Private Equity
European tourism group TUI has agreed a deal to sell its Hotelbeds unit to private equity group Cinven and Canada Pension Plan Investment Board for 1.191 billion euros (US$1.35 billion) in cash, Reuters reported. TUI put its Hotelbeds unit, which sells hotels rooms to wholesale customers such as travel agencies and tour operators, up for sale because it didn't fit with its other tour operating, cruise and hotel businesses. The deal, expected to close in September, will see U.K.-based Cinven and CPPIB acquire equal stakes in the company.
2 min read · 28 April 2016
Canadian renewable chemicals company BioAmber Inc (NYSE: BIOA) has secured a $10 million loan from BDC Capital. The loan, which does not contain any convertible features or warrants, will provide working capital for the company's bio-based succinic acid plant in Sarnia, Ontario. The plant, which opened last year, is a joint venture with Mitsui & Co. Founded in 2008, Montréal-based Bioamber was venture-backed before going public in 2013.
4 min read · 27 April 2016
Urban Select Capital Corp has agreed to acquire a 51 percent interest in Luxy Easy Travel Ltd, a Vancouver-based marketplace for members to discover vacation homes, theme tours and customized travel services. Urban Select will acquire the stake in exchange for $100,000 and company shares valued at $665,000. Based in Vancouver, Urban Select is a provider of growth capital to private and public companies in a range of industries.
3 min read · 27 April 2016
Pacific Exploration & Production Corp and its units filed for protection from creditors in Canada after failing to cope with a prolonged slump in oil prices, Reuters reported. The Toronto-based company, formerly known as Pacific Rubiales Energy Corp, said it had filed for creditor protection under the Companies' Creditors Arrangement Act, an insolvency law that allows businesses to restructure their finances and stay in business. Pacific Exploration reached a deal with debt-holders, including Canadian private equity firm Catalyst Capital Group, last week to convert almost all of its debt to equity.
2 min read · 27 April 2016
Capital croissance PME has invested $4.125 million in Masdel Inc, a Montréal-based developer of health and wellness products. The funding supported the company's acquisition by Ken Labelle. Founded in 1977, Masdel manufactures and distributes Magic Bag, a thermotherapeutic compress that helps with healing and health maintenance. It also imports personal care, beauty and baby health products. Capital croissance PME II is a private equity fund sponsored by Capital régional et coopératif Desjardins and the Caisse de dépôt et placement du Québec.
2 min read · 26 April 2016
Canadian private equity firm Birch Hill Equity Partners recently acquired Cannon Hygiene Canada in partnership with Peter Farrell, the company's president and CEO. No financial terms were disclosed. Toronto-based Cannon Canada is a fixed route logistics business that provides washroom hygiene, pest control and life safety services and products in Ontario and Québec. The partnership with Birch Hill is intended to accelerate the company's plan "to become the leading service provider for hygiene and pest control in Canada," Farrell said. The global Cannon Hygiene was founded in the United Kingdom in 1955. Farrell has led its Canadian operations since 1996.
2 min read · 26 April 2016
Sherwood Park, Alberta-based TerraPro Inc has reorganized its business under the same management team and a reconstituted board of directors. TerraPro secured funding as part of the transaction, including subordinated debt from the Business Development Bank of Canada (BDC). No financial terms were released. The proceeds of the funding will be used to repay obligations to a previous lender, deal costs, and other priorities, the company said. TerraPro is a provider of terrain protection and environmental products, equipment and services to a variety of industries in Canada and abroad.
3 min read · 26 April 2016
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its 11th collateralized loan obligation (CLO) offering at US$500 million. The transaction will be issued by a newly formed special purpose vehicle, backed by a portfolio of syndicated leveraged loans. Onex has committed to purchase and hold most of the equity. With the offering's close, the credit group will manage about US$7 billion. Earlier this month, Onex hired Walt Jackson, formerly of Goldman Sachs, to launch the firm’s direct lending platform.
2 min read · 26 April 2016
The common shares of Pacific Exploration & Production Corp (TSX: PRE) will be delisted from the Toronto Stock Exchange effective at the close of market on May 25th. Shares trading will remain suspended until then. The delisting is the result of Pacific Exploration's restructuring agreement with debt-holders, including Canadian private equity firm Catalyst Capital Group. Announced earlier this month, the deal will see about US$5.3 billion of the company's debt converted to equity. Toronto-based Pacific Exploration is an explorer and producer of natural gas and crude oil in Latin America.
6 min read · 26 April 2016
GSO Capital Partners LP, the credit arm of U.S. private equity firm Blackstone Group, has acquired about 11 million common shares in Amaya Gaming Group Inc (Nasdaq/TSX: AYA), a Montréal-based provider of products and services in the gaming and interactive entertainment industries. The buy resulted from an exercise of warrants on Amaya shares bought by GSO in 2014, when the credit group contributed funding to Amaya's acquisition of Rational Group Ltd. GSO estimates its interest in Amaya now stands at about 19.99 percent of the company's total issued and outstanding shares.
3 min read · 26 April 2016
