Private Equity
FirstService Corp (TSX, NASDAQ: FSV), a Canadian outsourced property services provider, has acquired Century Fire Protection, a Duluth, Georgia-based fire and life safety services company operating in the southeastern region of the United States. No financial terms were released. Toronto-based FirstService said the acquisition adds an important service capability to its portfolio of property services. The deal also provides an exit to U.S. private equity firm Wafra Partners, which bought Century in January 2007.
3 min read · 07 April 2016
Members of the private equity fund industry are under increasing pressure from investors and regulators to enhance transparency in fees and expenses and other key aspects of their operations. In a PE Hub Canada exclusive, Torys LLP's Amy Johnson-Spina, Cameron Koziskie, Shannon Gotfrit and André Nance examine the factors that are driving this trend and how fund managers in North America are responding.
6 min read · 06 April 2016
Fengate Capital Management has acquired an ownership stake in Worsley Multi-Fuel Cogeneration (Worsley MFC), a 104 megawatt multi-fuel cogeneration plant that supplies steam and electricity to the Worsley Alumina refinery in Collie, Western Australia. The deal's value was not disclosed. Worsley MFC is also owned by General Electric Unit (NYSE: GE), GE Energy Financial Services and Whitehelm Capital. Based in Toronto, Fengate is an infrastructure and real estate investment firm.
2 min read · 06 April 2016
Shnier-GESCO LP, a portfolio company of U.S. private equity firm Blue Point Capital Partners, has acquired Tierra Sol Ceramic Tile Ltd, a Canadian distributor of ceramic and porcelain tile, glass and metal accents, and natural stone products. No financial terms were disclosed. Blue Point said Tierra Sol will operate as an autonomous sister division to Shnier-GESCO, a distributor of floor coverings, and enhance the latter's product capabilities and geographic footprint. Based in Brampton, Ontario, Shnier-GESCO was acquired by Blue Point in March 2013. It was sold by Canadian private equity firms Ironbridge Equity Partners, Signal Hill Equity Partners and Penfund.
3 min read · 06 April 2016
U.S. private equity firm Bridge Growth Partners has acquired a majority stake in Solace Systems Inc, a Canadian provider of infrastructure messaging technology. No financial terms were released for the deal, which is intended to support Solace's global growth. With the acquisition, Tom Manley, senior principal of Bridge Growth Partners, and Alok Singh, its co-founder and managing principal, will join the company's board of directors. Founded in 2001, Ottawa-based Solace has been venture-backed since 2005, according to Thomson Reuters. Its current investors include Canadian firms Hawthorn Equity Partners, Tandem Expansion and Wesley Clover International.
4 min read · 06 April 2016
Swiss commodity miner and trader Glencore has agreed to sell 40 percent of its agricultural unit to Canada Pension Plan Investment Board for US$2.5 billion, the company's latest step to cut debt and soothe investor concerns about the impact of weak commodity prices, Reuters reported. The sale values the agricultural unit as a whole at close to the initially expected US$10 billion, including debt and inventories. Glencore expects the deal to close in the second half of 2016.
2 min read · 06 April 2016
Onex Corp has hired Walt Jackson to launch the Canadian private equity firm's direct lending platform. Jackson has thirty years of experience in the leveraged loan, high-yield and mezzanine markets, most recently as COO of the Private Credit Group at Goldman Sachs’ merchant banking division. He will work at Onex Credit Partners, the credit investing arm of Onex, and lead its expansion to include providing non-investment grade loans to mid-market and larger businesses. Toronto-based Onex currently manages US$22.5 billion of assets.
3 min read · 05 April 2016
Avison Young Inc has acquired Phoenix, Arizona-based GPE Management Services LLC and GPE Commercial Advisors LLC, which together do business as the GPE Companies. No financial terms were released. The acquisition of GPE, a commercial real estate business and healthcare real estate specialist, provides Avison with a new office in Phoenix. Avison, a Toronto-based commercial real estate services company, has been backed by Tricor Pacific Capital since 2011. It is now part of the portfolio of Tricor's successor Parallel49 Equity.
9 min read · 05 April 2016
Corus Entertainment Inc this month closed its $2.65 billion buy of Shaw Media Inc. In a PE Hub Canada feature, Catalyst Capital Group's Newton Glassman, Gabriel de Alba and Jim Riley explain why the Toronto-based private equity firm, a Corus minority shareholder, opposed the deal. They also discuss why it raises concerns about how capital market transactions are regulated in Canada.
4 min read · 05 April 2016
Swiss miner and commodity trader Glencore Plc is in advanced talks to sell a stake in its agricultural business to Canada Pension Plan Investment Board (CPPIB), Reuters reported, citing a story by the Wall Street Journal. CPPIB would take a stake of up to 40 percent, valuing the business at about US$6 billion, the Journal reported. Reuters reported last October that Glencore was in discussions about selling an interest in its agricultural assets to a range of investors, including Canadian pension funds.
2 min read · 05 April 2016
