaren, who previously led Hendrix.

U.S. packaging group Westrock puts dispensers unit up for sale: Reuters

U.S. packaging group Westrock has put a unit making soap dispensers and perfume sprayers up for sale in a potential US$1 billion deal, as it seeks to streamline its portfolio after a recent merger, sources told Reuters. Westrock is working with Lazard on the sale process, which has already advanced to the second round, the sources said, adding final bids from buyout groups including Onex Corp, Advent, Bain, CD&R, as well as British packaging group RPC, were expected by a mid-December deadline. The Westrock unit, dubbed a home, health and beauty business, posted earnings before interest, taxes, depreciation and amortization (EBITDA) of about US$110 million in its last fiscal year on sales of US$567 million.