Private Equity
Westport Innovations Inc (TSX: WPT, Nasdaq: WPRT) has closed its previously-announced merger with Fuel Systems Solutions Inc. The deal creates a new Vancouver-based business focused on the alternative fuel, engine and vehicle sector called Westport Fuel Systems Inc. Westport also announced that it has received a US$17.5 million investment from U.S. private equity firm Cartesian Capital Group. Earlier this year, Cartesian agreed to provide the non-dilutive capital as part of an overall US$71.3 million investment in the company.
5 min read · 02 June 2016
Jeld-Wen Holding Inc, a maker of doors and windows, filed with U.S. regulators on Wednesday to raise up to US$100 million in an initial public offering of its common stock, Reuters reported. The final size of the IPO could be different. The Charlotte, North Carolina-based company has been backed by Canadian private equity firm Onex Corp since October 2011. Onex currently has an 83 percent ownership interest in Jeld-Wen.
2 min read · 02 June 2016
Succession Capital, the U.S. subsidiary of Canadian private equity firm Lynx Equity, has bought North American Shoe Co Inc, a distributor of men’s, women’s and children’s footwear and accessories throughout North America. Established in 1918 and based in East Providence, Rhode Island, the business is Lynx's second acquired in the footwear space. Earlier this year, PE Hub Canada profiled Lynx, a Toronto-based investor in family-owned mid-market companies, along with its Founder and President Brad Nathan.
3 min read · 02 June 2016
British Columbia Investment Management Corp (bcIMC) has launched QuadReal Property Group, a private real estate company based in Vancouver. Owned by bcIMC, QuadReal will manage the Canadian pension fund's more than $18 billion in real estate assets. It is also mandated to acquire and grow real estate investments in Canada, as well as in new markets in the United States, Asia and Europe. The business will be led by Presidents Remco Daal and Jonathan Dubois-Phillips. Based in Victoria, British Columbia, bcIMC manages $123.6 billion in assets.
4 min read · 02 June 2016
Interstate Restoration LLC has closed its acquisition of FirstOnSite Restoration LP, a Canadian disaster restoration services provider. No financial terms were released for the buy, which was announced in April. Fort Worth, Texas-based Interstate, backed by U.S. private equity firm Delos Capital, said the deal has made it the second-largest independent company in its industry. FirstOnSite, which was backed by TorQuest Partners, a Canadian private equity firm, will continue to operate under its name and remain headquartered in Mississauga, Ontario, Interstate said.
2 min read · 02 June 2016
Total Specific Solutions BV (TSS), an affiliate of Constellation Software Inc (TSX: CSU), has acquired all of the shares of Vicrea Solutions BV, a Dutch software provider of GEO IT solutions for the local government sector. No financial terms were disclosed. TSS said the deal strengthens its position in the public sector vertical. Vicrea has been backed by Dutch private equity firm Synergia Capital Partners since 2011. Constellation, a Toronto-based acquirer, manager and builder of vertical market software companies, is a portfolio investment of OMERS Private Equity.
2 min read · 01 June 2016
Hawk Exploration Ltd (TSX-V: HWK.A) has agreed to be acquired by Kaisen Energy Corp for about $16.1 million, including debt. The deal, which is supported by Hawk's board of directors and holders of 40.5 percent of the company's outstanding shares, is expected to close in mid-July. Based in Calgary, Hawk is a heavy oil producer focused on operations in western Saskatchewan. Calgary-based Kaisen, founded in early 2013, received an investment last November from Canadian energy private equity firm Azimuth Capital Management. Azimuth was formerly known as KERN Partners.
6 min read · 01 June 2016
Telus Corp (TSX: T, NYSE: TU) has closed its sale of a 35 percent interest in Telus International, a provider of customer service, IT, and business process services, to Baring Private Equity Asia. The deal, announced last month, valued Telus International at $1.2 billion. Vancouver-based Telus said it received about $600 million in proceeds from the deal, which the company will now invest in the growth of its broadband wireline and wireless networks. Based in Hong Kong, Baring Asia manages committed capital of over US$10 billion.
3 min read · 01 June 2016
U.S. private equity firm JMC Capital Partners has bought Vertigo Digital Displays Inc, a Canadian designer, engineer and maker of integrated digital signage solutions and out-of-home media products. No financial terms were released for the acquisition, which was undertaken by JMC via its Milford, Mass.-based portfolio company, CIVIQ Smartscapes LLC. JMC's Michael D’Amelio said the deal will advance the company's strategy to provide a comprehensive portfolio of connected urban technologies. Founded in 2002, Vertigo will continue to operate from its Toronto headquarters under the CIVIQ banner.
2 min read · 01 June 2016
Canada's Premier Gold Mines Ltd has agreed to a US$45 million financing arrangement with Orion Mine Finance, a U.S. mining-focused private equity firm. The deal, which consists of US$30 million in credit and US$15 million in equity financing, includes an option for an additional US$400 million investment. The latter amount will provide for expansion of Premier's existing gold mining projects, as well as acquisitions. Orion will also purchase up to 20,000 ounces of refined gold annually from the company. Based in Thunder Bay, Ontario, Premier's exploration and development projects are located in mining districts in Canada and the United States.
7 min read · 01 June 2016
