Private Equity
Brookfield Asset Management has proposed to take a 50-60 percent stake in bankrupt solar company SunEdison Inc unit TerraForm Power Inc, a week after it expressed interest in buying the yieldco, Reuters reported. The cash offer of US$13 for class A and class B shares of TerraForm Power is nearly in line with the class A stock's Thursday close of US$13.01. The Canadian alternative-asset manager also said it was prepared to make an offer for SunEdison's other unit TerraForm Global Inc.
2 min read · 18 November 2016
Canadian specialty pharmaceutical company Medicure Inc (TSX-V: MPH) has exercised its option to acquire a majority interest in Apicore Inc, a U.S. developer and maker of active pharmaceutical ingredients and pharmaceuticals. The US$33.25 million deal increased Medicure's stake in Apicore to 64 percent. Winnipeg's Medicure was backed by a $60 million term loan provided by Canadian specialty finance firm Crown Capital Partners and the Ontario Pension Board, an investor in Crown's funds. Medicure bought a minority stake in Apicore in 2014 with the help of Signet Healthcare Partners and other investors.
4 min read · 18 November 2016
Novacap has added to its bench strength with a crop of fresh hires, including a successful tech entrepreneur and a former Stronach Group executive. The Montréal private equity firm announced the addition of five new professionals. They include Étienne Veilleux, founder of energy management solutions provider Distech Controls, who joined Novacap’s TMT group as a senior partner in September.
3 min read · 18 November 2016
Congo state miner Gecamines said it is "strongly opposed" to a decision by Lundin Mining Corp to sell a 24 percent stake in the Tenke copper mine to a Chinese private equity firm, arguing it has a preemptive right to buy the stake, Reuters reported. Canada's Lundin announced this week it had agreed to sell its stake in the project in the Democratic Republic of Congo to BHR Partners for about US$1.14 billion in cash.
2 min read · 17 November 2016
Portland Investment Counsel Inc, a firm led by Canadian billionaire Michael Lee-Chin, has agreed to partner with Canadian specialty private equity firm Newlook Capital. An affiliate of Portland committed an undisclosed amount to Newlook Capital Industrial Services LP, which invests in lower mid-market industrial services companies located in Canada and the United States. Founded in 2010, Toronto’s Newlook is led by President and Managing Partner Elroy Gust.
2 min read · 17 November 2016
Tricor Pacific Founders Capital has acquired the business and assets of Fresh Selections Inc, a Vaughan, Ontario manufacturer of premium, home meal replacement solutions. No financial terms were disclosed. Tricor Founders, a Canadian family office, made the investment through Freshstone Kitchen Inc, a new company formed to hold Fresh Selections and similar businesses that may be acquired over time. Fresh Selections is the third platform investment of Tricor Founders, which was launched two years ago by senior professionals at Tricor Pacific Capital. Earlier this year, the firm acquired Totally Chocolate Inc, a U.S. custom chocolate maker.
3 min read · 17 November 2016
Canadian private markets investor Northleaf Capital Partners has recruited Michael Bowman as vice president, private equity. Working from Northleaf’s Toronto office, Bowman will be involved in all aspects of the firm’s investment activity, with a focus on the origination, evaluation and monitoring of equity co-investments and direct secondary investments. Bowman previously served as vice president, corporate development at Brookfield Global Integrated Solutions, a Canadian facility management business acquired last year by Brookfield Asset Managment’s private equity group.
1 min read · 17 November 2016
Canadian energy private equity firm 32 Degrees Capital has promoted Trent Baker to managing partner. Baker, who joined the firm in 2007 from KPMG, will now lead the deal team in sourcing, due diligence and investment monitoring. Managing Partner Larry Evans, a co-founder of Calgary's 32 Degrees, said the appointment will support the firm's rebranding towards an exclusive exploration and production-focused investment strategy. Earlier this year, 32 Degrees invested in the initial $25 million financing of Calgary oil and gas company Rising Star Resources Ltd.
2 min read · 17 November 2016
Citigroup Inc agreed to sell its Canadian subprime lending unit to an investor group led by U.S. private equity firms J.C. Flowers and Värde Partners for an undisclosed amount, as the bank scales back its international consumer banking presence, Reuters reported. CitiFinancial Canada, which charges a higher interest rate than most mainstream lenders in Canada, has drawn criticism from some consumer advocates over its interest rates and fees. The company offers personal loans that start at 27.99 percent and mortgage refinancing that starts at 10.35 percent.
1 min read · 17 November 2016
Northleaf Capital Partners has raised more than US$1.4 billion for its global private credit program from "a core group of Canadian pension plans." Northleaf also acquired a 16 percent stake in Antares Holdings, a financing solutions provider for middle-market private equity-backed deals, from Canada Pension Plan Investment Board (CPPIB). CPPIB acquired Antares last year for US$12 billion. Northleaf, a Toronto-based private-markets fund manager, said its private credit fund, Northleaf Private Credit I, will provide investors with exposure to private credit investments, including senior, unitranche, second lien, mezzanine and subordinated loans, in North America, Europe and Australia.
6 min read · 16 November 2016
