Private Equity
Canadian renewable energy company BIOX Corp (TSX: BX) has acquired a 50 million litre nameplate capacity biodiesel facility in Sombra, Ontario. The facility was sold by Methes Energies Canada Inc for US$4.5 million. Hamilton, Ontario-based BIOX said the acquisition represents a 75 percent increase in its biodiesel production capacity and fits the company's strategy to control and distribute more gallons. Founded in 2000, BIOX is a portfolio investment of Canadian private equity firm Birch Hill Equity Partners.
5 min read · 23 June 2016
Travis Isbister has joined Northleaf Capital Partners as an associate on the firm's infrastructure team. He will participate in all aspects of Northleaf’s infrastructure investment activity, with a focus on market research, transaction due diligence, execution and management. Isbister was previously a senior associate in the infrastructure finance group of PwC. Toronto-based Northleaf is a private equity and infrastructure investor with more than $7 billion under management.
1 min read · 23 June 2016
Shareholders of ITC Holdings Corp (NYSE: ITC) have approved the company's acquisition by Fortis Inc (TSX: FTS). The deal, announced earlier this year, is valued at US$11.3 billion. It is expected to close by the end of 2016. Fortis, a Canadian electric and gas utility business, is partnering in the buy with GIC, Singapore’s sovereign wealth fund. GIC agreed in April to acquire a minority stake in ITC, a U.S. electricity transmission company, for about US$1.2 billion.
7 min read · 23 June 2016
PLB International Inc, a Canadian family-owned maker of premium-quality food for cats and dogs, has received a $4 million unsecured loan from the Fonds de solidarité FTQ. The deal is intended to support the company's continued growth in global markets. Founded in 1969, Boucherville, Québec-based PLB operates under the brand names 1st Choice and Pronature. It has a presence in 30 countries and strategic partners in Russia, Ukraine, Hong Kong, Taiwan, Singapore, Malaysia and Indonesia.
3 min read · 22 June 2016
The proposed acquisition of Long Run Exploration Ltd (TSX: LRE) by Calgary Sinoenergy Investment Corp has received approval under the federal Investment Canada Act. The deal, announced in December, is valued at about $770 million, including debt. Based in Calgary, Long Run is an intermediate oil and natural gas company. It is backed by Canadian private equity firm Sprott Resource Corp.
3 min read · 22 June 2016
Canada Pension Plan Investment Board has made three new senior management appointments. Alain Carrier, who has recently led CPPIB's European operations from London, has been appointed senior managing director, head of international. He will be responsible for the pension fund's global investment activity, including in Europe. Additionally, Suyi Kim has been appointed managing director, head of Asia, while Deborah Orida has been appointed managing director, head of private equity in Asia. Last month, Mark Machin became CPPIB's president and CEO as a result of Mark Wiseman's departure to BlackRock Inc.
3 min read · 22 June 2016
Pacific Exploration & Production Corp has closed a US$500 million debtor-in-possession (DIP) financing with Canadian private equity firm Catalyst Capital Group and certain holders of the company's unsecured notes. Additionally, Pacific Exploration entered into a US$115.5 million letter of credit facility with supporting bank lenders and creditors. The DIP financing and letter of credit facility are key features of a comprehensive restructuring deal struck by Pacific Exploration with debt-holders, including Catalyst, in April. Based in Toronto, Pacific Exploration is an explorer and producer of natural gas and crude oil in Latin America.
7 min read · 22 June 2016
The world's private equity funds, with a cash pile of around US$1 trillion, are stepping up their interest in the oil and gas industry, with almost a half expecting to buy assets in the sector over the next year, Reuters reported, citing the findings of a new survey. Funds' appetite for investments in the sector fell sharply after the start of the oil price route two years ago. But recent signs of a rebound, coupled with abundant assets around the world, are turning the tide, advisory firm EY said in a survey of 100 private equity firms.
2 min read · 21 June 2016
Caisse de dépôt et placement du Québec has invested an additional $14.3 million in Stingray Digital Group Inc, a Canadian multi-platform music and in-store media solutions provider. The deal was in part a repurchase of shares sold by Telesystem Ltd. Telesystem, a long-time backer of Stingray, previously announced it generated about $30.8 million in proceeds from a secondary offering. Montréal-based Stingray raised nearly $180 million in an initial public offering last year. It continues be a portfolio company of Canadian private equity firm Novacap and other investors.
3 min read · 21 June 2016
Canadian lifestyle and performance apparel maker Coalision Inc has secured $21 million in financing. The deal was led by Lune Rouge, a firm controlled by Guy Laliberté, founder of Cirque du Soleil. It was joined by the company's existing investors and lenders, including Simon Equity Partners, members of the Hermes family, and Fonds de solidarité FTQ. Montréal-based Coalision said the financing will support the growth, marketing and development of its brands, including women's activewear brand Lolë. Coalision was sold to an investor group led by the company's CEO Bernard Mariette by Kilmer Capital Partners in April 2014.
3 min read · 21 June 2016
