Private Equity
Canada's Public Sector Pension Investment Board (PSP Investments) has committed €500 million ($735 million) in seed capital to a new European credit platform. The platform, created by David Allen's AlbaCore Capital, will focus on private and public credit markets where there are inefficiencies in pricing, including high yield, leveraged loans and direct lending. PSP said it may deploy more capital in partnership with AlbaCore for specific deal opportunities. PSP launched a private debt strategy in November 2015. Earlier this year, the pension fund hired Oliver Duff to lead its strategy in Europe.
3 min read · 01 November 2016
The former chairman of Performance Sports Group Ltd, which has filed for bankruptcy, said in an interview that he is talking with U.S. and Canadian private equity firms about submitting a bid for the company, Reuters reported. Ex-Chairman Graeme Roustan said many private equity firms had approached him to determine next steps. Roustan said he opposes Sagard Capital's US$575 million deal with Performance Sports and intended to ask the U.S. Department of Justice and Canadian competition authorities to investigate.
3 min read · 31 October 2016
Aralez Pharmaceuticals Inc (TSX: ARZ) has acquired the U.S. rights to Toprol-XL, a blood pressure medication, and its authorized generic from AstraZeneca for $175 million. As part of the deal, AstraZeneca will continue to manufacture and supply the drug for at least ten years. The deal was funded through a senior secured debt facility with Deerfield Management, a U.S. healthcare investment firm. Deerfield also agreed to provide Aralez with up to $250 million for future acquisitions. Aralez, a Toronto-based specialty pharmaceutical company, was created this year in a merger funded by a Deerfield-led consortium.
9 min read · 31 October 2016
Canadian specialty lender Callidus Capital Corp (TSX: CBL) has selected Goldman, Sachs & Co as financial advisor to lead the company's privatization process. Toronto-based Callidus, which announced earlier this month it planned to solicit privatization proposals, said the process is now underway. It is expected to be completed by the second quarter of next year. Catalyst Capital Group, the company's majority owner, said it is not planning to sell its interest or bid for additional shares. Callidus also announced an increase in its substantial issuer bid and the expected close of its securitization program.
5 min read · 31 October 2016
Southeast Asia-focused, Toronto-listed Mitra Energy Inc is set to raise about US$80 million in capital to help drive growth through acquisitions, a source told Reuters. The source said funds leading the raise would include European hedge fund Tyrus Capital, Canadian hedge fund West Face Capital and U.S. hedge fund Livermore Partners, some of the biggest shareholders in Mitra. The company completed a reverse takeover of Vancouver's Petra Petroleum Inc in early 2015.
2 min read · 31 October 2016
Performance Sports Group Ltd, the maker of Bauer ice hockey gear, said it has filed for bankruptcy protection in the United States and Canada to facilitate a restructuring and sale of almost all of its assets, Reuters reported. The company also said it has entered into an asset purchase agreement with an investor group led by its biggest shareholder, Sagard Capital, and Fairfax Financial for US$575 million, under which they will buy almost all of the company's assets. The investors will also serve as "stalking horse" bidders through the restructuring process.
2 min read · 31 October 2016
Woodbridge International LLC announced the sale of its Canadian client, Help Desk Technology Corp, to U.S. technology private equity firm BIG Capital. No financial terms were released. Founded in 1993, Oakville, Ontario-based Help Desk develops and sells help desk, service desk and workflow management software. The company also has regional offices in the United States and Barbados. Woodbridge is a U.S. mergers and acquisitions advisory firm.
1 min read · 28 October 2016
TorQuest Partners has completed the final platform deal of its third mid-market fund, signalling the start of preparations to deploy the substantial $925 million raised by Fund IV. The Toronto private equity firm announced this week it invested in McKeil Marine, a marine transportation and project services provider. The deal comes on the heels of TorQuest’s acquisition of natural stone producer Polycor in September.
3 min read · 28 October 2016
Canadian mid-market private equity firm TorQuest Partners has sold Global Traffic Technologies LLC (GTT) to Gilbarco Inc for an undisclosed amount. St. Paul, Minnesota-based GTT is a provider of priority traffic control solutions for public transit and emergency vehicles. Formerly a business division of U.S. conglomerate 3M, GGT was acquired by TorQuest in a carve-out deal in June 2007. In subsequent years, TorQuest invested in the growth and development of the standalone company. Earlier this week, TorQuest invested in marine transport company McKeil Marine Ltd, the final investment of TorQuest Partners Fund III.
2 min read · 28 October 2016
Brookfield Business Partners (BPP) and institutional clients of Brookfield Asset Management have agreed to acquire a 70 percent stake in Odebrecht Ambiental, a Brazilian water distribution, collection and treatment company. The deal has an initial purchase price of US$768 million. About US$125 million may also be committed to fund working capital and growth. Brookfield may also pay a post-closing amount of about US$110 million to the seller, Odebrecht Group, if performance milestones are met. BPP, a listed vehicle, was launched this year to fund Toronto-based Brookfield's private equity deals and invest alongside of Brookfield Capital Partners IV. The latter closed at US$4 billion in June.
6 min read · 27 October 2016
