Canada

Fortis to partner with Singapore's GIC in $11.3 bln ITC deal

Canadian electric and gas utility business Fortis Inc (TSX: FTS) has agreed to partner with Singapore's sovereign wealth fund GIC in its proposed acquisition of ITC Holdings Corp (NYSE: ITC) for about US$11.3 billion. Under the agreement's terms, GIC would acquire a 19.9 percent equity interest in ITC, a U.S. electricity transmission company, for US$1.228 billion in cash. With the GIC agreement, Fortis said it has completed a key component of the ITC acquisition financing. St. John's, N.L.-based Fortis announced plans to buy ITC in February. Once closed later this year, the deal would make Fortis one of North America's top 15 public utilities, the company said.

PE-backed Cobra acquires action-sports camera maker WASPcam

Cobra Electronics Corp, a U.S. supplier of mobile and consumer products, has bought WASPcam, the Canadian maker of an action-sports camera. No financial terms were released. WASPcam, a division of Ariss, Ont.-based 636 Distributing Inc, was founded by Justin Moore in 2013. Cobra said the acquisition will help extend its portfolio of consumer electronics products. Based in Chicago, Cobra is held by Cedar Electronics Holdings Corp, a portfolio investment of U.S. private equity firm Monomoy Capital Partners.

CDPQ invests in Spectra Premium to reorganize share ownership

The Caisse de dépôt et placement du Québec (CDPQ) has invested $28.3 million in Spectra Premium Industries Inc as part of a transfer of share ownership in the company. CDPQ was joined in the deal by Fondaction CSN, which invested $15 million. The Fonds de solidarité FTQ, Spectra's lead investor, also contributed $2 million. As a result, Jacques Mombleau, who heads the company, remains a shareholder, while Spectra vice presidents become shareholders. Boucherville, Québec-based Spectra is an automotive parts manufacturer and distributor. It is also backed by Capital régional et coopératif Desjardins.

Thomas H. Lee in the lead to buy Two-Bite Brownies owner: Reuters

U.S. private equity firm Thomas H. Lee Partners LP is in advanced talks to acquire Give and Go Prepared Foods Corp, a Canadian maker of thaw-and-serve sweet baked goods such as Two-Bite Brownies, sources told Reuters. OMERS Private Equity, the buyout arm of the Ontario Municipal Employees Retirement System, which owns Give and Go Prepared Foods, has granted Thomas H. Lee exclusivity in its negotiations in order to reach a deal, the sources said. OMERS bought the company from Canadian private equity firm Kilmer Capital Partners in 2007.

Ontario Teachers to sell specialty insurer ANV for $218.7 mln

Ontario Teachers' Pension Plan has agreed to sell its interest in ANV Holdings BV, a specialty insurance and reinsurance company based in London, United Kingdom. The buyer in the deal, AmTrust Financial Services Inc (Nasdaq: ASFI), has agreed to pay US$218.7 million in cash for the company. In addition, AmTrust will support ANV’s Funds at Lloyd’s, including replacing of Ontario Teachers’ participation. The deal is expected to close by the end of 2016. ANV was acquired by Ontario Teachers in 2012. The pension fund has since been the company's lead investor.

Pacific Exploration reaches restructuring deal with Catalyst Capital: Reuters

Pacific Exploration and Production Corp has reached a deal with debt-holders, including Catalyst Capital Group, to convert almost all of its debt to equity as it looks to fight a prolonged slump in oil prices, Reuters reported. About US$5.3 billion of the company's debt will be exchanged for 58.2 percent of its common shares under the restructuring deal, Toronto-based Pacific Exploration said. Catalyst has agreed to provide half of the US$500 million in debtor-in-possession financing and will own a 29.3 percent stake in the restructured business.

Wind Point-backed Workrite acquires ergonomics specialist ISE

Wind Point Partners, a U.S. private equity firm, said Workrite Ergonomics has acquired Toronto-based International Source for Ergonomics (ISE). No financial terms were disclosed. ISE is a provider of ergonomic office and workstation products, including adjustable keyboard platforms, computer-monitor supports, education and training stations, and accessories to companies and government agencies across North America. Its acquisition expands Workrite's distribution channels and gives it access to new markets, Workrite said. Based in Petaluma, California, Workrite is a division of Wind Point portfolio company Knape & Vogt.

Brookfield raises $9 bln for second real estate fund

Toronto-based Brookfield Asset Management closed its second Strategic Real Estate Partners fund on US$9 billion, beating its US$7 billion target. Brookfield, as it has done in past funds, made a huge GP contribution in Fund II, kicking in US$2.3 billion. The firm closed its debut Strategic Real Estate Partners fund on US$4.4 billion in 2013.

Abertis, Brookfield to launch bid for Brazil's Arteris: Reuters

Spain's Abertis said that, together with a unit of Canada's Brookfield Asset Management, it will launch a bid for the shares of Brazil's Arteris it doesn't already own for 10.15 reais (US$2.87) per share, Reuters reported. The offer, to be finalized May 17, is aimed at de-listing Arteris from the Brazilian market. The São Paulo-based company is an operator of toll road concessions.

Caisse de dépôt rejigs private investment strategy

The Caisse de dépôt et placement du Québec has introduced changes to its investment model to address new market trends. They include consolidation of Caisse investments in public and private companies under CIO Roland Lescure. Additionally, infrastructure investment activity will be grouped under the recently established CDPQ Infra. Caisse President and CEO Michael Sabia said the reorganization will support the selection of high-quality assets and a greater focus on the operations of portfolio companies. It will also better align investment decisions with the Caisse's long-term goals.