Private Equity
A consortium of Axium Infrastructure, Alberta Teachers' Retirement Fund Board and Manulife Financial Corp have acquired a one-third interest in the K2 Wind Facility, a 270 megawatt wind power facility located near Goderich, Ontario. The consortium acquired the stake from Samsung Renewable Energy for an undisclosed amount. K2, which became commercially operational last year, is also owned by Pattern Energy Group Inc and Capital Power Corp. Pattern, an affiliate of U.S. private equity firm Riverstone Holdings, acquired its interest for US$128 million plus debt in mid-2015.
3 min read · 09 August 2016
Ontario Steel Investment Ltd, a group that includes shareholders of Essar Global, said that it had submitted an offer for the purchase of U.S. Steel Canada Inc, which has been in creditor protection since 2014, Reuters reported. The offer includes the assumption of $954 million in liabilities under U.S. Steel Canada's pension plan and a commitment to provide $25 million toward post-employment benefits for U.S. Steel Canada's past and present staff. Last month, Ontario Steel Investment launched a bid to acquire Essar Steel Algoma Inc.
2 min read · 09 August 2016
The Caisse de dépôt et placement du Québec (CDPQ) has agreed to acquire a 20 percent stake in Plenary Group Holdings, which controls all of Plenary Group's Australian operating businesses and infrastructure assets portfolio. No financial terms were released. Melbourne-based Plenary will as part of the deal issue new shares to secure capital for future projects. CDPQ has previously partnered with Plenary, investing more than A$200 million in seven Australian projects since 2012. Last year, CDPQ opened an office in Australia that operates under its subsidiary, CDPQ Sydney.
3 min read · 09 August 2016
BCE Inc (TSX, NYSE: BCE) has agreed to acquire the equity it does not already hold in Q9 Networks Inc, a Toronto-based outsourced data centre operator. BCE, which currently owns a 35.4 percent stake in Q9, said it will pay about $675 million to Ontario Teachers' Pension Plan, Providence Equity Partners and Madison Dearborn Partners, which own the rest of the company's equity. The deal is expected to close before the end of the year. BCE, Ontario Teachers', Providence and Madison jointly bought Q9 for $1.1 billion in late 2012. BCE said its acquisition of 100 percent of the business will help it compete in the growing outsourced data services industry.
4 min read · 08 August 2016
Ontario Teachers' Pension Plan has partnered with RedBird Capital Partners and Aethon Energy Management LLC in the acquisition of J-W Energy Co's upstream and midstream oil and gas assets located in northeast Texas and north Louisiana. As part of the deal, the terms of which were not disclosed, Haynesville and Rockies assets acquired in partnership by Aethon and Redbird are being consolidated with the J-W assets. The result is a new joint partnership called Aethon United. With the acquisition, it now holds more than 350,000 net acres and 166 million of cubic feet equivalent per day (MMcfe/d) of production.
4 min read · 08 August 2016
Vail Resorts Inc said it would buy Whistler Blackcomb Holdings Inc, operator of the Canadian ski resort that was a venue for the 2010 Olympic Winter Games, for about $1.39 billion, Reuters reported. Vail, which owns mountain resorts in the United States and Australia, will pay about $676 million in cash and $715 million in stock. Whistler Blackcomb is a portfolio company of KSL Capital Partners, a U.S. private equity firm focused on travel and leisure investments. KSL acquired a 24 percent stake in the business in December 2012.
3 min read · 08 August 2016
Canadian private equity firm PRIVEQ Capital Funds has invested in lntegracare Inc, a Toronto-based provider of private nursing care services to individuals in their homes, hospitals, retirement residences and long-term care facilities. The deal's financial terms were not released. PRIVEQ Partner Lee Grunberg has been appointed the company's new president and CEO, while Martha Russel and Philip Russel, Integracare's founders, will continue to participate in the growth of the business. PRIVEQ Managing Partner Brad Ashley said lntegracare is "extremely well poised to further enhance its service offerings and expand geographically."
2 min read · 08 August 2016
Canadian private equity firm Birch Hill Equity Partners has sold educational materials supplier Carson-Dellosa Publishing LLC to Guardian Capital Partners. The announcement was made by investment bank Lincoln International, Birch Hill's exclusive financial advisor in the sale. It did not disclose the deal's financial terms or closing date. Based in Greensboro, North Carolina, Carson-Dellosa is a provider of K-8 supplemental education content for parents, teachers and students. Birch Hill Partner John Loh served as the company's chairman.
3 min read · 05 August 2016
Desjardins Group has named Luc Ménard as chief operating officer of Desjardins Business Capital régional et coopératif. Ménard held the position on an interim basis following the June appointment of Marie-Claude Boisvert to senior vice-president, business services, at Desjardins, a Lévis, Québec-based financial co-operative. Ménard joined Business Capital régional et coopératif in 2007 and served in a variety of executive capacities, most recently as vice-president, investments. In his new role, he will oversee Desjardins' private equity and venture capital funds: Capital régional et coopératif Desjardins, Capital Croissance PME and Desjardins-Innovatech.
2 min read · 04 August 2016
Canadian private equity firm Sprott Resource Corp has sold shares in Stonegate Agricom Ltd, a Toronto-based acquirer and developer of agricultural nutrient projects. The interest sold, said to represent about 16.7 percent of Stonegate's total issued and outstanding common shares, gave the investor gross proceeds of about $1.2 million. Another investor, Zaff 2 LP, announced it acquired a comparably-sized stake.
3 min read · 04 August 2016
