Private Equity
The Caisse de dépôt et placement du Québec said it would take control of a major cement project in Québec hit by massive cost overruns, and agreed to a new $250 million round of financing to complete it, Reuters reported. The Caisse, already an investor in the project, said it would invest an additional $125 million with funds managed by BlackRock Alternative Investors, which is also investing $125 million. The McInnis Cement project faced between $400 and $450 million in cost overruns and that it had insisted on a "change of control and a change in management" for the $1.1 billion cement project in Québec's Gaspé peninsula.
2 min read · 12 August 2016
Canadian oil transportation company Gibson Energy Inc said it had rejected a takeover offer from a foreign buyer, calling it inadequate, Reuters reported. The Calgary-based company said it would proceed with a plan to divest its industrial propane business, and that it was not seeking offers to sell itself. The Financial Post reported earlier this week that Gibson rejected a $2.8 billion acquisition offer this month from a Singapore-based private equity firm.
1 min read · 11 August 2016
ONCAP, the mid-market private equity arm of Onex Corp, has made its first new investment in a year, agreeing to acquire commercial roofing company Tecta America for about US$130 million. The deal was struck this month by ONCAP III in partnership with other investors and the company’s management team. The seller is Oaktree Capital Management, a U.S. private equity firm. Oaktree bought Tecta for an undisclosed sum in July 2013.
2 min read · 11 August 2016
The Canada Pension Plan Investment Board, the nation's biggest pubic retirement fund, said it delivered gross investment returns of 1.5 percent in the latest quarter, pegged back by market volatility, Reuters reported. The CPPIB, which manages Canada's national pension fund and invests on behalf of 19 million Canadians, said that it ended the first quarter to June 30 with net assets of $287.3 billion, compared with $278.9 billion three months earlier.
1 min read · 11 August 2016
Bell Canada, Canada's largest telecommunications company, announced on Tuesday a public offering of $1.5 billion of medium term notes debentures in two series, Reuters reported. The net proceeds of the offering are to be used in part to fund parent company BCE Inc's acquisition of data centre operator Q9 Networks Inc from Ontario Teachers’ Pension Plan, Providence Equity Partners and Madison Dearborn Partners. The $675 million deal was announced this week.
2 min read · 10 August 2016
Aurora Cannabis Inc (CSE: ACB) has agreed to acquire CanvasRx Holdings Inc, a Toronto-based medical cannabis patient outreach service. Under the terms of the deal, Vancouver's Aurora, a medical marijuana producer, will buy all of CanvasRx's issued and outstanding shares for up to $37.5 million. The company also announced its close of a private placement transaction, generating gross proceeds of $23 million, which will help fund the acquisition. Earlier this year, Aurora secured an equity facility of up to $5 million from Alumina Partners, a U.S. private equity firm.
4 min read · 10 August 2016
Canada's Entertainment One, the owner of children's TV character Peppa Pig, has rejected a 1 billion-pound (US$1.3 billion) takeover offer from British broadcaster ITV (ITV.L), saying it undervalued the production and distribution company, Reuters reported. The Toronto-based company says its rights alone were independently valued at over US$1 billion last year. In late 2015, Canada Pension Plan Investment Board bought a minority stake in Entertainment One from British private equity firm Marwyn Investment Management for $290 million. The pension fund remains the company's largest shareholder.
3 min read · 10 August 2016
U.S. Steel Canada Inc has rejected a buyout offer from Ontario Steel Investments, a group that includes shareholders of Essar Global, saying it was not considering further proposals by Essar, which had been eliminated from the sale process, Reuters reported. U.S. Steel Canada said Essar was rejected as a potential buyer of the business earlier this year following discussions with stakeholders including the Ontario government. It cited a failure by Essar, the Indian energy and resources conglomerate, to provide evidence of its financial ability to own and operate the company and an inability to gain the support of all stakeholders.
2 min read · 10 August 2016
TIP Trailer Services Group has acquired Train Trailer Rental Ltd, a Canadian provider of trailer rentals, leasing and storage. No financial terms were released. TIP Trailer Services, a European transport equipment leasing, rental and service solutions company based in Amsterdam, said the deal will help it expand into the Canadian market. The business, formerly a subsidiary of GE Capital, was bought in October 2013 by China's HNA Group Co Ltd and Bravia Capital, a Hong Kong private equity firm.
2 min read · 09 August 2016
DW Healthcare Partners (DWHP) announced that Gabriel Becher will join its investment team as a principal. Becher is joining the firm from Alberta Investment Management Corp (AIMCo), where he served for close to four years as a private equity portfolio manager. He previously worked as an associate at Canadian private equity firm TorQuest Partners. DWHP, a healthcare-focused private equity investor, has offices in Toronto and Park City, Utah.
2 min read · 09 August 2016
