Private Equity
OMERS Private Equity (OPE) has agreed to sell Marketwired LP, a Toronto-based news distribution and social communication solutions provider, to Nasdaq Inc. No financial terms were disclosed; however, Reuters reported last October that Marketwired's potential sale could value the business for as much as US$200 million. OPE, the private equity arm of the Ontario Municipal Employees Retirement System (OMERS), has backed Marketwired since 2006. Michael Graham, senior managing director of OPE, said its sale is "a logical step in the company's evolution." In 2015, Marketwired spun off its social media analytics affiliate Sysomos. Sysomos will remain under OPE's ownership.
3 min read · 12 February 2016
Nasdaq Inc said it would acquire newswire operator and press release distributor Marketwired LP for an undisclosed sum, adding to the exchange operator's corporate services offerings, Reuters reported. Toronto-based Marketwired is owned by OMERS Private Equity, which last year was said to have been mulling a sale of the company for as much as US$200 million.
2 min read · 12 February 2016
Tricor Pacific Founders Capital has shown a sweet tooth with its buy of Totally Chocolate, a North American custom chocolate manufacturer. It is the second platform investment of the family office, launched two years ago by senior professionals at Tricor Pacific Capital to acquire food and other consumer packaged goods companies.
3 min read · 12 February 2016
Torys LLP has released its much-anticipated Private Equity in Focus 2016 report. It considers how private equity deal-making in 2015 has set the stage for this year's transactions. Torys' report helps investment pros peer into what lies ahead in 2016 through three levels of focus: in the markets, in the deals, and in the terms.
3 min read · 12 February 2016
H2O Power LP, a North American hydro platform, has bought two run-of-river hydroelectric facilities based in Pennsylvania. No financial terms were released. The projects, which comprise 31.5 megawatts of capacity located on the Allegheny River, were acquired from the Public Sector Pension Investment Board (PSP Investments), which bought them last year. The purchase represents Oshawa-based H2O's first foray into the U.S. market. H2O is majority-owned by PSP Investments. It is minority-owned by BluEarth Renewables Inc, a Canadian renewable power producer backed by ARC Financial Corp and Ontario Teachers’ Pension Plan.
2 min read · 11 February 2016
Canadian private equity firm Novacap and Developpement EDB Inc have agreed to sell Enviro-Viridis Inc, a Laval, Québec-based waste management specialist that offers vertically integrated services. The buyer is GFL Environmental Inc, a Vaughan, Ontario-based environmental services company. No financial terms were disclosed for the deal, which is set to close on March 1st. Novacap has backed Enviro-Viridis since 2009, helping it to complete "numerous" add-on acquisitions. GFL, which last week closed its buy of Matrec Services Inc, said the new deal will diversify its Québec service offerings and facilitate further growth. GLF is backed by Highbridge Principal Strategies and other investors.
3 min read · 11 February 2016
Ontario Teachers' Pension Plan (OTPP) has promoted Bogdan Cenanovic and Michael Murray to vice president. Cenanovic will lead Ontario Teachers' direct private equity investments in the technology, media and telecom sector, while Murray will lead direct private equity investments in the financial services sector. Cenanovic, previously a principal at TorQuest Partners, joined the Toronto-based pension fund manager in 2009. Murray, formerly a consultant at Bain & Co, came on-board in 2005. Ontario Teachers also promoted Dale Burgess to vice president responsible for Latin American infrastructure.
2 min read · 11 February 2016
Forefront Dermatology, a provider of practice management services to dermatology clinics, has been acquired by OMERS Private Equity from Varsity Healthcare Partners. No financial terms were released. Varsity, a U.S. healthcare private equity firm, invested in Manitowoc, Wis.-based Forefront in 2014. Since then, the company has grown to 82 clinics with 90 board-certified dermatologists operating in 11 states. Forefront said it will work with its new partner to continue growing and expanding into new markets. OMERS Private Equity, the private equity arm of the Ontario Municipal Employees Retirement System (OMERS), last year bought Kenan Advantage and Environmental Resources Management.
3 min read · 11 February 2016
Ottawa is talking to the country's largest pension funds about investing in billions of dollars worth of infrastructure projects to help stimulate the economy, Reuters reported. Canada's pension funds, which are among the world's biggest infrastructure investors, say that the projects will need to be structured in a way that limits the risk they take if they are to be lured into backing them.
4 min read · 11 February 2016
Toronto-based mid-market private equity firm Bedford Capital has sold its portfolio company L.B. Maple Treat Corp (LBMT). The buyer was Champlain Financial Corp, a mid-market private equity firm based in Montréal. The deal's financial terms were not disclosed. Headquartered in Granby, Québec, LBMT is a manufacturer and bottler of branded and private label maple syrup. Founded in 1975, it sells a range of maple syrup-related products, including cookies, maple sugar and maple butter, around the world. CCC Investment Banking was the exclusive financial advisor to the company on the deal. Bedford Capital Fund IV acquired an interest in LBMT in November 2009.
2 min read · 10 February 2016
