Private Equity
Convergint Technologies LLC, a portfolio company of U.S. private equity firm KRG Capital Partners, has acquired Thermo Automation Canada (TACanada), a producer of systems that integrate heating, cooling, access control, ventilation, security and lighting in buildings. No financial terms were released. Convergint said the acquisition of Mississauga, Ontario-based TACanada strengthens its presence in the region and gives it access to several key vertical markets. The deal follows the company's buy of Canada's H&E Comfort Controls Ltd in April.
2 min read · 06 July 2016
Firethorn Capital Partners LP, the latest fund of Canadian private equity firm CAI Capital Management, has acquired Canadian Heating Products Inc and Montigo Del Ray Corp (CHP). No financial terms were disclosed. Langley, B.C.-based CHP is a manufacturer of residential and commercial gas fireplaces that are marketed and sold under the Montigo brand name. Firethorn bought the interest from CHP's Founder and President Dan Binzer, and plans to support the company in its pursuit of growth opportunities in North America. CHP is Firethorn's second investment since the fund's launch in late 2015. It previously invested in White House Design.
3 min read · 06 July 2016
Canadian private equity firm Novacap has sold Idaho Pacific Corp, a specialist in dehydrated potato products, to Arlon Group, a U.S. food and agriculture investment firm. The deal's financial terms were not released. Based in Ririe, Idaho, Idaho Pacific operates production facilities in its home state, Colorado and Prince Edward Island. It has been backed by Novacap's third industries fund since May 2011. Novacap said Idaho Pacific's new partnership with Arlon will help take the business to the next level in the North American market. In May, Novacap closed its fourth industries fund, Novacap Industries IV, at $470 million in committed capital.
2 min read · 06 July 2016
GuestLogix Inc (TSX: GXI) has agreed to sell its onboard retail technology business to a group of Canadian private equity investors for an undisclosed sum. Stornoway Portfolio Management, Bridgecorp Canada, Logan Peak Capital and Klass Capital Corp partnered in the deal, which resulted from a court-approved sale and investment solicitation process conducted under the Companies' Creditors Arrangement Act. Upon the deal's closing, Toronto-based GuestLogix will operate under its existing name and with an exclusive focus on its onboard business. Earlier this year, GuestLogix sold its affiliate OpenJaw Technologies Inc for about US$38.5 million.
5 min read · 06 July 2016
Canadian private equity firm Novacap has made a strategic investment in Syntax, a Montréal-based provider of hardware, software and cloud technology solutions to Canadian and U.S. businesses. No financial terms were disclosed. Novacap made the investment via its fourth technology fund Novacap TMT IV, which raised $375 million in May 2014, and in partnership with Syntax's senior management. The company said the investment will accelerate the growth of its cloud offerings and allow it "to grow into a major player within the North American market.” Founded in 1972, Syntax is led by CEOs and Co-Presidents Ryan Etinson and Kenny Etinson.
4 min read · 06 July 2016
U.S. private equity firm Kingswood Capital Management has acquired AVAD LLC, a North American distributor of audio and video solutions focused on the commercial and residential custom installation markets. No financial terms were disclosed. The deal included AVAD's Canadian subsidiary, AVAD Canada Ltd, which is based in Mississauga, Ontario. The parent organization has its headquarters in Sherman Oaks, California. Kingswood recruited consumer electronics and distribution industry executives to lead the acquired company.
3 min read · 05 July 2016
Superior Plus Corp (TSX: SPB) has agreed to sell its construction products distribution (CPD) business to Foundation Building Materials LLC (FBM), a U.S. distributor of building materials. The deal is valued at about $420 million (US$325 million) and is expected to close in the second half of 2016. Toronto-based Superior said the sale will allow the company to reduce debt, increase its financial flexibility, and redeploy capital to its energy distribution and specialty chemicals businesses. Based in Tustin, California, FBM is backed by U.S. private equity firm Lone Star Funds. Lone Star acquired it late last year.
6 min read · 05 July 2016
Lone Wolf Real Estate Technologies Inc earlier this year acquired WhereToLive.com Inc, a U.S. web marketing and technology solution provider to real estate brokerages and franchises. No financial terms were disclosed. Lone Wolf, a Cambridge, Ontario-based residential real estate software company, said the deal advances its goal of creating a complete enterprise solution with a single point of data entry. WhereToLive.com is one of several acquisitions made recently by Lone Wolf, a portfolio company of U.S. private equity firm Vista Equity Partners. The latter invested in March 2015.
3 min read · 05 July 2016
Canadian private equity firm Yellow Point Equity Partners has invested in Foley’s Candies Ltd, a Vancouver-based maker of fine quality chocolate and confectionary products. No financial terms were released. Brian Hurl, president of Foley's, said the deal will help the company to accelerate growth and expand its product and service offering. The investment is the second made by Yellow Point's fourth mid-market fund, Yellow Point Equity Partners IV, which raised $150 million in late 2015. The fund's debut investment, announced in September, was Calgary-based Edo Japan, a fast-casual Japanese restaurant franchisor.
2 min read · 05 July 2016
Swiss private equity firm Partners Group is leading a consortium to acquire Foncia, a French provider of residential property management services. The deal is valued at about 1.8 billion euros (US$2 billion), Reuters reported. The consortium includes Caisse de dépôt et placement du Québec and an affiliate of China Investment Corp. Paris-based Foncia, which operates a network of over 500 branches and manages a portfolio of more than 1.8 million properties in Europe, is being sold by Bridgepoint and Eurazeo. The latter bought the company in 2011.
5 min read · 05 July 2016
