Private Equity
Brookfield Asset Management has wrapped up its third infrastructure fund, Brookfield Infrastructure Fund III (BIF III), at US$14 billion. The fund saw commitments from over 120 institutional investors, including pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices, enabling it to surpass its original target of US$10 billion. BIF III is the largest private fund ever raised by Brookfield, the Toronto-based firm reported. Over the last 18 months, Brookfield secured US$27 billion for a range of private funds, including the US$4 billion obtained by its latest mid-market private equity fund, Brookfield Capital Partners IV.
3 min read · 12 July 2016
Canadian private equity firm Mosaic Capital Corp has appointed Mark Gardhouse as its new CEO, effective July 11th. He replaces John Mackay, who will continue to serve as executive chairman of the firm's board of directors. Gardhouse joins Calgary-based Mosaic from NorTerra Inc, an investment and management firm owned by Inuvialuit Development Corp. He served as NorTerra's president and CEO between 2010 and 2016. Gardhouse previously led CA Bancorp, a merchant bank and alternative asset manager, and before then was a managing director at Roynat Capital.
3 min read · 12 July 2016
Petrus Resources Ltd (TSX: PRQ) has sold its oil and natural gas interests in the Peace River region of Alberta to Rising Star Resources Ltd for about $30 million. Rising Star previously announced the deal, but did not identify the seller. Petrus said the asset disposition will reduce its overall indebtedness, lower per-unit operating costs, and reduce future liabilities. The Calgary-based company, which earlier this year went public via a reverse takeover, is a portfolio investment of U.S. energy private equity firm NGP Energy Capital. Rising Star is backed by Canadian investors Lex Capital and 32 Degrees Capital.
7 min read · 12 July 2016
Fengate Capital Management has acquired the 40 percent equity interest held in the Oakville Trafalgar Memorial Hospital project by Carillion Canada Inc. No financial terms were released. The deal brings Fengate's total investment in the asset to 90 percent of the equity. Oakville Trafalgar Memorial Hospital, a full-service acute care community hospital located in Oakville, Ontario, opened in December. Fengate, a Canadian infrastructure, real estate and private equity investment firm, is a member of the consortium that was selected to design, build, finance and maintain the facility.
2 min read · 12 July 2016
Pet Valu and Pet Supermarket, portfolio companies of U.S. private equity firm Roark Capital Group, have been merged. No financial terms were released. In a separate statement, Golub Capital said it provided a US$605 million debt facility in support of the deal. Roark Capital, which acquired Pet Valu in 2009 and Pet Supermarket in 2015, said their combination will create the third-largest pet specialty retailer in North America with over 930 stores. The new entity, Pet Retail Brands, is expected to generate US$1 billion in sales. Pet Valu and Pet Supermarket will continue to operate as independent brands at their respective headquarters of Markham, Ontario and Sunrise, Florida.
5 min read · 11 July 2016
Synnex Corp (NYSE: SNX) has agreed to acquire Minacs, an outsourcing business solutions provider with primary offices in Oshawa, Ontario, Farmington Hills, Michigan and Bangalore, India. The purchase price is about US$420 million. The sellers are Asian private equity firms CX Partners and Capital Square Partners, which acquired Minacs in May 2014. Synnex, a U.S. business process services company, said it plans to integrate Minacs with its affiliate Concentrix, strengthening the latter's capabilities and expanding its market optimization and Internet of Things solutions. The deal is expected to close in Q3 2016.
6 min read · 11 July 2016
Calgary-based oil and gas company Rising Star Resources Ltd has closed an initial financing of $25 million. The investors were Canadian energy private equity firms Lex Capital and 32 Degrees Capital. Rising Star said the deal was done concurrently with a private placement, together generating total proceeds of about $40 million. With the investment, Lex Capital's Craig Lothian and Dean Popil and 32 Degrees' Mitch Putnam joined the company's board of directors. Rising Star also announced it acquired conventional light oil and gas assets, along with associated infrastructure, in the Peace River region of Alberta. The purchase price was $30 million.
4 min read · 11 July 2016
Thomson Reuters Corp said it agreed to sell its intellectual property and science business to private equity firms Onex Corp and Baring Private Equity Asia for US$3.55 billion in cash, Reuters reported. The business being sold provides intellectual property and scientific information and associated tools and services to governments, universities and companies. Toronto-based Onex said the deal is expected to be funded with an equity investment of about US$1.6 billion. Onex’ portion of the investment (about US$1.2 billion) will be made by Onex Partners IV and certain co-investors.
2 min read · 11 July 2016
GFL Environmental Inc has bought Envirotec Services Inc, a provider of waste management services in Saskatchewan, including emergency response. No financial terms were disclosed. GFL, a diversified environmental services company based in Vaughan, Ontario, said it expects to leverage Envirotec's capabilities in liquid waste operations. Envirotec is the latest in a series of GFL acquisitions, including February's buy of Matrec Services Inc for $800 million. As reported by PE Hub Canada, that deal was backed by $458 million in funding from Macquarie Group, Highbridge Principal Strategies and other investors.
2 min read · 08 July 2016
Video conferencing equipment maker Polycom Inc said it agreed to be bought by a U.S. private equity firm for about US$1.7 billion, scrapping a three-month old deal with Canada's Mitel Networks Corp, Reuters reported. The private equity firm, Siris Capital Group, offered US$12.50 a share in cash for Polycom. The deal thwarts a plan by U.S. activist hedge fund Elliott Management, which bought stakes in both Polycom and Mitel and played a leading role in getting the two to agree to a merger.
2 min read · 08 July 2016
