Private Equity
Canadian transportation and logistics company TransForce Inc (TSX: TFI) has acquired the North American truckload operation of XPO Logistics Inc (NYSE: XPO). Transforce will pay about US$558 million in cash for the asset, XPO disclosed in a separate statement. Transforce said the acquisition will expand its truckload logistics services and is expected to generate annual revenue of about US$530 million this year. U.S.-based XPO is backed by Jacobs Private Equity and several institutional investors, including Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board. It said it will use the sale's proceeds to reduce debt.
4 min read · 27 October 2016
Canadian private markets investor Northleaf Capital Partners has hired Spencer Ross as a senior associate on its private credit team. Ross, who will focus on the origination, evaluation and monitoring of Northleaf's private credit investments in North America, joined from Catalyst Capital Group, a Canadian private equity firm. Before then, he served with U.S. private equity firm KPS Capital Partners. Toronto-based Northleaf has recently announced several appointments to its private credit team, including Managing Director David Ross, who heads the operation.
1 min read · 27 October 2016
Power Corp's Sagard Capital Partners has entered into a confidentiality agreement with the private equity group of Brookfield Asset Managment relating to Performance Sports Group Ltd (NYSE, TSX: PSG), a U.S. maker of sports equipment and apparel. Sagard said it and Brookfield are discussing a possible PSG tranasction, such as a restructuring deal, equity issuance or debt refinancing. Sagard previously announced it held talks of a similar nature with Fairfax Financial. Sagard currently owns about 16.9 percent of PSG shares, while Brookfield owns about 13.2 percent. Exeter, New Hampshire's PSG is reportedly contending with debt and financial concerns.
6 min read · 27 October 2016
U.S. private equity firm ATL Partners and British Columbia Investment Management Corp (bcIMC) have acquired a controlling interest in Pilot Freight Services LLC, a Lima, Pennsylvania transportation and logistics provider. No financial terms were disclosed. The Phillips family, the company's current owners, will maintain an equity stake, and Richard Phillips will remain as CEO. Pilot, which has 75 locations in North America and Europe, said the partnership with ATL and bcIMC will support its growth plans. Based in Victoria, bcIMC oversees $121.9 billion of net assets.
4 min read · 26 October 2016
The Fonds de solidarité FTQ has acquired a 31 percent interest in Jamp Pharma Corp, a Boucherville, Québec-based generic pharmaceutical company. The investment's value was not disclosed. Jamp Pharma specializes in developing, distributing and marketing generic drugs and over-the-counter products. It said the partnership with the Fonds will support new product development and increased growth across Canada and in select international markets. Founded in 1988 as a family-owned company, Jamp Pharma was acquired in 2006 by Louis Pilon, its current president and CEO.
3 min read · 25 October 2016
U.S. hedge fund D.E. Shaw and Co has made a non-binding proposal to replace SunEdison Inc as the operating sponsor of TerraForm Power Inc, an "yieldco" created by the bankrupt solar company, Reuters reported. Canada's Brookfield Asset Management and U.S. hedge fund Appaloosa Management have also shown interest in buying SunEdison's stake in TerraForm Power. Once the fastest-growing U.S. renewable energy company, SunEdison filed for Chapter 11 bankruptcy protection in April after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.
2 min read · 25 October 2016
Canadian snowboard outerwear company FA Design has received an investment from Prime Group Holdings, a U.S. private investment firm. No financial terms were released. Founded in 2009 by Frederick Ansara, Calgary-based FA Design is currently focused on outwear for men, but plans to introduce a women’s line and expand its lifestyle apparel and snowsport offerings. The partnership with Prime Group Holdings will support the brand's launch in the United States, anchored by FA Design's opening of an office in Saratoga Springs, New York.
3 min read · 25 October 2016
Canadian private equity firm TorQuest Partners has invested in McKeil Marine Ltd, a Hamilton, Ontario-based provider of marine transportation and project services across the Great Lakes, St. Lawrence Seaway, East Coast and the Canadian Arctic. No financial terms were disclosed. McKeil, which is celebrating its 60th anniversary, said the deal will support its continued growth. It also announced that long-serving executive Steve Fletcher has been appointed president and CEO. McKeil is the eighth investment of TorQuest Partners Fund III. It follows last month's acquisition by TorQuest of natural stone producer Polycor Inc. In June, the firm closed its fourth fund at $925 million.
3 min read · 25 October 2016
Canada Pension Plan Investment Board (CPPIB) has made a US$375 million investment in Raffles City China Investment Partners III (RCCIP III), an integrated development private investment vehicle in China. With the deal, CPPIB has taken a 25 percent stake in RCCIP III, which is managed by CapitaLand, a Singapore real estate business that operates in Asian markets. The CPPIB-backed vehicle will invest in commercial property developments in cities across China.
3 min read · 25 October 2016
Sagard Capital Partners and Fairfax Financial have entered into a confidentiality agreement relating to Performance Sports Group Ltd, a U.S. maker of sports equipment and apparel. Sagard, which owns about 16.9 percent of the company's shares, said it and Performance Sports have discussed the possibility of undertaking a restructuring deal and other strategic options. Sagard added it may undertake a deal in partnership with Canada's Fairfax. Reuters reported earlier this month that Brookfield Asset Management is also considering a bid for Performance Sports.
5 min read · 24 October 2016
