Canada

Waste collector Advance Disposal seeks to raise $404 mln in IPO: Reuters

Waste collection company Advance Disposal Services Inc said it expects to raise as much as US$404.3 million in its initial public offering, valuing the company at about US$1.76 billion, Reuters reported. The Ponte Vedra, Florida-based company is the fifth-largest solid waste services provider in the United States. Canada Pension Plan Investment Board (CPPIB) invested US$280 million in the parent company of Advanced Disposal Services last month. It is majority-owned by Highstar Capital.

GuestLogix emerges from creditor protection with new owners

GuestLogix Inc has emerged from creditor protection under the ownership of a group of private equity firms and other investors. The latter, which include Stornoway Portfolio Management, Bridgecorp Canada, Logan Peak Capital and Klass Capital Corp, agreed to acquire the company for an undisclosed amount in July. GuestLogix, a Toronto-based provider of onboard retail and payment technology to the airline and passenger travel industry, also announced a change in management. Mike Abramsky, a Canadian technology executive, was hired as its CEO. GuestLogix said the new owners and management will support its growth plans and platform development.

Ecotex, Fengate close buy of Ontario healthcare laundry facility

Ecotex Service Corp and Fengate Capital Management have closed their acquisition of healthcare laundry facility Booth Centennial Healthcare Linen Services. The terms of the previously announced deal were not released. Based in Mississauga, Ontario, Booth is a provider of linen, laundry and surgical sterilization services to provincial hospitals and long-term care facilities. It was previously a not-for-profit organization owned by Toronto hospitals. Fengate is a Canadian alternative asset management firm focused on opportunities in infrastructure, real estate and private equity.

Five Questions with Swander Pace Capital’s Andrew Richards and Valerie Scott

While U.S. private equity firms are a growing presence in Canada’s mid-market, not that many have taken the step of opening a local office to source deals and keep tabs on portfolio companies. One of the few is Swander Pace Capital (SPC), a specialist in buyouts of lower mid-market consumer products companies. SPC opened a Toronto office seven years ago and hired Principal Valerie Scott to run it. PE Hub Canada sat down with Managing Director Andrew Richards and Scott to talk about SPC’s Canadian investment strategy, deals and the recent close of its sixth fund.

Brookfield Infrastructure confirms $5.2 bln buy of Petrobras pipeline

Brookfield Infrastructure Partners confirmed an agreement to buy a 90 percent stake in Nova Transportadora do Sudeste SA (NTS), a system of natural gas transmission assets in Brazil. The deal, reported by Reuters earlier this month, will see a consortium led by Brookfield Infrastructure acquire NTS from Petróleo Brasileiro SA (Petrobras) for about US$5.2 billion. It is expected to close in December or shortly thereafter. Brookfield Infrastructure, an affiliate of Canada's Brookfield Asset Management, said it may eventually transition NTS to a stand-alone operating business.

OTPP-owned GCT Global Container Terminals exploring options: Reuters

GCT Global Container Terminals Inc, a North American operator of four marine container terminals which could be valued at more than US$4 billion, including debt, has hired investment banks to review its options, sources told Reuters. Ontario Teachers' Pension Plan (OTPP), the owner of GCT, has asked Macquarie Group Ltd and Canadian Imperial Bank of Commerce (CIBC) to examine several potential transactions involving the company, including the sale of a significant equity stake, the sources said. OTPP, which has owned Vancouver-based GCT for a decade, is in the preliminary stages of its deliberations, and there is no certainty that any deal will occur.

Pattern Energy to buy stake in Armow Wind facility for $132 mln

Pattern Energy Group Inc (TSX: PEG) has agreed to acquire a 90 megawatt interest in the 180 megawatt Armow Wind power facility from Pattern Development for about US$132 million. The deal is expected to close within 45 days. The facility, located in Kincardine, Ontario, reached commercial operation in December 2015. With the deal's closing, it will be jointly owned by Pattern Energy and Samsung Renewable Energy Inc. Pattern Energy Group LP, Pattern Energy’s main shareholder, is backed by U.S. private equity firm Riverstone Holdings.

Birch Hill-backed Cannon Services buys Serruya's Sani-Service

Cannon Services, acquired earlier this year by Canadian private equity firm Birch Hill Equity Partners, has bought Sani-Service, a provider of commercial washroom hygiene services and chemical services. No financial terms were disclosed. The seller in the deal was Serruya Private Equity, which acquired Markham, Ontario's Sani-Service in August 2015. Cannon, a Toronto-based provider of washroom hygiene, pest control and life safety services for commercial facilities, is led by Peter Farrell. Farrell said the acquisition of Sani-Service supports the company' growth strategy, enhances its service offering, and expands its market presence across Canada.

Northleaf bulks up private credit operation with new hires

Canadian private markets investor Northleaf Capital Partners has added to its private credit team with the hires of Brett Lauber as a director and Daniel Gardiner as an associate. Lauber, formerly a senior executive at Fifth Street Asset Management, will operate from Northleaf's Chicago office, while Gardiner, formerly a member of Citigroup's leveraged finance team, will be based in London. Earlier this month, Northleaf announced it had appointed David Ross, Alex Jackson and Daniel Nguyen to the team. Ross will serve in London as managing director and head of private credit.

Odebrecht, Brookfield near Brazil sewage unit deal: Reuters

Canada's Brookfield Asset Management is close to finalizing the purchase of Brazilian engineering conglomerate Odebrecht SA's stake in a water and sewage business after due diligence procedures slowed the transaction for months, sources told Reuters. Brookfield has agreed to buy the 70 percent that Odebrecht SA has in the unit, known as Odebrecht Ambiental SA. The deal will value Odebrecht Ambiental at 5 billion reais (US$1.5 billion), depending on final details and adjustments. An announcement is due within weeks, the sources said.