Private Equity
French calibration specialist Trescal has acquired Primo Instrument, a supplier of test and measurement equipment based in Montréal. No financial terms were disclosed. The transaction was completed with the support of Trescal's majority investor, Ardian, a European private equity firm. Trescal, which operates in 16 countries, said the deal expands its footprint to Canada, where the company has a large number of aeronautics and space customers. Primo’s founders will continue to lead the post-acquisition company. Ardian bought Trescal from 3i Group and TCR Capital in July 2013.
2 min read · 08 January 2016
Yellow Point Equity Partners has secured $150 million in the final close of its fourth private equity fund, earmarked for investments in mid-market companies in Canada and Northwestern United States. It is the largest fund raised in the Vancouver-based firm's 12-year history, bringing total assets under management to about $250 million.
2 min read · 08 January 2016
Canadian private equity firm TorQuest Partners has closed its sale of portfolio company Pinova Holdings Inc to Symrise AG. The deal, announced last September, had a total consideration of US$417 million. Jefferies LLC, Jones Day and Stikeman Elliott LLP advised Pinova on the transaction. Based in Brunswick, Georgia, Pinova is a maker of natural and renewable specialty chemicals. It was carved out of Ashland Inc by TorQuest for US$75 million in 2010. Last month, TorQuest sold another portfolio company, Array Marketing, to The Carlyle Group for an undisclosed amount.
3 min read · 08 January 2016
Canadian private equity firm Novacap has sold its portfolio company Fibrenoire, a fibre optic connectivity services provider, to Vidéotron for $125 million. In a separate release, Vidéotron, a subsidiary of Québecor, said it made the acquisition to meet growing demand from its business customers for fibre optic connectivity. Based in Montréal, Fibrenoire has been backed by Novacap since April 2013. Over the past three years, the company has more than doubled its revenue and profitability, Novacap reported, in part due to acquisitions supported by the investor. In December, Cegid Group acquired Novacap-backed Technomedia, a cloud-based talent management software provider.
3 min read · 07 January 2016
Fleet Complete, a Canadian provider of fleet telematics and mobile workforce technology, has acquired ITmobile, a Dutch fleet telematics business. No financial terms were disclosed. The deal was funded through an equity investment from the management teams of the two companies as well as U.S. private equity firm Madison Dearborn Partners, which bought majority control of Fleet Complete in September 2014. Fleet Complete, which is headquartered in Markham, Ontario, said the acquisition will serve as a base for its growth in Europe. ITmobile is the company's second add-on deal since Madison Dearborn's initial investment. Last year, it acquired FieldWorker Technology Solutions.
3 min read · 07 January 2016
Blackstone Group and Ivanhoé Cambridge will form a new property management company at New York-based Peter Cooper Village Stuyvesant Town (PCVST). No financial terms were disclosed. Rick Hayduk has also been named general manager of PCVST effective January 1st. Ivanhoé, the real estate investment arm of the Caisse de dépôt et placement du Québec, partnered with Blackstone in the acquisition of PCVST, a private residential development, late last year.
4 min read · 07 January 2016
Bank of Nova Scotia, Canada's third biggest lender, is in discussions to sell a $1 billion vendor and equipment financing portfolio, sources told Reuters. Two of the sources said the assets that Scotia is looking to sell are housed within its Roynat unit, a small business financing provider acquired by the bank about 20 years ago.
2 min read · 06 January 2016
SterlingBackcheck has agreed to combine with another background screening company, Bothell, Washington-based TalentWise. No financial terms were disclosed. Headquartered in New York, SterlingBackcheck is backed by the Caisse de dépôt et placement du Québec and Goldman Sachs’ Merchant Banking Division. The Caisse and Goldman Sachs jointly bought the company in June 2015. Late last year, SterlingBackcheck acquired EmployeeScreenIQ.
4 min read · 06 January 2016
An investor group formed to acquire Pineville, Louisiana-based utility Cleco Corp (NYSE: CNL) for US$4.7 billion has agreed to an enhanced commitment package for Cleco customers and local communities. British Columbia Investment Management Corp (bcIMC), Macquarie Infrastructure and Real Assets and the other investors have offered to increase customer rate credits to US$125 million over 15 years. This and other initiatives will result in total customer savings of about US$143 million over the same period. The acquisition deal, announced in October 2014, remains subject to the approval of state regulators.
8 min read · 06 January 2016
Avison Young Inc has bought Metrix Realty Group (Ontario) Inc, a property appraisal company based in Richmond Hill, Ontario. No financial terms were disclosed. Avison, a commercial real estate services provider, said the deal expands its valuation and advisory service business-line coverage in the Greater Toronto Area and across Canada. 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, Tricor Pacific Capital Partners Fund V, creating a new private equity firm: Parallel49 Equity.
6 min read · 06 January 2016
