Private Equity
Cubico Sustainable Investments has bought two Brazilian wind farm complexes from Casa dos Ventos for R$2 billion (US$494 million), including debt. The deal, the investor's first in Brazil, includes plants with 392 megawatts of capacity in Pernambuco and Piauí states. London-based Cubico also announced that it has opened an office in São Paulo to evaluate additional opportunities. A renewable energy and water investment platform, Cubico was launched in May 2015 with the backing of Ontario Teachers’ Pension Plan, Public Sector Pension Investment Board (PSP Investments) and Banco Santander SA.
4 min read · 13 January 2016
Blue Software, a portfolio company of U.S. private equity firm Diversis Capital, has acquired Viki Solutions, a provider of online proofing and real-time collaboration software technology based in Victoria, British Columbia. No financial terms were disclosed. Chicago-based Blue Software said the deal helps cement its position as a global provider of end-to-end artwork and label management software solutions. In December 2014, Diversis acquired the company in a carve out from Matthews International.
3 min read · 12 January 2016
Westport Innovations Inc (TSX: WPT, Nasdaq: WPRT) has struck a deal to receive up to US$71.3 million in financing from U.S. private equity firm Cartesian Capital Group. The deal calls for an up-front investment of US$17.5 million in non-dilutive capital, with additional funding to come as milestones are reached and new opportunities are established. With the deal, Cartesian Founder Peter Yu will join the company's board of directors. Vancouver-based Westport, a developer of advanced, low-emission fuel system and vehicle technologies, said the investment will support its global growth initiatives. In September, the company agreed to merge with Fuel Systems Solutions Inc.
6 min read · 12 January 2016
Avison Young Inc has acquired North Rae Sanders, a British commercial property services provider, with a focus on the logistics-warehousing, manufacturing, office and mixed-use sectors. No financial terms were released. Avison, a commercial real estate services business, said the deal expands its footprint in the United Kingdom. Toronto-based Avison has been a portfolio investment of Canadian private equity firm Tricor Pacifc Capital since 2011. Late last year, Tricor rebranded its fifth fund, creating a new private equity firm, Parallel49 Equity.
10 min read · 12 January 2016
Chilean energy company Colbun said on Monday it will not be able to bid for a controlling stake in Colombian power generator Isagen this week, Reuters reported. Consortiums controlled by Colbun and Canada's Brookfield Asset Management were expected to bid for the 57.6 percent stake in the company. The stake is valued at around US$1.94 billion.
2 min read · 12 January 2016
Ontario Teachers' Pension Plan, one of Canada's biggest investors, has appointed veteran Danish investment professional Bjarne Graven Larsen as its new chief investment officer and executive vice president, Reuters reported. Graven Larsen is a former CIO and executive board member of ATP, Denmark's biggest pension plan and the fourth largest in Europe. He succeeds Neil Petroff, who retired in June 2015.
1 min read · 11 January 2016
The biggest-ever Chinese acquisition of a German company was announced on Monday, with a consortium led by state-owned China National Chemical Corp buying industrial machinery maker KraussMaffei Group for about US$1 billion, Reuters reported. The seller in the deal is Canadian private equity firm Onex Corp, which acquired KraussMaffei from Madison Capital in December 2012.
3 min read · 11 January 2016
Canadian private equity firm Lex Capital Management has secured $142.5 million for its third energy fund, Lex Energy Partners LP III. The fund surpassed its target of $75 million, and approached its hard cap of $150 million, thanks to commitments from Canadian and U.S.-based high net worth individuals, pension funds, foundations, family offices and other institutional investors. Lex Capital CIO Dean Popil said Fund III will focus on "the growing pipeline of opportunities that we are currently seeing in this low price environment." Deals involving early-stage oil companies operating in Saskatchewan and other parts of Western Canada may include acquisition opportunities and distressed situations.
3 min read · 11 January 2016
Canadian private equity firm Onex Corp has agreed to sell KraussMaffei Group, a German manufacturer of plastics processing machinery, to a group of investors that includes China National Chemical Corp (ChemChina). The deal has a cash enterprise value of €925 million (US$1.0 billion) and is expected to wrap up during the first half of this year. Onex acquired a majority position in Munich-based KraussMaffei from Madison Capital for €276 million in December 2012. It was the firm's first European deal since the opening of Onex' office in London the same year. With the company's sale to ChemChina, Onex expects to receive proceeds of about €670 million (US$729 million).
3 min read · 11 January 2016
H.J.R. Asphalt LP, a Saskatoon-based highway infrastructure company, has completed a $26.3 million management buyout in partnership with Golden Opportunities Fund, an affiliate of Canadian private equity firm Westcap Management. The transaction saw Golden Opportunities invest $10.5 million in syndication with another Westcap fund, Westcap MBO Investment LP, to secure majority ownership of H.J.R. Asphalt alongside key executives. The company said Westcap's investment brings financial, strategic and operational support to its role as a solutions provider in Saskatchewan's road construction industry. Last November, Westcap invested in DynaVenture Corp's buyout.
3 min read · 08 January 2016
