Private Equity
Proxy advisory firm Institutional Shareholder Services (ISS) has reaffirmed its previously announced recommendation of the $2.65 billion acquisition of Shaw Media Inc by Corus Entertainment Inc (TSX: CJR.B), Corus announced. Investors in Corus, a Toronto-based media and content company, will vote on the deal on March 9. Corus said ISS has urged that shareholders reject the dissident proxy released by Catalyst Capital Group. Catalyst, a Canadian private equity firm and Corus minority shareholder, opposes the Shaw Media deal, arguing that Corus will overpay for the asset.
7 min read · 03 March 2016
The Caisse de dépôt et placement du Québec has appointed Jean Michel as executive vice president, advisory services to depositors and strategic analysis. In this role, Michel will manage client relationships and develop an extensive advisory service offering. He will also be responsible for strategic analysis and oversight of the Caisse's investment strategies in collaboration with the CIO and chief risk officer. Prior to joining the Caisse, Michel was president of the $17.5-billion Air Canada Pension Investments. Based in Montréal, the Caisse held $248 billion in net assets at the end of December.
3 min read · 03 March 2016
Canadian private equity firm Catalyst Capital Group has urged investors in Corus Entertainment Inc (TSX: CJR.B) to reject the company's proposed $2.65 billion buy of Shaw Media Inc. Shareholders will vote on the deal on March 9. Catalyst, a Corus minority investor, said Corus has not fulfilled its fiduciary duty by considering potential remedies to address an alleged overpayment for Shaw Media of up to $858 million. Catalyst said it has also requested a hearing by the Ontario Securities Commission to look into disclosure issues related to the acquisition. Corus this week turned down a rights offering proposal from Catalyst that would extend deal participation to all shareholders.
5 min read · 03 March 2016
The Healthcare of Ontario Pension Plan, one of Canada's largest public pension plans, said it achieved a return of 5.1 percent on its investments in 2015, with private equity investments the biggest contributor, Reuters reported. HOOPP said net assets grew to $63.9 billion at the end of 2015 from $60.8 billion a year earlier. Its private equity investments achieved a return of 17.7 percent last year.
1 min read · 03 March 2016
Group Force Benefits Inc, a Canadian group insurance benefits specialist, has been acquired by NFP Corp, a U.S.-based insurance and benefits broker and consultant. No financial terms were released for the deal, which closed in late 2015. Group Force, which has offices in Toronto and Montréal, works with brokers and insurers to create group benefits solutions and back office efficiencies. NFP said the acquisition strengthens its presence in the Canadian market and opens doors for future acquisitions there. Based in New York, NFP is a portfolio investment of U.S. private equity firm Madison Dearborn Partners. Madison Dearborn bought the company for US$1.3 billion in July 2013.
3 min read · 03 March 2016
Executives at some of Canada's biggest pension funds say they are looking more closely at the oil and gas sector, attracted by low valuations, but will take a scrupulous approach to deals given the uncertain oil price outlook, Reuters reported. The funds say they are prepared to overlook depressed oil prices in the short term if it means they can directly invest in assets at knock-down prices.
3 min read · 03 March 2016
InstarAGF Management said its flagship infrastructure fund had closed its first round of fundraising with $372 million in firm equity commitments, roughly half the fund's eventual target size, Reuters reported. Toronto-based InstarAGF, an asset management joint venture between Instar Group Inc and AGF Management Ltd, said it now expects to achieve the final closing of the fund, which has a targeted size of $750 million, by the end of 2016.
1 min read · 02 March 2016
Ecotex Healthcare Linen Service Inc and Fengate Capital Management have agreed to buy Booth Centennial Healthcare Linen Services, a Mississauga, Ont.-based provider of healthcare linen, laundry and surgical sterilization services. No financial terms were released. The sellers in the deal are 22 hospitals and healthcare institutions that currently own the not-for-profit Booth. Ecotex and Fengate said they expect to assume ownership of the business in June. Toronto-based Fengate is an infrastructure and real estate investment firm. Last December, it acquired two British solar parks for $110 million.
3 min read · 02 March 2016
The Caisse de dépôt et placement du Québec has acquired a minority interest in Elior Group, a French provider of contract catering, concession catering and services. No financial terms were disclosed for the deal, which will allow the Caisse to be represented on the company's board of directors. Based in Paris, Elior serves four million customers daily in 18,600 restaurants and points of sale. The Caisse's Andreas Beroutsos said the pension fund manager will make use of its network and knowledge of the North American market to support Elior's continued global expansion.
3 min read · 02 March 2016
Shaw Communications Inc (TSX: SJR.B) has closed its previously announced buy of the parent of Wind Mobile Corp, a Toronto-based wireless services company, for about $1.6 billion. Shaw said the acquisition will allow it to become "a leading pure-play connectivity provider." The deal also provides an exit to Wind's Canadian and U.S. private equity investors, which helped to finance Globalive Capital's purchase of Vimpelcom Ltd‘s stake in the company in 2014. They include LG Capital Investors, Serruya Private Equity, Tennenbaum Capital Partners and West Face Capital.
3 min read · 02 March 2016
