Private Equity
Interstate Hotels & Resorts Inc has been acquired by U.S. private equity firm Kohlberg & Co. The deal's financial terms were not disclosed. Interstate, a third-party hotel management company, was sold by Thayer Lodging Group, a hospitality investment firm owned by Canada's Brookfield Asset Management, and Jin Jiang International Hotels. Thayer and Jin Jiang held the asset for five years. Based in Annapolis, Maryland, Thayer was acquired by Brookfield in May 2014.
3 min read · 04 May 2016
A new survey by Deloitte found that most U.S. corporate and private equity executives expect mergers and acquisitions in 2016 to match or improve on the record disbursement levels of 2015. The third annual Deloitte M&A Trends Report found 87 percent of respondents predicted their organizations would sustain or increase M&A activity in the months ahead, despite the 40 percent drop in U.S. deal volume in Q1 2016. Canada was identified as one of three top overseas markets in which U.S. investors planned to pursue deals. While respondents were "decidedly bullish" about M&A trends, Deloitte also found that economic uncertainty and other factors tempered this optimism.
6 min read · 04 May 2016
Cadillac Fairview has invested $21 million in CF Shops at Don Mills, an urban outdoor shopping and entertainment destination in Toronto. The funds will be used to upgrade the destination, which opened in April 2009. The redevelopment project is expected to be completed in the spring of 2017. Toronto-based Cadillac Fairview is the real estate investment arm of Ontario Teachers' Pension Plan.
4 min read · 03 May 2016
The Public Sector Pension Investment Board (PSP Investments) has announced the split of Isolux Infrastructure Netherlands BV and Grupo Isolux Corsan. As a result of the deal, PSP, which previously shared ownership of Isolux, has become its sole shareholder. No financial terms were released. Isolux, the manager of a global portfolio of road assets, will be renamed ROADIS and will serve as the Canadian pension fund's road investment platform, PSP said. PSP added that as part of the deal it has acquired a 50 percent interest in Wind Energy Transmission Texas LLC, an operator of electric transmission lines in West Texas.
2 min read · 03 May 2016
Contract medical research provider Quintiles Transnational Holdings Inc will merge with healthcare information company IMS Health Holdings Inc in a deal worth about US$9 billion, Reuters reported. The combined company, Quintiles IMS Holdings Inc, will have a market value of nearly US$18 billion. Danbury, Conn.-based IMS Health went public in 2014 after being held for four years by Canada Pension Plan Investment Board and other private equity investors. The company remains a portfolio investment of CPPIB.
2 min read · 03 May 2016
Business Development Bank of Canada has recruited a seasoned investment pro to help it carve out a role in Canada’s under-served growth equity market. Last month BDC Capital brought on Elmer Kim as vice president, growth equity. The hire puts Kim at the head of a new investment platform, BDC Capital Growth Equity, intended to focus on the minority equity-financing needs of mature small and medium-sized companies.
3 min read · 03 May 2016
Canadian private equity firm Ironbridge Equity Partners has wrapped up its third fund, Ironbridge Equity Partners III LP, in a single close. The oversubscribed fund raised its hard cap target of $238 million, surpassing an original target of $200 million, with the help of institutional and individual investors based in Canada, the United States, the United Kingdom, and the Middle East. Fund III's close comes roughly two years after the raise of Ironbridge Equity Partners II LP in April 2014. Fund III exceeded by 55 percent the $154 million in capital committed to Fund II. Toronto-based Ironbridge invests in lower mid-market companies in a range of industries. So far this year, the firm has backed Back in Motion Rehab Inc and Thermogenics Inc.
2 min read · 03 May 2016
U.S. private equity firm CCMP Capital Advisors is trying to sell Jamieson Laboratories about two years after buying the Canadian vitamin maker, sources told Reuters. CCMP, which has hired investment banks Houlihan Lokey and Nomura to facilitate the sale, has received some approaches from potential buyers. One source said Jamieson could go for a multiple of 12 to 14 times EBITDA.
2 min read · 03 May 2016
Altas Partners LP completed a US$1 billion fundraise, the firm announced. The fund, Altas Partners Holdings LP, was oversubscribed and closed at its hard cap. Toronto-based Altas pursues a long-term strategy that involves investing in only one or two businesses each year, thereby allowing the investor to hold assets for more than 10 years. The Altas portfolio currently consist of three companies, including Grenada-based St. George’s University.
1 min read · 02 May 2016
StorageVault Canada Inc, a Regina-based owner and operator of storage facilities across Canada, said it closed a total of $146.2 million in acquisitions last year. As a result of these deals, StorageVault's asset base was increased almost seven times. The company said it plans to undertake over $50 million in additional acquisitions in 2016. Earlier this year, StorageVault raised $5.5 million in funding. This included a follow-on investment from SaskWorks Venture Fund, an affiliate of Canadian private equity firm PFM Capital.
8 min read · 02 May 2016
