Private Equity
Canadian private equity firm Penfund has led a second lien loan financing in support of Thomas H. Lee Partners' (THL) acquisition of Give and Go Prepared Foods Corp. No financial terms were disclosed. Give & Go, a Canadian maker of sweet baked goods, was bought by THL from OMERS Private Equity (OPE) earlier this month. PE Hub Canada reported that OPE tripled its investment as a result of the deal. 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.
3 min read · 15 August 2016
For many prominent hedge fund managers who bet Pfizer Inc and Allergan Plc would merge to become the world's biggest pharmaceuticals company, the second quarter started with a thud that sent many in search of new opportunities, Reuters reported. As investors mulled alternatives, even embattled Canadian drug maker Valeant Pharmaceutical International Inc's name emerged as a possible winner amid the wreckage.
3 min read · 15 August 2016
Paramount Resources Ltd (TSX: POU) has received shareholder and regulatory approvals for its previously announced sale of Alberta-based oil and gas properties to Seven Generations Energy Ltd (TSX: VII). The deal, valued at $1.9 billion, is expected to close this week. Calgary-based Seven Generations is focused on the acquisition and development of tight-rock, natural gas resource plays. It is a portfolio company of Canada Pension Plan Investment Board.
2 min read · 15 August 2016
Cubico Sustainable Investments has partnered with Plenium Partners in the acquisition of a 67 megawatt wind farm in Valencia, Spain. No financial terms were released for the deal, which saw Cubico and Plenium buy the farm from Enerfin, a wind farm developer and operator affiliated with Spain's Elecnor Renewables. Plenium holds a minority position in the asset and will act as its manager. Cubico, a London-based renewable energy business, is jointly owned by Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP Investments). Last month, OTPP and PSP bought Banco Santander SA's interest in the company.
2 min read · 15 August 2016
OMERS Private Equity tripled its investment in Give & Go Prepared Foods with the recent sale of the Canadian baked-goods maker to Thomas H. Lee Partners. Terms weren’t disclosed for the deal, which closed earlier this month. Reuters previously reported Give & Go's sale could fetch as much as $1 billion (US$800 million).
2 min read · 15 August 2016
The Caisse de dépôt et placement du Québec, Canada's second-biggest public pension fund, warned of weak global growth in the years ahead after market volatility led to a sharp fall in its investment return in the first half, Reuters reported. The Caisse said its average return fell to 2 percent from 5.9 percent in the same period the year before. The pension fund said the performance was ahead of a 1.3 percent return from the benchmark portfolio against which it measures itself. Net assets grew to $255 billion at the end of June, up from $248 billion at the end of 2015.
2 min read · 15 August 2016
ONCAP, the mid-market private equity arm of Onex Corp, has confirmed its previously announced agreement to acquire Tecta America Corp, a Rosemont, Illinois-based provider of commercial roofing services, including installation, replacement and repair services. The deal, valued at US$280 million in total, will see ONCAP and its partners invest US$130 million. ONCAP is acquiring Tecta from U.S. private equity firm Oaktree Capital Management, which bought the company in mid-2013. The deal, expected to close in the third quarter, is being made by ONCAP III. Tecta is expected to be the fund's last investment, Toronto-based ONCAP said.
4 min read · 15 August 2016
U.S. private equity firm Kohlberg Kravis Roberts & Co may bid for Canadian television distributor Entertainment One Ltd after the owner of the preschool cartoon character "Peppa Pig" rejected an offer from U.K. broadcaster ITV Plc, Reuters reported, citing a Bloomberg story. KKR has not decided whether to make a bid, sources told Bloomberg. Entertainment One last week rejected a US$1.3 billion takeover offer from British broadcaster ITV, saying it undervalued the production and distribution company.
2 min read · 15 August 2016
Mondelez International Inc is to buy the rights to sell Cadbury-branded biscuits from Britain's Burton's Biscuit Co in a bid to sell more and combine chocolate and biscuits in new products, Reuters reported. Financial terms were not disclosed, but a July news report said Mondelez had offered Burton's about 200 million pounds (US$259.4 million). Burton's has been owned by Ontario Teachers' Pension Plan since November 2013.
1 min read · 12 August 2016
Swiss commodity trader and miner Glencore has shelved plans to sell a copper mine in Chile that was expected to fetch about US$500 million, sources told Reuters. Interest in the mine came from Magris Resources, a Canadian private equity firm run by former Barrick Gold Corp CEO Aaron Regent, as well as other PE firms and mining companies, the sources said.
3 min read · 12 August 2016
