Private Equity
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure), Samsung Renewable Energy Inc and the Six Nations of the Grand River Development Corp have closed a $613 million bond financing for the 100 megawatt Grand Renewable Solar Project. The deal's proceeds will be used to refinance the project's existing bank debt and swap facilities. Located in Haldimand County, Ontario, the project began commercial operation in March 2015 and produces enough alternative energy for more than 17,000 households. CC&L Infrastructure is an affiliate of Canadian asset management firm Clark & Lunn Financial Group Ltd.
4 min read · 15 June 2016
DMB Distribution alimentaire, a Canadian food products distributor, has received an investment from the Fonds de solidarité FTQ's regional network and Capital croissance PME. No financial terms were released. The deal supported an ownership transfer that saw DMD officers and a new investor acquire part of the company's shares. Saint-Augustin-de-Desmaures, Québec-based DMD makes upwards of 9,000 deliveries a week to supermarkets, large grocery stores and regional food stores. Capital croissance PME is sponsored by Capital régional et coopératif Desjardins and Caisse de dépôt et placement du Québec.
3 min read · 15 June 2016
Aegerion Pharmaceuticals Inc (NASDAQ: AEGR) and QLT Inc (NASDAQ: QLTI, TSX: QLT) have agreed to merge. The deal, which will see Aegerion form part of an indirect affiliate of QLT, will result from a shares exchange. Following the proposed merger's close, expected by the end of the third quarter, a new Vancouver-based biopharmaceutical company called Novelion Therapeutics Inc will emerge. A syndicate of hedge funds and other private investors has agreed to facilitate the deal by purchasing about $22 million in shares of QLT common stock. They include Broadfin Capital, Deerfield, JW Asset Management and Sarissa Capital.
10 min read · 15 June 2016
Volaris Group, an operating company of Constellation Software Inc, has bought the operations support systems (OSS) solutions business of Boston-based Advanced Broadband Networks (ABN). No financial terms were disclosed for the acquisition, which is Volaris' third in the communications vertical market. The acquired business has become a division of Vancouver's Incognito Software Systems, a Volaris affiliate. Constellation, a Toronto-based acquirer, manager and builder of vertical market software companies, is a portfolio investment of OMERS Private Equity.
2 min read · 14 June 2016
New Zealand's ARANZ Geo Ltd has acquired 3point Science Inc, a Calgary-based developer of geoscience visualization tools for learning, training, evaluation and assessment. No financial terms were disclosed. ARANZ Geo, a provider of 3D geological modelling software for the mining, hydrogeology and geothermal industries, said the deal will enable the development of cloud-based solutions and help it enter new markets. Founded in 2009, Christchurch, New Zealand-based ARANZ Geo secured an investment from Pencarrow Private Equity in August 2014.
2 min read · 14 June 2016
Canadian private equity firm Waterton Global Resource Management has closed its third mining fund, Waterton Parallel Fund, at US$725 million in committed capital. The fund will invest in production and late-stage development assets in the precious metals industry alongside Waterton Global Precious Metals Fund II, which closed at more than US$1 billion in April 2014. Waterton Managing Partner and CIO Isser Elishis said the parallel fund was backed by investors in Fund II, as well as new investors. Toronto-based Waterton recently agreed to the sale of portfolio company Goldrock Mines Corp to Fortuna Silver Mines Inc for $129 million.
2 min read · 14 June 2016
The French airports of Nice and Lyon have attracted at least 16 bidders ahead of a July 4 deadline for firm offers, sources told Reuters. Bidders for Nice airport are said to include Canada Pension Plan Investment Board, the sources said. The privatization of France's two biggest regional airports is expected to yield up to 1.5 billion euros (US$1.69 billion) for the government.
1 min read · 14 June 2016
Kew Media Group Inc has closed its initial public offering of Class A restricted voting units at $70 million. The offering, the size of which may increase via an over-allotment option granted to underwriters, will create a special purpose acquisition corporation (SPAC). Toronto-based Kew Media intends the SPAC to focus on one or more acquisitions of small-to-medium sized media production, distribution and talent management opportunities in North America and the United Kingdom. Torys Partner John Emanoilidis wrote about the recent rise of SPACs in Canada in a PE Hub Canada feature article published in December.
4 min read · 13 June 2016
SureWerx, a portfolio company of Canadian private equity firm Penfund, has bought KP Industries Inc, an Old Mission, Michigan-based designer and maker of knee and elbow guards. No financial terms were released. SureWerx, a supplier of professional tools, equipment and safety products, said the acquisition aligns with its strategy of adding to its existing safety solutions in Canada, and expanding its portfolio and reach in the United States. Based in Vancouver, SureWerx rebranded in March from its prior name JET Group. Penfund acquired the business in 2012.
3 min read · 13 June 2016
Alberta Investment Management Corp (AIMCo) has entered into a strategic financing partnership with Calfrac Well Services Ltd (TSE: CFW), a Canadian pressure pumping services provider. No financial terms were disclosed. Calgary-based Calfrac is focused on North America's unconventional natural gas and light oil plays plus specific international markets. It currently services wells drilled in Western Canada, the United States, Russia, Argentina and Mexico. Based in Edmonton, AIMCo manages more than $90 billion in assets on behalf of its pension and other institutional clients.
3 min read · 13 June 2016
