Private Equity
Faced with record low prices for heavy crude, Canadian energy companies are sacrificing other parts of their business to keep higher-cost oil sands production going and safeguard the billions already invested in these multi-decade projects, Reuters reported. The prospective buyers of assets on the block include pension funds and private equity firms.
3 min read · 09 February 2016
The bidding war for Australian freight giant Asciano Ltd has heated up as local rival Qube Holdings Ltd upped its proposal to A$9 billion (US$6.4 billion), trumping Canada's Brookfield Asset Management, Reuters reported. Asciano said it favoured Qube's approach, dropping its previous preference for Brookfield's offer. It also said it expected Brookfield to raise its bid.
2 min read · 08 February 2016
Tricor Pacific Founders Capital, a Canadian private equity firm launched in late 2014, has acquired Totally Chocolate LLC, a North American manufacturer of precision-engraved chocolate for corporate and special event uses. No financial terms were disclosed. The investment in Blaine, Washington-based Totally Chocolate was made by Ganache Gourmet Inc, a new vehicle set up to hold the company and other confectionery-related assets acquired in the future. Ken Strong, Totally Chocolate’s president, will continue to lead the company alongside Tricor Founders' Richard Harris as executive chairman. Founder Jeff Robinson will become a director on the company's board, as will Tricor Founders' Derek Senft.
3 min read · 08 February 2016
POZEN Inc and Tribute Pharmaceuticals Canada Inc have wrapped up their previously announced merger, creating a new parent company, Aralez Pharmaceuticals Inc (Nasdaq: ARLZ, TSX: ARZ). Headquartered in Canada, Aralez is a pharmaceutical business focused on developing cardiovascular, pain and other specialty therapies. Led by CEO Adrian Adams, it will also have operations in Ireland and the United States. The merger that launched Aralez was supported by up to US$350 million ($486 million) in commitments from a consortium led by U.S. healthcare investment firm Deerfield Management. QLT Inc, Broadfin Capital and JW Asset Management also invested.
3 min read · 05 February 2016
The Competition Bureau has decided not to challenge the proposed acquisition of Wind Mobile Corp by Shaw Communications Inc (TSX: SJR.B). The $1.6 billion deal, announced in December, is unlikely to reduce competition in Canada's mobile wireless industry because "the two companies do not currently compete against each other," the federal agency said. Wind is currently backed by several private equity firms and other investors, including West Face Capital, Globalive Capital, Tennenbaum Capital Partners, and the family office of Lawrence Guffey.
2 min read · 05 February 2016
Canada's biggest pension funds say they are walking away from more and more global infrastructure deals, citing concerns that intense competition for assets has driven valuations too far, Reuters reported. The shift could help cool global prices for tunnels, airports, toll roads and other infrastructure as Canadian pension plans are among the world's biggest and most active buyers.
4 min read · 05 February 2016
Therapure Biopharma Inc, a Canadian biopharmaceutical company owned by Catalyst Capital Group, has decided to postpone its proposed initial public offering. The company said that while it has been "performing above expectations", and meeting positive investor feedback, the current market environment is not conducive to a public sale at this time. As reported by PE Hub Canada last month, Therapure was seeking $130 million from its IPO, which included a secondary offering by Catalyst. GMP Securities' Steve Ottaway said his firm, one of the IPO's joint bookrunners, will continue to work with Catalyst and Therapure "to evaluate capital market conditions."
2 min read · 04 February 2016
Exo-s, a Canadian supplier of molded plastic parts for the automotive and specialty markets, has secured a $4 million investment from Export Development Canada (EDC). The funding will be used by Exo-s to buy the assets of Mexican plastics producer Hudson Gardens and to purchase new equipment for the acquired company's plant. Sherbrooke, Québec-based Exo-s was founded in 2012 as a result of the acquisition of Camso’s thermoplastic division by Capital régional et coopératif Desjardins (CRCD). CRCD is a retail fund managed by Canadian private equity firm Desjardins Capital de risque.
3 min read · 04 February 2016
Alberta Investment Management Corp (AIMCo) has appointed Remco van Eeuwijk to the role of chief risk officer, effective May 2, 2016. He will report to AIMCo CEO Kevin Uebelein. Since 2008, van Eeuwijk has been the U.K. managing director of MN, a Dutch pension administrator and asset manager. He continued in this position following the acquisition of the U.K. fiduciary management activity of MN by Dutch merchant bank Kempen & Co in 2015. Van Eeuwijk also served as the global head of investment risk and performance at ABN AMRO Asset Management.
3 min read · 04 February 2016
GFL Environmental has closed its $800 million buy of solid waste business Matrec Services, the company’s largest acquisition to date. It is also this year’s first large-cap Canadian private equity deal, thanks to an international group of investors that accounted for a major share of the purchase price.
3 min read · 04 February 2016
