Private Equity
Canadian organic food company SunOpta Inc, already under pressure from U.S. hedge fund Tourbillon Capital Partners LP, is being prodded by a second activist shareholder to explore the sale of all or part of the company, sources told Reuters. Canadian hedge fund West Face Capital also wants SunOpta to look at board or management changes if sales don't materialize. West Face's move comes as SunOpta, whose brands include Nature's Finest and Sunrich Naturals, has received interest from private equity firms, some of the sources said.
3 min read · 25 July 2016
Fiera Capital Corp (TSX: FSZ) and Aquila Infrastructure Management have closed a previously-announced joint venture deal, creating a new infrastructure investment firm. The firm, Fiera Infrastructure Inc, begins operation with about $500 million in invested and committed capital. Its activity is expected to be facilitated by the acquisition of a public-private partnership portfolio from Forum Equity Partners earlier this year. Fiera, which based in Montréal, said the joint venture with Toronto-based Aquila brings its current infrastructure assets to $1.22 billion.
4 min read · 25 July 2016
Canadian mineral exploration company Azimut Exploration Inc (TSX-V: AZM) has closed a private placement of $2.5 million. Of the total amount, $1.1 million was invested by private equity funds managed or sponsored by Caisse de dépôt et placement du Québec, Capital régional et coopératif Desjardins, Fonds de solidarité FTQ and the Québec government. Azimut, which is based in Longueuil, Québec, said the deal's proceeds would be used primarily to advance its Eléonore South gold property in the James Bay region and carry out other exploration work.
4 min read · 25 July 2016
Oreo cookie maker Mondelez International Inc is in talks to buy the license to make Cadbury biscuits from U.K.-based biscuit maker Burton's Biscuits Co, Reuters reported, citing an earlier story by Sky News. U.S.-based Mondelez is said to have offered to pay about 200 million pounds for the license. Burton's, owned by Ontario Teachers' Pension Plan, makes biscuits such as Cadbury Fingers under license from Cadbury UK.
1 min read · 25 July 2016
SunEdison Inc's unit TerraForm Power Inc said it had adopted a shareholders rights plan to prevent any sale of a significant number of Class A shares in the company, Reuters reported. Canada's Brookfield Asset Management Inc and U.S. hedge fund Appaloosa Management LP plan to jointly bid for SunEdison's stake in TerraForm Power, according to a recent regulatory filing. The rights plan is also aimed at fending off Brookfield's accumulation of its Class A shares, TerraForm Power said in a statement.
2 min read · 25 July 2016
Public Sector Pension Investment Board (PSP Investments) and Ontario Teachers’ Pension Plan (OTPP) have agreed to acquire Banco Santander SA's interest in Cubico Sustainable Investments Ltd, a London-based renewable energy business. No financial terms were disclosed for the deal, which will see OTPP and PSP share joint ownership of the company on a 50:50 basis. Cubico, launched in May 2015 by OTPP and PSP in partnership with Santander, has recently increased its portfolio to include 22 wind, solar and water infrastructure assets in eight countries. Its 2016 acquisitions include ten U.K. solar projects and two Brazilian wind farm complexes.
4 min read · 22 July 2016
The Caisse de dépôt et placement du Québec has provided a $59.5 million term loan financing to the New Richmond wind farm in Gaspésie. The wind farm, which is operated by TransAlta Renewables Inc, has a capacity of 67.8 megawatts generated by 33 wind turbines. The Montréal-based pension fund manager has financed three other wind farm projects in Québec and has interests in wind power assets in Canada, the United States and the United Kingdom.
2 min read · 22 July 2016
Shareholders of Kahala Brands Ltd have approved the company's acquisition by MTY Food Group Inc (TSX: MTY), a Montréal-based quick-service restaurant franchisor and operator. The deal, announced earlier this year, reflects a total consideration of US$300 million. Scottsdale, Arizona-based Kahala has been a portfolio company of Canadian private equity firms Serruya Private Equity and Delavaco Group since August 2013.
3 min read · 22 July 2016
Covage SAS, an affiliate of Axia NetMedia Corp (TSX: AXX), has submitted an offer to acquire Tutor Group, a fibre network owner and operator in France. No financial terms were disclosed for the deal, which is expected to close in the fall. Calgary-based Axia, an owner, operator and seller of services over fibre optic communications infrastructure, expects its own acquisition by Swiss private equity firm Partners Group to close on or about July 29, 2016. That deal, announced in March, will see Partners Group take the company private for $272 million.
5 min read · 22 July 2016
RioCan Real Estate Investment Trust (TSX: REI.UN) has agreed to acquire Canada Pension Plan Investment Board's 50 percent interest in four properties for $352 million. The deal is expected to close this month. The properties, which are currently co-owned, are retail centres located in British Columbia, Alberta and Ontario. RioCan also reported on other recent acquisitions, including a joint buy with Tricon Capital Group of The Shops of Summerhill, a retail asset in Toronto. Announced in June, the deal reflects a purchase price of $42 million.
6 min read · 21 July 2016
