Private Equity
Billionaire investor William Ackman has exited his hedge fund's investment in railway company Canadian Pacific Railway Ltd, freeing up roughly US$1.5 billion in cash to make other future investments. Ackman's Pershing Square Capital Management and Canadian Pacific said this week the New York-based hedge fund sold its remaining 9.8 million shares in the railroad, representing a 6.51 percent stake, through trades organized by J.P. Morgan, Credit Suisse and B of A Merrill Lynch. Pershing Square earned some US$2.6 billion on its investment.
2 min read · 04 August 2016
Canada Pension Plan Investment Board (CPPIB) has made a US$280 million investment in convertible preferred equity securities of the parent company of Advanced Disposal Services Inc. Based in Ponte Vedra, Florida, Advanced Disposal is the fourth-largest solid waste business in the United States, providing collection, transfer, disposal and recycling services in 16 states and the Bahamas. CPPIB said the company's organic growth may in future be supplemented by acquisitions. Founded in 2001, Advanced Disposal is majority-owned by U.S. infrastructure investment firm Highstar Capital. Highstar first invested in September 2007.
2 min read · 03 August 2016
Canadian private equity firm Priviti Capital Corp has appointed Greg Bay as a director. Bay is president and founding partner of Cypress Capital Management, a Canadian boutique money manager affiliated with AGF Management Ltd. Based in Calgary, Priviti invests in the domestic energy industry.
1 min read · 03 August 2016
StorageVault Canada Inc has agreed to acquire the self-storage assets of a Calgary-based business for $14.9 million. The deal, expected to close by October 31st, brings the company's announced and closed deals in fiscal 2016 to about $50 million. StorageVault said it is also in negotiations with Access Self Storage Inc, a StorageVault shareholder, to buy about $45 million of assets in Ontario and Québec. Based in Regina, StorageVault is an owner and operator of storage facilities across Canada. It is a portfolio investment of SaskWorks Venture Fund, an affiliate of Canadian private equity firm PFM Capital.
6 min read · 03 August 2016
Totten Insurance Group, an affiliate of Hub International Ltd, has acquired the shares of Canadian Resources Insurance Solutions Inc (CRIS). No financial terms were released. Sudbury, Ontario-based CRIS is a wholesale intermediary servicing insurance broker with a particular focus on mining and forestry. Totten, a provider of solutions for hard-to-place property and casualty accounts, said the deal expands its footprint in Canada and adds to its specialization. Chicago-based Hub is a portfolio company of U.S. private equity firm Hellman & Friedman.
2 min read · 03 August 2016
Pro Mach Inc has acquired Zarpac Inc, a Canadian provider of packaging line engineering, integration, and productivity services and solutions to customers in North America, Europe, Latin America and Asia Pacific . No financial terms were disclosed. Pro Mach said the deal adds engineering and integration services to its packaging and processing products and solutions. It said it will continue to invest in the Oakville, Ontario-based company. Pro Mach, which is headquartered in Cincinnati, Ohio, is backed by U.S. private equity firm AEA Investors. AEA bought the business from The Jordan Co in October 2014.
5 min read · 03 August 2016
The Fonds de solidarité FTQ has invested $4.2 million in Processia Solutions, a Laval, Québec-based provider of consulting services and IT solution integration services related to product life-cycle management. The deal, which gives Fonds de solidarité FTQ a minority interest in the company, is intended to help Processia strengthen its position in global markets, notably in the United States, France and Great Britain, and support its next phases of growth. Processia serves business customers in a range of industries. Founded in 2000, it reports average annual growth of 30 percent in the past seven years.
3 min read · 03 August 2016
Give & Go Prepared Foods Corp, formerly a portfolio company of OMERS Private Equity (OPE), has closed its sale to Thomas H. Lee Partners, a U.S. private equity firm. The financial terms of the deal, announced in April, were not released; however, a recent report by Reuters put the value at close to US$800 million. Concurrent with the sale to Thomas H. Lee, Give & Go, a Canadian maker of baked goods, acquired Create-a-Treat Ltd and NAFTA Foods and Packaging Inc. The Brampton, Ontario-based companies make edible craft products for celebrations and holidays. They will form a new Give & Go division called Create-a-Treat. OPE acquired Give & Go in December 2007.
4 min read · 03 August 2016
Canadian junior oil and gas company Chinook Energy Inc (TSX: CKE) has initiated a review of strategic alternatives. The alternatives may include acquisition opportunities to expand its core Montney asset base, or establish a new core of operations, as well as merger, sale or joint-venture opportunities. The process will include all of Calgary-based Chinook’s assets, as well as assets held by WOGH LP, an affiliate of Alberta Investment Management Corp (AIMCo), the company's major shareholder. Chinook has engaged Peters & Co Ltd as its financial advisor for the strategic review.
6 min read · 03 August 2016
Canadian private equity firm Mosaic Capital Corp has agreed to acquire an 80 percent interest in Mackow Industries, a Winnipeg-based manufacturer of precision fabricated metal components. Mosaic agreed to pay $29.5 million for the stake, to be funded through cash and vendor take-back financing. Mackow's management team will retain a 20 percent interest. Founded in 1985, Mackow serves customers in the transit bus and motor coach industry of North America. It said the partnership with Mosaic will bring resources required to expand the business. Last month, Mosaic appointed Mark Gardhouse as its new CEO.
5 min read · 03 August 2016
