Private Equity
Canadian private debt and equity investor Penfund has banked the $525 million target set for its fifth mid-market fund and is now raising additional capital for a final close, a person with knowledge of the matter told Buyouts. Penfund Capital Fund V is expected to wrap up appreciably above its target in July or August, the source said. At its current total, the fund is already the largest in Toronto-based Penfund’s 37-year history, surpassing by 14 percent the $460 million secured by its predecessor in March 2012.
2 min read · 28 June 2016
Canadian software company Prinova Inc has received an investment of $17 million from Volition Capital, a U.S. growth equity firm. With the deal, Volition Capital's Roger Hurwitz and Jake Colognesi will join the company's board of directors. Founded in 1998, Toronto-based Prinova is the creator of Messagepoint, a cloud-based content management platform serving the customer communications management needs of large enterprises. Led by Co-Founder and CEO Nick Romano, the company plans to use the proceeds of the investment to pursue higher-growth markets and further develop its technology.
2 min read · 27 June 2016
An affiliate of Portland Private Equity, a firm led by Canadian billionaire Michael Lee-Chin, has raised J$1.23 billion in an initial public offering on the Jamaica Stock Exchange. Portland JSX Ltd's IPO was oversubscribed by 23.5 percent, making it the largest of ordinary shares ever on the exchange, Portland said. Portland JSX is an investment holding company that invests in businesses in the Caribbean and Latin America, primarily via Portland Caribbean Fund II, Portland's second private equity fund. PE Hub Canada interviewed Lee-Chin in March 2015 about Portland's exit from Columbus International.
3 min read · 27 June 2016
Canadian private equity firm Onex Corp has agreed to acquire a majority stake in WireCo WorldGroup, a U.S. maker and distributor of steel wire rope, synthetic rope, specialty wire and engineered products. Onex Partners IV will pay US$260 million for the stake, which will help recapitalize the company. The deal is expected to close later this year. U.S. private equity firm Paine & Partners, which acquired Prairie Village, Kansas-based WireCo in February 2007, will retain a minority interest in the business alongside senior management. Onex said it plans to support WireCo’s continued growth both organically and through acquisitions in the years ahead.
3 min read · 27 June 2016
Australian freight giant Asciano Ltd said it has resolved a legal dispute with a trucking subsidiary that had threatened to delay a A$9.1 billion (US$6.8 billion) buyout led by Canada's Brookfield Asset Management Inc, Reuters reported. Asciano said it agreed to give its half stake in Sydney trucking business Australian Container Freight Services Pty Ltd to the family which owned the other half. The settlement will be a welcome respite for Asciano and the global consortium of investors from Canada, Australia, China and the Middle East which has been trying to buy it for more than a year.
2 min read · 27 June 2016
Canada's largest pension funds see opportunities to invest in U.K. real estate and infrastructure at discounted prices following Britain's decision to leave the European Union, fund executives told Reuters. The funds, which manage over $1 trillion of assets and are among the biggest investors in British real estate and infrastructure, anticipate valuations falling as a result of the country's decision to leave the bloc, presenting opportunities for investors willing to take a long-term view.
3 min read · 24 June 2016
Parkbridge Lifestyle Communities Inc has bought Willow Park Estates and Jubilee Landing, two family lifestyle communities in Edmonton, Alberta. No financial terms were released. Parkbridge, which operates and develops residential land lease communities, recreational resorts and marinas, said the deal will enhance its offering in the camping and recreational vehicle market. The Calgary-based company is owned by British Columbia Investment Management Corp (bcIMC). It was acquired for $790 million in late 2010.
3 min read · 24 June 2016
Brookfield Global Integrated Solutions has agreed to buy McKinstry FMS, a U.S. critical environment facility management business. No financial terms were disclosed for the acquisition, which is expected to close in August. As part of the deal, McKinstry FMS’s parent company, McKinstry, will take a minority stake in the American operations of Brookfield GIS. Headquartered in Markham, Ontario, Brookfield GIS is a real estate facility management services provider. It was one of the first investments of the fourth private equity fund of Brookfield Asset Management. Brookfield Capital Partners IV closed earlier this month at US$4 billion.
3 min read · 24 June 2016
Bombardier Inc (TSX: BBD.B) said it "strongly disagrees" with Moody's decision regarding a senior unsecured rating change from B2 to B3. The change pertains to the structure of a US$1.5 billion investment by Caisse de dépôt et placement du Québec (CDPQ). The investment, announced last November, gave CDPQ a 30 percent stake in Bombardier's rail business. The company said Moody's decision fails to recognize progress made in the past year, which in includes a stronger liquidity position based on US$2.5 billion raised through the CDPQ deal and a Québec government agreement.
3 min read · 23 June 2016
ARC Financial Corp has intensified its deal-making with new investments in a junior oil producer and a hydraulic-fracturing-treatments specialist. Longshore Resources, a Calgary company founded in late 2015 by senior energy executives, last week said it raised $150 million in equity financing from ARC. The announcement, which was not widely reported, included news of Longshore’s acquisition of certain producing assets in Alberta’s Peace River Arch region.
3 min read · 23 June 2016
