Private Equity
The private equity group of Brookfield Asset Management has wrapped up its fourth fund, raising US$4 billion earmarked for mid-market buyouts, turnarounds and other special situations. Brookfield Capital Partners IV’s total came in 14 percent above the fund’s original target of US$3.5 billion. BCP IV is Toronto-based Brookfield’s largest private equity fund to date, raising more money than all of its predecessors combined.
3 min read · 01 June 2016
Cairn Capital and Canada Pension Plan Investment Board (CPPIB) have agreed to buy a €180 million ($262 million) bond secured on properties owned by Globalworth Real Estate Investments Ltd, a European real estate investment firm. CPPIB's credit investments arm will acquire €150 million of the bond, with Cairn accounting for the rest. The bond is secured by prime real estate assets in Bucharest, Romania. London-based Cairn is a credit asset management, advisory and securities restructuring firm.
4 min read · 31 May 2016
Great Plains Energy Inc (NYSE: GXP), the parent of regulated power utility Kansas City Power & Light, has agreed to acquire Westar Energy Inc (NYSE: WR) for US$8.6 billion in cash and stock. Great Plains Energy said the acquisition, which is expected to close in the spring of 2017, will create a leading electric utility in the Midwestern United States with over 1.5 million customers in Kansas and Missouri, and nearly 13,000 megawatts of generation capacity. As part of the deal's financing terms, the company secured a US$750 million preferred convertible equity commitment from the Ontario Municipal Employees Retirement System (OMERS).
10 min read · 31 May 2016
The world's biggest hedge funds lost market share to smaller rivals over the last year as a result of under-performance, Reuters reported citing data from Preqin. Total assets held by hedge funds with more than US$1 billion dropped to 88 percent in the year to end-March 2016 from 92 percent in the year-earlier period, the data showed. The slide in market share for larger investors did not stop funds from joining the billion-dollar club, with a further 98 reaching the total over the year.
1 min read · 30 May 2016
Quintillion Subsea Holdings LLC recently acquired the assets of Arctic Fibre, the Canadian developer of a telecommunications network between Asia and Europe via Canadian and Alaskan Arctic waters. No financial terms were released. Quintillion, which is majority-owned by U.S. private equity firm Cooper Investment Partners, said the acquisition of Toronto-based Arctic Fibre will result in the construction of the submarine fibre optic cable system over three phases. Once built, Quintillion will own and operate the network.
2 min read · 30 May 2016
Eddyfi Technologies has acquired Silverwing Group, a Swansea, U.K.-based developer and manufacturer of non-destructive testing (NDT) products to inspect storage tanks, vessels and piping for corrosion. No financial terms were disclosed. Québec City-based Eddyfi, also a manufacturer of NDT products, said the deal strengthens its position in the oil and gas industry, and adds to its brands portfolio. The company now serves customers in more than 65 countries in such industries as nuclear, power generation, energy and aerospace. Silverwing has been backed by British investor NVM Private Equity since 2012.
4 min read · 30 May 2016
U.S. hedge fund Tourbillon Capital Partners LP has sent a letter to SunOpta Inc, urging that the Canadian natural and organic food company be sold to increase shareholder value, Reuters reported, citing a recent regulatory filing. The US$4 billion hedge fund has a 9.9 percent stake in the company.
1 min read · 27 May 2016
Canadian enterprise software company Enghouse Systems Ltd (TSX: ESL) has acquired the assets of NetBoss Technologies Inc, a Sebastian, Florida-based provider of network management assurance software and services. The purchase price was about $9.3 million. Toronto-based Enghouse said the deal expands its portfolio of network operator solutions. NetBoss was launched in September 2010 as a result of a spin-out from Aviat Networks Inc. U.S. private equity firm Eureka Growth Capital facilitated the event through its acquisition of the business in partnership with management.
3 min read · 27 May 2016
Valeant Pharmaceuticals International Inc received a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP this spring that the Canadian specialty drug-maker rejected, a source told Reuters. Takeda and the U.S. private equity firm were ready to offer a substantial premium to Laval, Québec-based Valeant, whose stock had fallen about 65 percent this year up to the close of trade on April 22 as the drug-maker was not just seeking a new head but was also hit by an accounting scandal, the source added.
2 min read · 27 May 2016
Vancouver-based Thinkingbox has received an undisclosed investment from Stern Partners, a Canadian private equity firm. Founded in 2010 by CEO Amir Sahba, Thinkingbox is a creative and digital production studio servicing agencies and brands in multiple sectors. The investment is intended to help the company expand its service offering, grow its network of global offices, and make strategic hires. It will also support Thinkingbox's acquisitions of similar businesses. Stern Partners, which currently owns 20 independently-managed companies across a range of industries, acquired Canadian clothing chain Comark last July. As reported by PE Hub Canada, Comark was previously owned by KarpReilly.
3 min read · 26 May 2016
