Private Equity
Hub International Ltd has bought the assets of Harmony Insurance Ltd, a Hinton, Alberta-based provider of commercial lines insurance for small businesses and personal insurance solutions. The deal's financial terms were not released. Hub, a Chicago-based insurance brokerage with significant operations in Canada, has been a portfolio company of U.S. private equity firm Hellman & Friedman since October 2013. Last year, Hub acquired several Canadian businesses, including Cortex Financial Inc, Gamble & Associates Insurance Ltd, Progressive Home Warranty and Pacific Home Warranty.
2 min read · 05 April 2016
Global distressed asset buyers such as J.C. Flowers & Co and Apollo Global are flocking to India, where banks have been ordered to clean up an estimated US$120 billion of bad and troubled loans, Reuters reported. Investors drawn to potential deal opportunities include Canada Pension Plan Investment Board, which recently partnered with India's Kotak Group to invest up US$525 million in stressed corporate and financial assets in the country.
4 min read · 05 April 2016
STEP Energy Services Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp, has agreed to acquire certain assets of Sanjel Corp, a Calgary-based energy service company. No financial terms were disclosed for the deal, which will see STEP add Sanjel's Canadian pressure pumping, coiled tubing and cementing assets to its own services offerings. The acquisition will be facilitated through a court-monitored process and is expected to close in May. STEP, a Calgary-based oilfield service specialist, was founded in 2011 with a $75 million investment from ARC Financial. Last year, the company bought GASFRAC Energy Services Inc.
2 min read · 05 April 2016
The Fonds de solidarité FTQ has provided a $50 million unsecured loan to Canam Group Inc (TSX: CAM), a St-Georges, Québec-based designer and fabricator of customized products for the North American construction industry. Founded in 1960, Canam each year participates in approximately 10,000 building, structural steel and bridge projects. Its partnership with the Fonds is intended to support the company's continued growth in domestic and foreign markets.
3 min read · 04 April 2016
IPS Corp, a Compton, Calif.-based producer of specialty adhesives, solvent cements, and specialized plumbing products, has acquired Integra Adhesives from its founder Doug Turner and other shareholders. No financial terms were released. Based in Abbotsford, British Columbia, Integra is a maker of adhesives for solid surfaces, engineered stone and composites. It is the fifth acquisition made by IPS since it became a portfolio company of U.S. private equity firm Nautic Partners in early 2015. Last November, IPS bought the solvent cement assets of Canada's Schwartz Chemical Corp.
2 min read · 04 April 2016
Birch Communications Inc has closed its previously announced acquisition of select assets and customers of Primus Telecommunications Canada Inc, an Etobicoke, Ont.-based telecommunications and cloud service provider. The deal's financial terms were not disclosed. Primus Canada, a portfolio company of U.S. private equity firm York Capital Management since 2013, obtained creditor protection earlier this year.
4 min read · 04 April 2016
U.S. private equity firm OpenGate Capital has closed its acquisition of the Window and Door division of Canada's Royal Building Products from Axiall Corp (NYSE: AXLL). No financial terms were released for the deal, which was announced earlier this year. OpenGate said it has renamed the entity Energi Fenestration Solutions Ltd and will focus on transitioning it into a stand-alone maker of vinyl window profiles and patio doors. The company, which has offices in Woodbridge, Ontario and Terrebonne, Québec, will continue to be led by CEO Jesse Hawthorne.
3 min read · 04 April 2016
Vista Outdoor Inc has closed its acquisition of BRG Sports Inc's action sports division. The US$400 million deal, announced in February, gives Vista some of BRG's leading market brands. Scotts Valley, Calif.-based BRG, a designer, developer and marketer of sports equipment and accessories, is backed by Fenway Partners and Ontario Teachers’ Pension Plan (OTPP).
4 min read · 04 April 2016
Senstar Corp, an affiliate of Magal Security Systems Ltd (NASDAQ GM: MAGS), has acquired Aimetis Corp, a Waterloo, Ont.-based intelligent video management software company. The deal valued Aimetis at US$14 million ($18.3 million). Magal, an Israeli provider of solutions for physical and cyber security, safety and site management, said the acquisition adds to Sentar's portfolio of perimeter intrusion detection systems. Magal has been backed by Israeli private equity firm FIMI Opportunity Funds since 2014. Aimetis has received funding from Canadian venture capital firm Covington Capital Corp and other investors.
3 min read · 04 April 2016
Amphora Canada Gas Storage ULC, an affiliate of U.S. private equity firm ArcLight Capital Partners, has bought Chevron Alberta Gas Storage ULC from Chevron Canada Properties Ltd. The deal, the value of which was not disclosed, gives ArcLight a 43 percent interest in Alberta Hub Gas Storage. The remaining interest is held by Iberdrola Canada Energy Services Ltd, which operates the Peers, Alberta-based facility. ArcLight said the facility is positioned to benefit from "the increasing storage spreads driven by broadly rising demand for natural gas in North America and LNG (liquefied natural gas) export."
2 min read · 04 April 2016
