Private Equity
U.S. private equity firm MidOcean Partners has acquired the assets of Holiday Group Inc, a Montréal-based licensed luggage, bag and travel accessory maker and distributor in Canada. No financial terms were released for the deal, which includes Holiday's U.S.-based affiliate Travelpro International Inc. The two companies operate together under the Travelpro Group banner. With the deal, Blake Lipham, a management affiliate of MidOcean, has assumed the role of CEO of Travelpro Group. MidOcean said it sees opportunities to continue the company's growth trajectory, including through strategic acquisitions.
4 min read · 24 May 2016
Video conferencing equipment maker Polycom Inc said on Monday it received a revised proposal from a private equity firm that could be "superior" to Mitel Networks Corp's offer, Reuters reported. San Jose, California-based Polycom, which agreed to be bought by Ottawa's Mitel for about US$1.96 billion in April, said it intends to engage in discussions with the private equity firm, identified as Sponsor 1.
2 min read · 24 May 2016
Lowe’s Cos Inc (NYSE: LOW) has closed its buy of Rona Inc, a Boucherville, Québec-based retailer of home improvement and construction products. The deal, announced in February, was valued at $3.2 billion. U.S.-based Lowe’s said the acquisition represents a key step in its growth strategy, creating one of the largest home improvement retailers in Canada, with 539 store locations. Rona’s largest shareholder, the Caisse de dépôt et placement du Québec, supported the deal.
8 min read · 20 May 2016
Sprott Resource Lending Corp has raised $200 million in the initial close of its new Private Resource Lending LP. Sprott Resource, a subsidiary of Canadian asset manager Sprott Inc (TSX: SII), provides financing to mining and oil and gas companies. The firm's recent deals include last year's US$120 million secured loan facility for TMAC Resources Inc, a Toronto-based mineral exploration and development company. TMAC, which was private equity-backed, went public in August 2015.
1 min read · 20 May 2016
Sulliden Mining Capital has invested $5 million in Carpathian Gold Inc, a Toronto-based gold exploration and development company. As part of the deal, Sulliden's Peter Tagliamonte and Stan Bharti have joined the company's board, and will play an active role in the development of its Rovina Valley Gold Project in Romania. In a separate statement, Carpathian said it has also secured funding from Black Iron Inc. Toronto-based Sulliden is focused on acquiring and investing in mining projects and companies.
4 min read · 19 May 2016
Pacific Exploration & Production Corp said its board was in favor of a restructuring proposal submitted by Catalyst Capital Group, after comparing it with a bid by EIG Global Energy Partners, Reuters reported. EIG Global, a U.S. private equity firm, submitted a binding proposal in early May to provide US$250 million debtor-in-possession (DIP) financing to Pacific Exploration and sponsor the company's restructuring. The Toronto-based oil and gas producer previously announced it had reached a deal with debt-holders, including Catalyst Capital, a Canadian private equity firm, to convert almost all of its debt to equity.
1 min read · 19 May 2016
AMP Capital and Northleaf Capital Partners have closed their buy of Chicago Downtown Public Parking System (Millennium Garages), the largest underground parking system in the United States. The deal, announced earlier this year, saw LMG2 LLC sell the system to MPG LLC, a joint venture established by AMP and Northleaf, for US$370 million. The acquisition gives MPG exclusive rights and obligations to manage, maintain and collect revenue in connection with Millennium Garages. Chicago-based SP Plus Corp has been appointed by MPG as the system's operator. Based in Toronto, Northleaf is a private equity and infrastructure investor with over $7 billion under management.
2 min read · 19 May 2016
Tony James, president and COO of Blackstone Group LP, will be one of the star attractions at next week’s annual conference of the Canadian Venture Capital and Private Equity Association (CVCA). James, Blackstone’s No. 2 executive, will deliver the opening keynote address at the Toronto event on Wednesday, May 25th.
2 min read · 19 May 2016
Canadian buyout firm Onex Corp has revived an auction for Carestream Health Inc that could value it at more than US$3 billion, including debt, and is exploring a breakup of the U.S. medical imaging company, sources told Reuters. Rochester, New York-based Carestream was formed in 2007, when Onex purchased the healthcare division of imaging company Eastman Kodak for US$2.35 billion.
2 min read · 19 May 2016
Canada Pension Plan Investment Board's (CPPIB) Chief Executive Mark Wiseman will step down to take up a role with BlackRock Inc, the world's biggest asset manager, Reuters reported. Wiseman, who has transformed the Toronto-based pension fund into one of the world's most active deal-makers over the past four years, is set to step down next month. He will be replaced by Mark Machin, who heads CPPIB's international operations.
4 min read · 19 May 2016
