Private Equity
Canadian private equity firm Beringer Capital has acquired Adweek, a New York-based source of news for marketing, media and advertising professionals. No financial terms were disclosed. Mediabistro Holdings LLC, a U.S. group of media and creative brands, was the seller. With the deal, Brian F. Martin, co-founder of Beringer, has been appointed Adweek's chairman. Established in 1978, Adweek has been ranked within the top three most shared media content sources online. Toronto-based Beringer, an investor in digital media and marketing services, said it would provide the business with resources to expand its current editorial content.
3 min read · 18 July 2016
U.S. private equity firm Gryphon Investors has agreed to acquire Lawler Foods Ltd, a Humble, Texas-based maker of gourmet cheesecakes, layer cakes, pies and other desserts. No financial terms were released for the deal, which is expected to close this month. Gryphon said Lawler will be part of the same premium dessert platform as The Original Cakerie, a Canadian manufacturer of frozen desserts. Gryphon acquired a majority stake in the Delta, British Columbia-based company in December, calling it "a uniquely attractive platform for expansion in the North American baked goods sector."
4 min read · 18 July 2016
Canadian private equity firm Clairvest Group closed its first platform investments in roughly a year, backing a pair of U.S. companies in the digital media and gaming industries. In a release issued to shareholders last month, Clairvest disclosed a US$20.5 million investment in Digital Media Solutions , a performance marketing company. The second investment saw Clairvest acquire a minority stake in video gaming specialist Accel Entertainment for US$32.5 million. The deals illustrate the Toronto-based firm's long history of investing in sectors that leverage its domain knowledge.
3 min read · 18 July 2016
Canadian specialty finance firm Crown Capital Partners has increased the size of its fourth special situations debt fund to $125 million. Crown Capital Fund IV, which initially closed last September, received an additional commitment of $25 million. The fund is expected to receive further commitments as new deal opportunities are identified. As reported by PE Hub Canada in June 2015, the recently listed Crown Capital is pursuing a two-track fundraising process that includes public sources. Total funds raised support the firm’s program for investing debt and quasi-equity in mid-market companies.
3 min read · 15 July 2016
MRC Technology has sold a portion of its royalty interest in a cancer drug to Canadian private equity firm DRI Capital for US$150 million. The drug, pembrolizumab, is being marketed by Merck & Co Inc as Keytruda. It is a new treatment that stimulates the body’s immune system to fight cancer. Scientists at MRC, a British medical research charity, have supported development of the drug, which has been approved by U.S. regulators for treating advanced melanoma and non-small cell lung cancer. Toronto-based DRI made the investment via its third healthcare royalty fund, Drug Royalty III, which raised US$1.45 billion in late 2013.
4 min read · 15 July 2016
Apex Clean Energy has sold its majority interest in a 217-megawatt renewable energy portfolio to Northleaf Capital Partners. No financial terms were released. The portfolio consists of three wind and solar power facilities in Texas. Apex, a Charlottesville, Virginia-based renewable energy developer and operator, will provide asset management services. In separate transactions, Apex and Northleaf arranged debt financing and tax equity commitments for the projects. Based in Toronto, Northleaf manages more than $7 billion in infrastructure and private equity commitments.
3 min read · 15 July 2016
Essar Steel Algoma Inc said U.S. private equity firm KPS Capital Partners had backed out of a consortium that made a bid for the Canadian steel maker, but that certain term lenders were still pursuing a bid, Reuters reported. A group that includes shareholders of Essar Global signed a letter of intent with a local unit of the United Steelworkers Union earlier this week to negotiate a deal to buy Algoma for about US$900 million.
1 min read · 14 July 2016
Williams Cos Inc's Canadian unit has attracted at least seven bidders, including Enbridge Inc and Pembina Pipeline Corp, that could pay the U.S. pipeline company up to US$2 billion, sources told Reuters. Pension funds including the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and the Ontario Municipal Employees Retirement System, as well as U.S. companies, also expressed interest, the sources said. Tulsa, Oklahoma-based Williams is working with Barclays Plc and Toronto Dominion Bank on the sale.
2 min read · 14 July 2016
Colabor Group Inc has proposed a recapitalization strategy to reduce its debt and enhance its capital structure. The related deals include a $50 million rights offering fully backstopped by several investors, including Z-Holdings North ULC, Caisse de dépôt et placement du Québec (CDPQ), Fonds de solidarité FTQ and Investissement Québec. The proceeds of the rights offering will allow the company to reduce its indebtedness by about $47.5 million. Boucherville, Québec-based Colabor is a wholesaler and distributor of food and non-food products to markets in Canada.
10 min read · 14 July 2016
Canadian private equity firm Regimen Equity Partners has made an undisclosed equity investment in Plastifab Industries of Montréal. Founded in 1975, Plastifab is a manufacturer of extruded thermoplastic rod, tube, profile and other shapes for a wide range of industrial and consumer end-uses. It is led by President and CEO Rick Phillips. Regimen said the company is positioned to take advantage of growth opportunities in the fragmented plastics extrusion industry. Earlier this year, Regimen invested in Central Technology Services Corp, a customized financial solutions provider.
2 min read · 14 July 2016
