Private Equity
Specialty golf retailer Golfsmith International Inc, a portfolio company of OMERS Private Equity, has filed for Chapter 11 bankruptcy and agreed to sell its Canadian retail chain to a group led by Fairfax Financial Holdings Ltd and a unit of CI Investments Inc, Reuters reported. Golfsmith listed both its assets and liabilities at between US$100 million and US$500 million, according to a filing with the U.S. Bankruptcy Court for the District of Delaware. The company said it plans to sell itself as a going concern and partially liquidate the business. However, if the plan fails, the company plans a full liquidation. Austin, Texas-based Golfsmith said it was working with its first-lien lenders to finalize the terms of a US$135 million debtor-in-possession financing facility.
2 min read · 14 September 2016
Canadian energy companies will likely sell more exploration and production assets in the next several months, driven by weaker producers shoring up their balance sheets and the longer-term prospect of oil prices stabilizing, deal advisers told Reuters. Mergers and acquisitions activity in the Canadian energy patch has waned since oil prices began sliding more than two years ago. Many deals have involved so-called midstream assets such as pipelines, storage and processing facilities, which are more likely to offer steady cash flow.
2 min read · 13 September 2016
Canadian electric and gas utility business Fortis Inc (TSX: FTS) has joined the strategic partner network of Energy Impact Partners (EIP), a U.S. private equity firm. Founded last year, New York-based EIP invests in companies that help optimize energy consumption and improve sustainable energy generation. Through its partnership with EIP, Fortis will make investments in emerging technologies of relevance to the utility industry. EIP's other strategic partners are Southern Company, National Grid plc, Xcel Energy Inc, Ameren Corp and Great Plains Energy Inc.
3 min read · 13 September 2016
Caprion Biosciences Inc has bought the assets of ImmuneHealth ASBL's immune monitoring laboratory in Gosselies, Belgium. No financial terms were disclosed. Montréal-based Caprion said the acquisition will help expand its immune monitoring offering and strengthen its business partnerships and research collaborations in Europe. It will also diversify the company's services offering in the areas of infectious diseases and vaccine development. The add-on deal is Caprion's first since its acquisition in July by GHO Capital Partners. The seller was Chicago Growth Partners.
4 min read · 13 September 2016
ONCAP, the mid-market private equity arm of Onex Corp, has sold U.S. pizza-buffet chain Cicis, a portfolio company it held for close to a decade. The deal was announced last week by Cicis and its new investor Arlon Group, a U.S. private equity firm. No financial terms were released. ONCAP's sale comes on the heels of the firm's agreement in August to acquire U.S. roofing contractor Tecta America from Oaktree Capital Management.
2 min read · 13 September 2016
Shape Technologies Group Inc, a portfolio company of U.S. private equity firm American Industrial Partners (AIP), has acquired the garnet business of Opta Minerals Inc, a Canadian provider of custom process solutions and industrial mineral products. The deal's financial terms were not disclosed. Kent, Washington-based Shape said the acquisition will provide support and service to industrial users of its waterjet technology and ultrahigh-pressure process solutions. Opta Minerals, which is based in Waterdown, Ontario, was acquired in May by U.S. private equity firm Speyside Equity.
4 min read · 13 September 2016
Canada Pension Plan Investment Board has partnered with U.S. private equity firm TPG Capital in a combined investment of US$500 million in Viking Cruises, a Los Angeles-based provider of destination-centric river and ocean cruises. The deal gives CPPIB and TPG a joint 17 percent stake in MISA Investments Ltd, the parent of Viking Cruises. Founded in 1997 by CEO Torstein Hagen, Viking Cruises operates more than 61 vessels based in 44 countries. The partnership with CPPIB and TPG is intended to support the company's expansion into new markets and continued innovation, and to strengthen its balance sheet.
6 min read · 12 September 2016
Mark Jenkins, head of Canada Pension Plan Investment Board’s private investments group since early 2015, has been hired by U.S. private equity firm Carlyle Group as managing director and head of global credit. He will be replaced at CPPIB by Shane Feeney, who was previously a managing director and head of direct private equity. While at CPPIB, Jenkins was responsible for a number of major deals, including the pension fund's US$12 billion purchase of Antares last year. Other announced changes to CPPIB's senior management team include the appointment of Graeme Eadie to senior managing director and global head of real assets, and the appointment of Ryan Selwood to the role exited by Feeney.
3 min read · 12 September 2016
An affiliate of Tata Power Co Ltd and ICICI Venture have launched a platform company to invest in power projects in India over the next two to three years. The platform, which will focus on acquisitions of controlling stakes in power generating companies, reflecting conventional thermal, hydroelectric and transmission assets, has raised initial capital of up to US$850 million. The amount may be increased in the future, depending on market opportunities. The platform's backers include the Caisse de dépôt et placement du Québec. Earlier this year, the Caisse opened its first office in India to scout for deals in the region.
7 min read · 12 September 2016
Canadian business software maker OpenText Corp (TSX: OTC, NASDAQ: OTEX) has agreed to acquire Dell EMC’s enterprise content division, including Documentum, for US$1.62 billion. The deal is expected to close within 90 to 120 days. Waterloo, Ontario-based OpenText said the acquisition will deepen its enterprise information management offering with a portfolio focused on enterprise content and information life cycle management. Dell EMC is an affiliate of Dell Technologies Inc, a U.S. computing solutions company. Dell was taken private in late 2013 by Founder and CEO Michael Dell and U.S. private equity firm Silver Lake.
5 min read · 12 September 2016
