Private Equity
Canadian private equity firm Penfund has provided $20 million in additional funding to GoodLife Fitness Centres Inc, a London, Ont.-based manager of over 350 fitness clubs located across Canada. The funding, which expands Penfund's $70 million second lien credit facility with Goodlife, announced last year, will support the company's new club program with an emphasis on its value banners: Fit4Less by GoodLife and Éconofitness by Énergie Cardio. To date, Penfund has provided and arranged $330 million of junior debt to GoodLife in six separate deals. The company is also backed by Manulife Capital, the private equity arm of insurance and financial services provider Manulife.
3 min read · 17 February 2016
Canadian private equity firm Penfund has invested US$47 million of second lien debt and equity in Forefront Dermatology, a provider of practice management services to dermatology clinics. The investment was made in support of OMERS Private Equity's previously announced acquisition of the Manitowoc, Wis.-based company from Varsity Healthcare Partners. Toronto-based Penfund, a provider of junior capital to mid-market companies in the United States and Canada, has partnered with OMERS in the past. In late 2013, Penfund extended a loan to Caliber Collision Centers Inc shortly after its acquisition by OMERS.
2 min read · 17 February 2016
PSP Investments Credit USA LLC, an affiliate of the Public Sector Pension Investment Board (PSP Investments), is participating in the debt financing of Apollo Global Management's proposed acquisition of The ADT Corp (NYSE: ADT). The buyout deal, announced this week at a value of about US$7 billion, is the largest so far this year, according to Reuters. Boca Raton, Florida-based ADT is a provider of security and automation solutions. Montréal-based PSP Investments launched its private debt affiliate under the leadership of David Scudellari last November.
10 min read · 17 February 2016
Canada Pension Plan Investment Board (CPPIB) and Singapore's Global Logistic Properties (GLP) have set up a 100 billion yen (US$880 million) fund to develop modern warehouses in Japan, their second joint venture in the country, Reuters reported. Helped by debt financing, the fund's assets are expected to reach US$2 billion over three years, CPPIB and GLP said.
1 min read · 17 February 2016
Brookfield Asset Management is planning a fresh US$6.4 billion bid for Australian port and rail firm Asciano Ltd with Qatar's sovereign fund, sources told Reuters, widening the global battle for the haulage heavyweight. Brookfield is also bringing Canadian pension fund manager PSP Investments into the new offer, sources said.
2 min read · 17 February 2016
BMO Harris Bank has announced that it was administrative agent, joint lead arranger and joint lead bookrunner for US$195 million in first lien credit facilities to support the acquisition of Forefront Dermatology by OMERS Private Equity. Madison Capital and NXT Capital served as joint lead arrangers and joint lead bookrunners on the deal. Earlier this month, OMERS agreed to buy Manitowoc, Wis.-based Forefront from Varsity Healthcare Partners for an undisclosed sum.
1 min read · 16 February 2016
Australian ports and rail giant Asciano Ltd formally dumped an A$8.9 billion (US$6.4 billion) buyout from Brookfield Asset Management after the Toronto-based firm failed to match a higher offer from local rival Qube Holdings Ltd, Reuters reported. Qube has made its offer to buy Sydney-based Asciano in partnership with Canada Pension Plan Investment Board, China Investment Corp and Global Infrastructure Management.
1 min read · 16 February 2016
Canada Pension Plan Investment Board (CPPIB) has agreed to acquire an interest in Grand Central Shopping Centre, a British regional shopping space. CPPIB acquired the stake for £175 million ($350 million) in a 50:50 joint venture with British property development and investment firm Hammerson. Grand Central, which opened in September 2015, provides 435,000 square feet of retail space in Birmingham, the United Kingdom's second largest city.
2 min read · 16 February 2016
Canadian alternative assets manager Brookfield Asset Management reported that its private funds raised US$12 billion in 2015. It said it expects to wrap up private equity fundraising activity in early 2016. As reported by PE Hub Canada early last year, the firm has been marketing its fourth mid-market private equity fund, Brookfield Capital Partners IV LP, which is said to be targeting US$3.5 billion in commitments. In its report on 2015 financial results, Brookfield also said it expects to complete the public listing of Brookfield Business Partners in the first half of this year. The listing is intended to supply on-going capital for the expansion of the firm's private equity platform.
10 min read · 12 February 2016
Mister Car Wash, a portfolio company of Canadian private equity firm Penfund, has bought four Bill’s Car Washes in the Florida communities of Casselberry, East Orlando, Sanford and Chickasaw. The deal's financial terms were not released. As a result, Mister Car Wash now operates 164 car wash locations in 19 states. Penfund invested US$15.1 million of debt and equity in the Tucson, Arizona-based company in 2014, not long after it was acquired by Leonard Green & Partners. Mister Car Wash was previously owned by ONCAP, the mid-market investment platform of Onex Corp.
2 min read · 12 February 2016
