Canada

PE-backed Premium Brands to acquire C&C for $146 mln

Canadian specialty foods producer Premium Brands Holdings Corp (TSX: PBH) has agreed to acquire C&C Packing Inc and its affiliate Premier Meat Packers (2009) Inc. The $146 million purchase price includes a $102 cash payment. Montréal-based C&C is a supplier of fresh and frozen meat products to retailers and food service distributors in central and eastern Canada. Premium Brands said the deal, expected to close in August, will allow it to create a national protein distribution and trading platform. Vancouver-based Premium Brands is a portfolio investment of Canadian family-backed private equity firm Pender West Capital Partners.

AIMCo records 9.1 percent rate of return in 2015: Reuters

Alberta Investment Management Corp (AIMCo) said it performed better in 2015 than in any year since its inception in 2008, with investments in real estate and infrastructure outperforming benchmarks, Reuters reported. The Edmonton-based pension fund manager achieved an overall rate of return of 9.1 percent from total assets under management of $90.2 billion, exceeding its benchmark.

Ontario Teachers shares condolences with Brussels Airport victims

Ontario Teachers' Pension Plan has expressed its sadness and shock concerning the terrorist bombings this week in Brussels, Belgium. Ontario Teachers holds a 39 percent interest in Brussels Airport, where one of the incidents took place. The Toronto-based pension fund manager acquired the stake in July 2011.

Harbour Group's Cleaver-Brooks buys Camus Hydronics

Cleaver-Brooks Inc, a portfolio company of U.S. private equity firm Harbour Group, has acquired Camus Hydronics Ltd, a Canadian designer and manufacturer of hydronic boilers and water heaters for residential, commercial and industrial applications. No financial terms were released. Based in Mississauga, Ontario, Camus sells its products in North America, China and Eastern Europe. Cleaver-Brooks, a maker of condensing hydronic boilers and heaters, said the acquisition will help it to provide a more complete solution to customers. Based in Thomasville, Georgia, Cleaver-Brooks was bought by Harbour Group in December 2012.

Kensington's hedge fund commits to Productivity Media

Kensington Hedge Fund 1, a fund managed by Kensington Capital Partners, has made a commitment to Productivity Media Income Fund I, a senior secured lender to film and television productions in Canada, the United States, and the United Kingdom. Managed by Oakville, Ont.-based Productivity Media Inc, the fund was launched in August 2012 and has generated an average annual net return of 14 percent, Kensington said. Based in Toronto, Kensington is an alternative assets manager and advisor.

CRCD authorized to raise $135 mln from retail investors

Capital régional et coopératif Desjardins (CRCD), a private equity and venture capital fund managed by Desjardins Capital de risque, has been authorized by the Québec government to undertake up to $135 million in tax-supported retail fundraising in 2016-2017. An announcement was also made concerning changes in fund governance. Among other changes, CRCD's board will in future reflect majority representation by independent directors; selection of the chair will be made by the independent directors; and term limits will be introduced. Montréal-based CRCD manages about $1.6 billion in net assets.

VRG Capital's Greg Cochrane joins Kensington's advisory board

Canadian alternative assets manager and advisor Kensington Capital Partners has appointed Greg Cochrane to the firm's advisory board. Cochrane is a managing partner at VRG Capital Corp, a Toronto-based family office focused on private equity investments. Since joining VRG in 2011, he has been a lead investor in several private companies, from real estate to financial services. Cochrane also sits on the advisory board of Lumira Capital, a Canadian life sciences venture capital firm.

Westport shareholders approve merger with Fuel Systems

Shareholders of Westport Innovations Inc (TSX: WPT, Nasdaq: WPRT) have approved the company's proposed merger with Fuel Systems Solutions Inc (Nasdaq: FSYS). The deal, announced in September, will create a premier alternative fuel vehicle and engine company with an expanded product and technology portfolio, and a combined equity value of $351 million, Vancouver-based Westport said. In January, U.S. private equity firm Cartesian Capital Group agreed to invest up to $71.3 million in Westport to support its growth initiatives.

IHS to buy London-based Markit in all-stock deal: Reuters

U.S. business research provider IHS Inc said it would buy Markit Ltd in an all-stock deal valuing the London-based financial data company at about US$5.9 billion, Reuters reported. IHS shareholders will own about 57 percent of the combined company, which will be based in London and have a total market value of more than US$13 billion. Markit's top investors include U.S. equity firm General Atlantic LLC, Singapore's Temasek Holdings Pte Ltd and Canada Pension Plan Investment Board.

RCF closes $15 mln private placement deal with First Bauxite

U.S. mining private equity firm Resource Capital Funds (RCF) has closed the second tranche of a US$15 million private placement deal with First Bauxite Corp (TSX-V: FBX). Earlier this month, RFC was issued US$11 million in a convertible note. The first tranche, which totaled US$4 million, closed in October. RCF also holds an option to purchase up to US$20 million in additional notes from the company. Toronto-based First Bauxite is an explorer and developer of bauxite deposits in Guyana. The deal's proceeds are intended to support the company's financial position and bauxite project work.