Canada

Brookfield ties up GGP consortium, reports $10 bln in gains

Brookfield Asset Management has wound up a consortium that invested in General Growth Properties Inc (NYSE: GGP), a U.S. retail-focused real estate investment trust. The consortium was formed by Brookfield in 2010 to recapitalize GPP and has so far generated US$10 billion of gains to investors, the Toronto-based firm reported. Brookfield said its subsidiary Brookfield Property Partners will continue to own GPP stock and warrants, representing about 34 percent of outstanding shares. Reuters reported in February that Brookfield was exploring an acquisition of GPP. The Chicago-based business was then said to have a market value of US$24 billion.

Audax to sell Laborie Medical to affiliate of Investor AB

U.S. private equity firm Audax Private Equity has agreed to sell Canada's Laborie Medical Technologies Inc to Patricia Industries, a subsidiary of Sweden's Investor AB. No financial terms were disclosed. Founded in 1967, Mississauga, Ontario-based Laborie is a provider of medical devices for urological, pelvic health and gastrointestinal applications. The company was acquired by Audax in July 2012. Since then, Laborie has completed 14 add-on acquisitions to expand product lines and enter global markets, Audax said. Laborie said it will continue growing as part of Patricia Industries, which makes control investments in private companies on behalf of Investor AB.

Pattern Energy negotiating buy of Armow Wind power facility

Pattern Energy Group Inc (TSX: PEG) said it is in discussions to acquire a 90 megawatt interest in the 180 megawatt Armow Wind power facility from Pattern Development. No financial terms were released for the deal, which is expected to close within the next 30 to 45 days. The facility, located near Kincardine, Ontario, is jointly owned by Pattern Development and Samsung Renewable Energy Inc. It reached commercial operation in December 2015. Pattern Energy Group LP, Pattern Energy’s main shareholder, is backed by U.S. private equity firm Riverstone Holdings.

Entertainment One acquires rest of Secret Location

Canadian media distributor Entertainment One Ltd (eOne) has acquired the equity it did not already own in Secret Location Inc, a Toronto-based digital content creation studio. No financial terms were released. EOne, which first invested in May 2014, said Secret Location will continue to operate as a distinct brand and help it leverage and strategicaly launch projects and products. Canada Pension Plan Investment Board bought a minority stake in eOne for $290 million last year. It was reported this week that U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) is considering a bid to acquire the company following eOne's rejection of an offer from ITV plc.

J.F. Lehman's AGI buys Aircraft Appliances and Equipment

U.K.-based AGI Holdings LLC said it recently acquired Brampton, Ontario's Aircraft Appliances and Equipment Ltd (AAE), a company focused on the design, manufacture, repair, overhaul and distribution of equipment for aircraft and naval ships. No financial terms were released. AGI, a maker of instruments and systems for the defence and civil markets, said the deal broadens its portfolio and expands its North American presence. AGI is backed by U.S. private equity firm J.F. Lehman & Co. It entered the portfolio with J.F. Lehman's acquisition of Aeronautical & General Instruments Ltd and Hoffman Engineering Corp in August 2014.

Pacific Exploration says creditors approve restructuring plan: Reuters

Canadian oil producer Pacific Exploration & Production Corp said this week that a majority of its creditors approved a restructuring plan, which will help it emerge from bankruptcy, Reuters reported. The company said the plan was approved by 98.4 percent of the affected creditors, including Canadian private equity firm Catalyst Capital Group, which represented 97.2 percent in value of the eligible voting claims. Pacific Exploration expects to implement and complete the transaction later this year.

Berkshire-backed retailer Aritzia files for initial public offering

Aritzia Inc, a retailer of women’s apparel and accessories, has filed with securities regulatory authorities across Canada for an initial public offering of subordinate voting shares. No financial terms were disclosed. The transaction contemplates a secondary offering of shares held by Brian Hill, Aritzia's founder and CEO, and by U.S. private equity firm Berkshire Partners, which acquired a controlling stake in the company in December 2005. CIBC World Markets Inc, Merrill Lynch Canada Inc and TD Securities Inc are leading the sale. Based in Vancouver, Aritzia was established in 1984 and today has more than 75 locations in cities across Canada and the United States.

Brookfield to buy Brazil's Odebrecht Ambiental: Reuters

Canada's Brookfield Asset Management has signed a preliminary contract to buy Brazilian engineering conglomerate Grupo Odebrecht's 70 percent stake in water and sewage group Odebrecht Ambiental, a source told Reuters. The source said the deal was done at an equity value of 5.3 billion real (US$1.65 billion). Odebrecht Group will retain the right to develop water concession projects ‎outside Brazil and Brookfield will re-brand Odebrecht Ambiental. The deal is expected to be completed by the end of the year.

PE-backed Premium Brands to buy Fletcher's Fine Foods

An affiliate of Canadian specialty foods producer Premium Brands Holdings Corp (TSX: PBH) has agreed to acquire the business and certain assets of Fletcher's Fine Foods Ltd, a U.S. protein products company serving retail and food service customers. The deal reflects a purchase price of US$5 million and is expected to closed next month. Premium Brands said the acquisition brings together three of the U.S. Pacific Northwest's "most iconic specialty packaged meat brands." Vancouver-based Premium Brands is a portfolio investment of Canadian private equity firm Pender West Capital Partners.

Penfund invests in Eigen Capital-owned Plews & Edelmann

Canadian private equity firm Penfund has closed an investment in Plews & Edelmann, a U.S. designer, maker and distributor of automotive and industrial replacement parts and accessories. No financial terms were released. Based in Dixon, Illinois, Plews is controlled by Eigen Capital, a U.S. private equity firm. Eigen acquired the company from Tomkins Ltd in April 2011. Toronto-based Penfund, a provider of junior capital to North American mid-market companies, is currently raising its fifth fund. PE Hub Canada reported Penfund Capital Fund V is expected to soon close above its $525 million target.