Private Equity
Concordia International Corp, a Canadian specialty pharmaceutical company, is discussing alternatives to a leveraged buyout that include divesting a minority stake to a private equity firm, sources told Reuters. The sale would raise cash to ease the burden of Concordia's US$3 billion in debt as it faces curbs on drug pricing from governments and companies. The latest round of talks comes after negotiations about selling the company outright failed to produce a deal that would be acceptable to its board, the sources said.
2 min read · 03 October 2016
Australia’s Macquarie Group and U.S. private equity firm HPS Investment Partners have invested $225 million in GFL Environmental Inc, a Toronto-based environmental services company. The funds raised will used in part to redeem $247 million of senior unsecured notes. GFL also announced its buy of Rizzo Environmental Services Inc, a U.S. provider of solid waste collection and recycling processing and brokerage, and its acquisition of Enviro-Smart Organics Ltd and West Coast Lawns, a Canadian waste processing facility and turf farm. In February, GFL raised $458 million from private equity investors to support its buy of Matrec Services Inc.
4 min read · 03 October 2016
Canadian private equity firm Onex Corp and Baring Private Equity Asia have wrapped up their acquisition of the intellectual property and science unit of Thomson Reuters. The deal, announced in July, was valued at $3.55 billion and included a US$1.6 million equity investment by Onex and Baring Asia. With the closing, the new owners announced the unit would operate as an independent company known as Clarivate Analytics. It will continue to oversee subscription-based businesses focused on scientific and academic research, patent analytics and regulatory standards, life sciences intelligence, trademark protection, domain brand protection and IP management.
3 min read · 03 October 2016
U.S. gold and silver mining company Klondex Mines Ltd (TSX: KDX) (NYSE: KLDX) has closed its previously announced acquisition of Carlin Resources LLC, which holds the Hollister mine, the Esmeralda mine and ore milling complex, and related assets in Nevada. The seller in the deal was Waterton Global Resource Management, a Canadian mining private equity firm. Waterton was paid US$80 million in cash and received Klondex-issued warrants and shares. Waterton acquired the Hollister mine and related assets in a court-supervised auction in mid-2013.
5 min read · 03 October 2016
Calgary's Performance Energy Services Inc, a provider of well servicing, cementing and acidizing, has acquired CASA Energy Services Inc for an undisclosed amount. With the deal, Performance will own and operate 16 service rigs, four cementing and acidization units, and other related ancillary equipment located across Alberta. CASA was 100 percent owned by Canadian hedge fund manager West Face Capital. As a result of the acquisition, West Face will be the largest shareholder of Performance, which is led by President and CEO Scott Darling.
2 min read · 03 October 2016
Singer Equities has bought Future Hydraulik Inc, a Laval, Québec-based distributor, fabricator and wholesaler of hydraulic hose, fittings, assemblies and fabrication equipment. No financial terms were released. Singer Equities said the deal expands its footprint into Canada, strengthens its product portfolio, and diversifies its customer and channel base. Singer Equities and Bishop Lifting Products are affiliates of SBP Holdings LP, a Houston, Texas-based distributor of industrial rubber products and wire rope and rigging products. The business has been backed by U.S. private equity firm AEA Investors since December 2011.
2 min read · 03 October 2016
Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, said it had sold the Four Seasons Hotel Toronto for a gross price of $225 million, Reuters reported. The property was sold to family investment vehicles related to Shahid Khan, Pakistani-American founder of automobile parts maker Flex-N-Gate Group.
1 min read · 03 October 2016
SVG Capital said that it was in talks with a consortium that included Goldman Sachs and the Canadian Pension Plan Investment Board, confirming media reports about other bidders for the British private equity firm, Reuters reported. SVG Capital, which had spurned U.S. rival HarbourVest's US$1.5 billion-bid since mid-September, said it was also in talks with a second consortium regarding sale of some of its assets.
1 min read · 03 October 2016
Canadian specialty lender Callidus Capital Corp (TSX: CBL) said its board of directors has decided to begin a process of soliciting privatization proposals with the support of a financial advisor. Callidus said the decision is the result of a "persistent discount" in its shares. Canadian private equity firm Catalyst Capital Group, which currently holds about 65 percent of the Toronto-based company's issued and outstanding shares, said it has "no current intention" to sell its interest or bid for shares it does not already hold. Callidus went public in April 2014.
3 min read · 03 October 2016
Canada's second-biggest pension fund Caisse de dépôt et placement du Québec said it had partnered with Indian financial services firm Edelweiss Group to invest up to US$700 million over the next four years in stressed assets and private debt opportunities in India, Reuters reported. Under the deal, Caisse plans to take a 20 percent stake in Edelweiss Asset Reconstruction Co, a key unit that purchases bad loans and has about US$4.5 billion in assets under management. It would also sit on EARC's board and the committee that oversees investments.
2 min read · 03 October 2016
