Private Equity
TierPoint LLC has closed its buy of Cosentry Inc, a provider of cloud, colocation and managed services based in Omaha, Nebraska. No financial terms were released. As noted at the time of the acquisition's announcement in January, TA Associates, Cosentry's prior owner, has joined TierPoint's investor group. The latter includes Ontario Teachers’ Pension Plan, which invested in the U.S. data centre services provider in December 2014.
2 min read · 01 April 2016
Canadian alternative equity firm Alaris Royalty Corp has invested US$30 million in M-Rhino Holdings LLC, operating as Providence Industries and MyDyer. Based in Long Beach, California, Providence is a provider of design, engineering, development, manufacturing and sourcing services to apparel companies and retailers. In exchange for the investment, Alaris will receive a US$4.5 million distribution for the first full year following the deal. Alaris also committed US$4.35 million in follow-on capital to existing partner LMS Reinforcing Steel Group of Surrey, British Columbia. LMS recently acquired Johasee Rebar Inc.
9 min read · 01 April 2016
Corus Entertainment Inc (TSX: CJR.B) has closed its previously announced $2.65 billion buy of Shaw Media Inc from its sister company Shaw Communications Inc (TSX: SJR.B). Toronto-based Corus said the deal more than doubles the size of its media and content business. Canadian private equity firm Catalyst Capital Group, a Corus minority shareholder, had opposed the acquisition.
10 min read · 01 April 2016
Highline Produce Ltd (Highline Mushrooms), a Canadian portfolio company of U.S. private equity firm Peak Rock Capital, has been acquired by Fyffes plc. Fyffes, an Irish fruit and fresh produce company, said in a separate statement that it paid $145 million (98 million euros) to acquire Highline's equity and refinance its debt. Leamington, Ont.-based Highline is an integrated mushroom business with five facilities in Ontario and Québec. The post-acquisition company will continue to be led by its existing management team. Founded in 1961, Highline received an investment from Peak Rock in November 2014.
3 min read · 01 April 2016
The financial health of Canadian pension funds declined in the first quarter of 2016, affected by volatile currency markets, weakness in equity markets and lower bond yields, Reuters reported, citing a report by consultancy Aon. The quarterly survey of 449 Aon-Hewitt-administered Canadian pension funds, which measures the plans' assets over liabilities to calculate their solvency-funded ratio, showed overall pension solvency dropped by 4.5 percentage points through the quarter.
1 min read · 01 April 2016
Actuant Corp (NYSE: ATU) has acquired the Middle East, Caspian and North Africa division (FourQuest MENAC) of Canada's FourQuest Energy Inc for about US$60 million. Based in Dubai, United Arab Emirates, FourQuest MENAC is a provider of pipeline and process services in the region. Actuant, a U.S. diversified industrial company, said the acquisition enhances its position as a specialist in maintenance services in the energy space. Edmonton-based FourQuest Energy is an oil field services business. It has been backed by Canadian private equity firm Fulcrum Capital Partners since September 2012.
3 min read · 01 April 2016
U.S. insurance technology company Vertafore has closed its acquisition of Keal Technology, a provider of broker and commercial management systems in Canada. No financial terms were released for the deal, which was announced last month. Bothell, Wash.-based Vertafore has been a portfolio company of U.S. private equity firm TPG Capital since 2010.
2 min read · 31 March 2016
Proxy advisory firms Glass, Lewis & Co LLC and Institutional Shareholder Services Inc (ISS) have recommended that shareholders of Boulder Energy Ltd (TSX: BXO) vote in favour of the company's acquisition by Canadian private equity firm ARC Financial Corp. The deal, announced last month, is intended to take Boulder private at a value of $268 million, including debt. Shareholders will vote on April 12th. Based in Calgary, Boulder is a junior oil and natural gas company focused on production in the Alberta Deep Basin.
3 min read · 31 March 2016
Investment and private equity funds, including Singapore's Temasek and Rothschild Group, are competing to invest in Argus Media in a deal that could value the energy-market data provider at more than US$1.3 billion. Sources told Reuters that U.S. buyout fund Hellman & Friedman, and a consortium comprising British private equity firm Charterhouse Capital Partners and Canada Pension Plan Investment Board (CPPIB), are among the contenders for the London-based company.
2 min read · 31 March 2016
Ceridian Canada Ltd, a human resources software and services provider, has received $150 million in funding. The investment was made by U.S. private equity firm Thomas H. Lee Partners and Fidelity National Financial Ventures Group, which acquired Ceridian for about US$5.3 billion in a take-private deal in November 2007. Ceridian's management team, including Chairman and CEO David Ossip, also invested. Ceridian, which operates from Minneapolis, Minnesota and Toronto, said the funding will be used to sustain growth of the company's Dayforce HCM product, a cloud-based talent management application. Dayforce revenue grew 59 percent in 2015, Ceridian reported.
2 min read · 31 March 2016
