Private Equity
Canadian alternative equity firm Alaris Royalty Corp has invested about $23.4 million (US$18 million) in Matisia LLC, a Seattle, Washington-based provider of customized management consulting solutions. In exchange for its investment, Alaris will receive an annual distribution of US$2.7 million. The deal is the first for Alaris' small cap division, which is operated through Salaris Small Cap Royalty Corp. The division was launched last year under the leadership of Gregg Delcourt to allow Calgary-based Alaris to pursue more Canadian and U.S. investments sized up to $20 million.
9 min read · 11 October 2016
U.S. specialty insurance broker AmWINS Group Inc, which last year secured an investment from Public Sector Pension Investment Board (PSP Investments), has agreed to a partnership with Dragoneer Investment Group, a U.S. investment firm. The deal, which values AmWins at about US$2.6 billion, will provide an exit to U.S. private equity firm New Mountain Capital. With the close, expected within the next two months, Dragoneer will own a 35 percent interest in AmWINS, while Montréal-based PSP Investments will hold a 30 percent interest.
5 min read · 11 October 2016
Canadian online gambling company Amaya Inc and British bookmaker William Hill Plc said they were in talks to combine in a merger of equals, confirming a Reuters report about the discussions last week. Amaya has received strong buyout interest from other companies in the industry and some private equity firms, the sources said. Amaya, which has a market capitalization of about $3.1 billion, paid US$4.9 billion to acquire the owner and operator of the PokerStars and Full Tilt Poker brands in 2014. GSO Capital Partners LP, the credit arm of Blackstone Group, helped fund the deal and continues to have a minority stake in the company.
3 min read · 11 October 2016
Canadian private equity firm Onex Corp announced that Brian Horton has joined Onex Credit Partners LLC as a portfolio manager. Horton, who has about 25 years of market experience, will work with Paul Travers to continue growing the firm's collateralized loan obligation (CLO) platform. Onex Credit focuses on non-investment grade credit investing and manages about US$7.5 billion. Last month, the group priced its 12th CLO offering at about US$560 million.
3 min read · 11 October 2016
Canada Goose Inc, a maker of luxury winter down jackets, is interviewing banks to help prepare for an initial public offering (IPO) that could value the company at as much as US$2 billion, sources told Reuters. An IPO of Toronto-based Canada Goose would demonstrate the explosive growth the company has experienced, following its transition from selling jackets primarily to adventurers on expeditions to shoppers in more than 50 countries. Canada Goose sold a majority stake in 2013 to U.S. private equity firm Bain Capital for an undisclosed amount, to help meet its growth ambitions.
1 min read · 10 October 2016
Canada Pension Plan Investment Board and Hudson Pacific Properties Inc (NYSE: HPP) have acquired Hill7, a Seattle, Washington office tower. The price of the transaction is about US$180 million. According to the terms of the deal, CPPIB will own a 45 percent stake in the joint venture, while Hudson Pacific will own a 55 percent stake. Hudson Pacific will also assume responsibility for property management, leasing and construction.
4 min read · 10 October 2016
Canadian specialty foods producer SunOpta Inc (Nasdaq: STKL, TSX: SOY) has entered into a partnership with U.S. private investment firm Oaktree Capital Management. With the deal, Oaktree invested $85 million in the form of exchangeable preferred shares, which will be used to reduce SunOpta's second lien debt and increase flexibility. Oaktree will be limited to a 19.99 percent interest in the company. Toronto-based SunOpta said it, Oaktree and Engaged Capital are conducting a business review aimed at delivering long-term value to shareholders and accelerating growth. Reuters previously reported that SunOpta has been under pressure from hedge fund investors to make strategic changes.
10 min read · 07 October 2016
Tetra Bio-Pharma Inc, formerly known as GrowPros Cannabis Ventures Inc, has secured a draw-down equity facility of up to $2 million from U.S. private equity firm Alumina Partners. Based in Ottawa, Tetra is a consulting firm for the medicinal cannabis and hydroponic wholesale industry. The funds raised will be used as working capital to back various projects, Tetra said.
3 min read · 07 October 2016
Calgary's Wolf Midstream Inc has wrapped up its acquisition of a 50 percent ownership interest in Access Pipeline Inc, operator of a heavy oil transportation pipeline network servicing facilities in the northeastern region of Alberta. The deal, announced in July, saw Wolf pay Devon Energy Corp $1.4 billion for the stake. Canada Pension Plan Investment Board, which last year formed a partnership with Wolf to invest in midstream opportunities in Western Canada, committed $825 million to the acquisition.
2 min read · 07 October 2016
Worldwide Golf Shops is exploring an offer for the U.S. business of bankrupt chain Golfsmith International Holdings Inc, according to people familiar with the matter, as the golf retail sector grapples with the sport's waning popularity. Golfsmith, the world's largest specialty golf retailer, filed for Chapter 11 bankruptcy in the United States and for creditor protection in Canada last month. Its owner is OMERS Private Equity, the buyout arm of one of Canada's largest pension funds.
2 min read · 07 October 2016
