Private Equity
Goldcorp Inc said it would buy Kaminak Gold Corp for about $520 million, giving it the Coffee gold project south of Dawson City, Yukon, Reuters reported. Vancouver-based Goldcorp will offer 0.10896 of a share for each Kaminak share, or $2.62 based on Goldcorp's Wednesday close. Electrum Strategic Opportunities Fund, a private equity fund managed by U.S. investment firm Electrum Group, holds a minority interest in Kaminak.
1 min read · 12 May 2016
Amcor Ltd has acquired Plastic Moulders Ltd, a Canadian manufacturer of precision injection moulded plastic products for customers in North America. The purchase price was $38 million (US$30 million). Amcor, an Australian packaging business, said the acquisition will generate synergies in terms of procurement, manufacturing costs and overhead, and broaden its product offering. Founded in 1966, Toronto-based Plastic Moulders has been a portfolio investment of Canadian private equity firm Richardson Capital since 2004, according to Thomson Reuters.
2 min read · 12 May 2016
Enercare Inc (TSX: ECI) has closed its acquisition of Service Experts, a heating, ventilating, and air conditioning (HVAC) services and repairs specialist based in Dallas, Texas. The deal, which was announced in March, had a US$340.75 million value. U.S. private equity firm American Capital, which sold Service Experts to Enercare, said in a separate statement that it received US$244 million in proceeds, and realized 18 times its investment in the company. Toronto-based Enercare is a home and commercial services and energy solutions provider.
5 min read · 11 May 2016
Canadian private equity firm Parallel49 Equity has acquired Questco LLC, a Houston, Texas-based professional employer organization. No financial terms were disclosed. Founded in 1989, Questco provides a range of outsourced human resource solutions, including payroll and tax administration, employee liability and risk management, employee benefits and training. It is Parallel49's first disclosed platform investment since the firm's launch in December following a rebranding of Tricor Pacific Capital's fifth fund. PE Hub Canada recently interviewed Parallel49 Managing Partner Brad Seaman and Managing Director Rob Wildeman.
1 min read · 11 May 2016
Canadian hotel owner InnVest Real Estate Investment Trust (TSX: INN.UN) has agreed to be acquired by Bluesky Hotels and Resorts Inc, a private company backed by Hong Kong investors. Bluesky will buy InnVest for $7.25 in cash per unit, which values the business at about $2.1 billion, including debt. InnVest unit-holders accounting for 29.1 percent of issued and outstanding units have agreed to vote in favour of the deal. They include KingSett Capital, a Canadian real estate private equity firm, and Orange Capital, a U.S. hedge fund. KingSett will retain its majority interests in Toronto's Fairmont Royal York and Courtyard Marriot properties.
8 min read · 11 May 2016
U.S. private equity firm Speyside Equity has acquired Opta Minerals Inc (TSX: OPM), a Canadian integrated provider of custom process solutions and industrial mineral products used in the steel and other industries. No financial terms were released; however, SunOpta Inc announced last month that it would receive $6.2 million for the divestiture of the company. The acquisition by Speyside represented the conclusion of a strategic review process conducted by Opta Minerals and its shareholders, SunOpta said. Speyside said it will focus on completing the Waterdown, Ont.-based company's turnaround.
2 min read · 11 May 2016
Canadian merger and acquisition (M&A) activity continued its downward trend in the first quarter of 2016, reflecting the lowest level of deal-making since 2012, Crosbie & Co reported. However, deal value, totaling $101 billion, was at near-record levels due to several large mega-deals (deals sized over $1 billion), including TransCanada’s $18 billion offer to acquire Columbia Pipeline Group. Domestic M&A activity saw 408 deals valued at about $36 billion in Q1 2016, while outbound activity consisted of 194 deals valued at about $66 billion. The Crosbie report was developed using data from Capital IQ and other sources.
3 min read · 11 May 2016
Serruya Private Equity (SPE) has committed to invest up to $50 million in an initial deal by Committed Capital Acquisition Corporation II (CCAQ), a New York-based blank check company. As result, Aaron Serruya will join the company's board of directors. CCAQ was formed in May 2011 to acquire one or more operating businesses or assets. SPE is a Markham, Ont.-based firm that oversees the consumer brand investments of the Serruya family. SPE's recent acquisitions include Sani-Service and Tivoli Audio.
3 min read · 11 May 2016
Canada's Cooke Aquaculture Inc has agreed to acquire Icicle Seafoods Inc, a seafood products processor based in Seattle, Washington. No financial terms were disclosed for the deal, which is expected to close within 30 days. Cooke, a family-owned aquaculture business headquartered in Saint George, New Brunswick, said the deal will make it a leader in the U.S. salmon farming industry, and a major player in the Alaskan salmon fishery. Icicle said it will gain capital to modernize its platform, expanded market access, and a broader product offering. Icicle has been a portfolio company of U.S. private equity firm Paine & Partners since September 2007.
4 min read · 11 May 2016
Novacap, one of Canada’s oldest private equity firms, has surpassed the target set for the final close of Novacap Industries IV, raising the largest partnership in its history. Montréal-based Novacap announced on Wednesday that Fund IV secured $470 million in committed capital. That’s 11 percent more than the fund’s goal of $425 million.
3 min read · 11 May 2016
