Private Equity
AmTrust Financial Services Inc (Nasdaq: ASFI) has completed its previously announced acquisition of ANV Holdings BV, a specialty insurance and reinsurance company based in London, United Kingdom. AmTrust said it paid about US$203 million in cash for the company to its previous owner, Ontario Teachers’ Pension Plan (OTPP). OTPP bought ANV in 2012. AmTrust, a U.S. insurance holding company, said the acquisition will add value to its existing AmTrust at Lloyd’s operations.
4 min read · 08 November 2016
At least six indicative offers have been submitted by industry players and buyout funds for a group of European beer brands being sold by Anheuser-Busch InBev, sources told Reuters. Worth more than 5 billion euros (US$5.5 billion), the brands were put up for sale as part of AB InBev's US$100 billion-plus takeover of SABMiller, which closed last month. Among the potential bidders is a consortium that includes Swiss investment firm Jacobs Holding and Canadian pension fund PSP Investments, the sources said.
2 min read · 08 November 2016
U.S. private equity investor TPG has agreed to sell its logistics property business P3 Logistics Parks to Singapore's sovereign wealth fund GIC in a deal which values the business at 2.4 billion euros (US$2.65 billion), Reuters reported. The deal was described as the largest European real estate transaction this year and comes as investors seek to exploit a boom in online retailing which is driving warehouse demand. TPG Real Estate and its partner Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, bought the Prague-based business in 2013 and have grown its portfolio in recent years through a series of add-on acquisitions.
2 min read · 07 November 2016
Canadian private equity firm TriWest Capital Partners recently acquired a majority interest in Trimlite, a maker of exterior and interior doors, decorative door glass and millwork products for the building materials industry. No financial terms were disclosed for the deal, which was done in partnership with the company's management team. Founded in 1983, Vancouver-based Trimlite has plants in China, Vietnam, Canada and the United States, as well as distribution facilities across end markets in North America. It is led by CEO Ross Murray. Trimlite is the fifth platform investment of TriWest Capital Partners Fund V, which raised $500 million in early 2015.
2 min read · 07 November 2016
InstarAGF Asset Management has raised $522 million for its flagship infrastructure fund, InstarAGF Essential Infrastructure Fund. The commitments, which came from a mix of institutional and high-net-worth investors, represent about 70 percent of the fund's target of $750 million. It is expected to close in early 2017. Toronto's InstarAGF, a joint venture between Instar Group Inc and AGF Management Ltd, said about $210 million of the funds raised so far have been invested in three deals. They include last year's acquisition of the passenger terminal at Billy Bishop Toronto City Airport and this year's investment in Steel Reef Infrastructure Corp, a Canadian midstream company.
5 min read · 07 November 2016
The Caisse de dépôt et placement du Québec (CDPQ) and Public Sector Pension Investment Board (PSP Investments) have partnered with Jay Alix and Investcorp Group in a deal to buy ownership stakes in AlixPartners, a global specialty consulting business. The proposed acquisition values the company at US$2.5 billion and is expected to close this year. The seller is European private equity firm CVC Capital Partners, which has held AlixPartners since June 2012. New York-based AlixPartners, founded by Jay Alix in 1981, said the new ownership structure will support its long-term growth.
6 min read · 07 November 2016
U.S. private equity firm ArcLight Capital Partners has agreed to buy TransCanada Corp's hydroelectric power portfolio in New England. The acquisition, which is being made by ArcLight affiliate Great River Hydro, is valued at US$1.065 billion, TransCanada announced in a separate statement. The deal is expected to close in the first half of 2017. The assets to be acquired are 13 facilities on the Connecticut and Deerfield rivers. They include the 192 megawatt Moore facility, the largest conventional hydro station in New England. Calgary-based TransCanada is an energy infrastructure company.
3 min read · 04 November 2016
Ottawa will lift foreign investment limits for Canadian airlines to 49 percent from 25 percent, a change that should spur competition and lower fares by encouraging the launch of low-cost airlines, Reuters reported. Although the new rules had not yet taken effect, the government will allow startups Canada Jetlines and Enerjet to seek additional foreign investment immediately. Enerjet is currently in talks with U.S. private equity firm Indigo Partners, while Canada Jetlines is seeking funding from Asian and European investors.
2 min read · 04 November 2016
Toronto-based entertainment software provider AudienceView has raised undisclosed growth funding. The investor was Rubicon Technology Partners, a U.S. software private equity firm. AudienceView provides solutions that help entertainment brands deliver self-serve e-commerce, ticketing and live events management portals in venues around the world. Led by CEO Mark Fowlie, the company reports processing more than $2 billion in annual transactions. Founded in 2002, AudienceView has previously received funding from venture capital firms, including Canada's Five Corners Capital, which invested in May 2014.
2 min read · 04 November 2016
The Caisse de dépôt et placement du Québec has invested $5 million in Napec (TSX: NPC), a Drummondville, Québec-based builder of electrical transmission and distribution grids, as well as networks for natural gas utilities. The investment was made as part of Napec's acquisition of PCT Contracting LLC, a service provider to the gas utility segment in New York. The US$33 million deal is expected to strengthen Napec's presence in the United States and increase its service capabilities, the Caisse said. The pension fund has backed Napec since 2011.
2 min read · 03 November 2016
