Private Equity
Cott Corp (NYSE: COT, TSX: BCB) has closed its acquisition of Eden Springs International, a Swiss direct-to-consumer services provider specializing in workplace drinks solutions. The deal, announced in June, reflected a purchase price of €470 million ($682 million) on a debt and cash-free basis. The seller was Rhône Capital, a U.S. private equity firm that acquired Eden Springs in mid-2013. Toronto-based beverage producer Cott said the deal is consistent with its diversification strategy.
6 min read · 02 August 2016
Anthem Sports & Entertainment Corp has agreed to acquire GameTV Corp from Kilmer Enterprises Inc, an affiliate of Canadian private investment firm Kilmer Group. No financial terms were released. Launched in 2005, GameTV is a specialty network available in more than 9 million homes across Canada via cable, satellite and IPTV systems. Kilmer Enterprises President Kenny Albert said the company will benefit from "being part of a larger group rather than continuing as a stand-alone service.” Anthem operates a number of specialty channels, including Fight Network and FNTSY Sports Network in Canada.
3 min read · 02 August 2016
Ontario Teachers' Pension Plan has partnered with U.S. private equity firm Wind Point Partners in the acquisition of Aurora Plastics Inc, a maker of rigid polyvinyl chloride (RPVC) compounds. No financial terms were disclosed for the deal, which is being done in collaboration with Mike Fitzpatrick, who will serve as chairman of Aurora's holding company. Streetsboro, Ohio-based Aurora provides customized RPVC compounds for extruding and injection molding customers in North America. Jane Rowe, senior vice-president, private capital at Ontario Teachers', said Aurora has the potential of "becoming a robust growth platform" with the support of its new partners.
3 min read · 02 August 2016
Canadian private equity firm Bonnefield Financial announced the first close of its fourth farmland fund. Bonnefield Canadian Farmland LP IV secured an initial $60 million commitment from an existing limited partner in Canada. Its predecessor, Bonnefield Canadian Farmland LP III, which closed at $261 million in 2014, is now fully invested. Like past funds, Fund IV will provide Canadian farmers with land-lease financing to support their growth and succession plans, and help them reduce debt and improve profitability. Established in 2009, Ottawa-based Bonnefield has developed a pan-Canadian farmland portfolio reflecting partnerships with some 53 operators.
2 min read · 02 August 2016
Canadian private equity investment showed mixed results in the first half of 2016, with 145 deals (announced and closed) capturing $10.1 billion in disclosed values, according to data released by Thomson Reuters. Dollar flows in Canada in this period were up 30 percent from the first half of 2015, while the number of deals dropped 29 percent. Canadian investors were also less active around the world, joining a comparatively few 47 global PE deals valued at $36 billion in the first half. Despite the decline in deal-making, Canadian buyout and other private equity funds raised a hefty $39.1 billion in committed capital between January and June, led by multiple fund closings by Brookfield Asset Management.
3 min read · 02 August 2016
Swiss private equity firm Partners Group has wrapped up its previously announced acquisition of Axia NetMedia Corp (TSX: AXX), a Calgary-based operator and seller of services over fibre optic infrastructure. As reported by PE Hub Canada, the $272-million deal was one of the ten largest announced or closed in Canada in the first half of 2016. With the close, Axia is expected to discontinue trading on the Toronto Stock Exchange on or about August 2nd. Partners Group said it plans to support and invest in the company's global growth strategy.
4 min read · 29 July 2016
Crestone Peak Resources LLC, an investment vehicle formed by Canada Pension Plan Investment Board (CPPIB) and The Broe Group, has closed its previously announced acquisition of Encana Corp's Denver Julesberg Basin oil and gas assets in Colorado. With the deal, announced last October at US$900 million, CPPIB has taken a 95 percent stake in the acquired property. The natural resources group of CPPIB, which holds nine investments valued at $1.4 million, has been engaged in four deals so far this year, including the Crestone acquisition and Wolf Midstream Inc's proposed buy of a 50 percent interest in Alberta's Access Pipeline.
3 min read · 29 July 2016
Kensington Private Equity Fund, managed by Kensington Capital Partners, has made three new investments. The fund invested in White Swan Environmental Ltd, a Calgary-based provider of oilfield waste management services in Alberta. No financial terms were released. The Kensington fund also made undisclosed commitments to the second fund of Providence Strategic Growth, an affiliate of U.S. private equity firm Providence Equity Partners, and Trivest Growth Investment Fund, the eleventh fund of U.S. private equity firm Trivest Partners. The latter closed at US$225 million in July. Toronto-based Kensington is an alternative assets investor.
4 min read · 28 July 2016
U.K. private equity firm BC Partners and Canada's Public Sector Pension Investment Board (PSP Investments) have agreed to acquire a majority stake in Keter Plastic Ltd, a Herzelia, Israel-based maker of resin-based household and garden consumer products. No financial terms were disclosed; however, prior media reports said the deal values the company at US$1.7 billion. Sami Sagol and his family, the founders of Keter, sold the interest to BC Partners and PSP and will retain a minority stake and reinvest. The deal is expected to close in the fourth quarter. Established in 1948, Keter sells its products in 90 countries through more than 25,000 retail outlets.
4 min read · 28 July 2016
Canada’s top 10 first-half private equity deals had disclosed values of more than $7.8 billion, suggesting market activity in 2016 may be frothier than previously expected. Preliminary Thomson Reuters data show dollar flows for all deals surpassing the $10-billion-dollar mark at the end of June, up from $7.8 billion in the first half of 2015.
3 min read · 28 July 2016
