Private Equity
DIF, a Dutch infrastructure investment firm, has acquired the Illumination project, a 10 megawatt ground-mounted photovoltaic solar project located in Scugog, Ontario. The deal's financial terms were not disclosed. The seller was Canadian Solar Solutions Inc, a manufacturer of solar photovoltaic modules and provider of solar energy solutions. DIF said the Illumination project's funding was wrapped up in May, with construction and term financing provided by Natixis, Rabobank and Nord/LB, and subordinated construction financing provided by Macquarie Capital. The project began commercial operation in November.
2 min read · 16 December 2015
Canadian specialty finance firm Crown Capital Partners has provided a $25 million, 10-year term loan to PenEquity Realty Corp, a full-service real estate company focused on commercial shopping centres in Ontario. Toronto-based PenEquity, which specializes in large-scale destination retail-entertainment centres, as well as commercial and residential land development, currently has seven projects underway. Funding provided by Crown will be used to support its growth. PenEquity's loan is the first transaction completed under Crown's new long-term financing strategy. The strategy was a key part of the firm's initial public offering and fundraising activity earlier this year.
4 min read · 16 December 2015
Special purpose acquisition companies, or SPACs, have recently broken ground in Canadian IPO markets, raising close to $1 billion. Torys' Partners John Emanoilidis, Rima Ramchandani and Mile Kurta discuss the opportunities presented by Canadian SPACs, and the challenge they face in sourcing and closing a quality acquisition in a tight timeline.
5 min read · 16 December 2015
The Public Sector Pension Investment Board (PSP Investments), one of Canada's 10 largest pension fund managers, is considering entering the oil and gas sector, as weak crude prices create opportunities for long-term investors, Chief Executive André Bourbonnais told media this week.
2 min read · 16 December 2015
Fresh Hemp Foods Ltd, a.k.a. Manitoba Harvest, acquired in July by U.S. private equity firm The Compass Group, has bought Hemp Oil Canada Inc. The purchase price was about $42 million. Based in Ste. Agathe, Manitoba, Hemp Oil Canada is a wholesale producer, private label packager and custom processor of hemp food products and ingredients. Compass said the deal will expand Manitoba Harvest's manufacturing capacity, build out its ingredients business, and grow and diversify its customer base. As reported by PE Hub Canada, the sale of Manitoba Harvest to Compass for $132.5 million gave an exit to its backer, Canadian venture capital firm Avrio Capital.
4 min read · 15 December 2015
Canadian rural Internet service company Xplornet Communications Inc has acquired Platinum Communications Corp, a Calgary-based provider of broadband services to remote locations. The deal's financial terms were not released. Xplornet said the Platinum acquisition increases its footprint in Alberta and supports its mission to "make affordable, fast and reliable broadband Internet services available to every rural Canadian." Based in Woodstock, New Brunswick, Xplornet has been a portfolio company of U.S. private equity firm Catalyst Investors and Canadian firm Werklund Capital Corp since 2010.
3 min read · 15 December 2015
Private equity and pension funds may provide the next wave of financing to the mining sector through metal streaming deals as dedicated funding sources struggle to raise their own cash, Reuters reported. Potential new market entrants include Canada Pension Plan Investment Board, while the already active Caisse de dépôt et placement du Québec is among those expected to increase their exposure.
3 min read · 15 December 2015
Kahala Brands has bought Pinkberry, a global frozen yogurt franchise business based in Santa Monica, California. No financial terms were disclosed. Kahala said Pinkberry is an "excellent strategic fit" in its quick-service restaurant franchising platform. The brand's operations will be consolidated and managed from Kahala's headquarters in Scottsdale, Arizona, the company said. The Pinkberry deal follows other brand acquisitions made by Kahala this year, including Maui Wowi Hawaiian and Planet Smoothie and Tasti D‑Lite. Kahala is a portfolio investment of Canada's Serruya Private Equity and the Delavaco Group.
3 min read · 15 December 2015
The Canadian affiliate of Luxembourg's SAF-Holland Group SA has sold its agricultural equipment business, AerWay, to Salford Group Inc, a Canadian manufacturer and marketer of farming machinery. No financial terms were released for the deal, which closed earlier this month. SAF-Holland said the soil loosening and cultivation equipment in the AerWay product line did not represent a core activity to its commercial vehicle supply business. Based in Salford, Ontario, Salford is a portfolio company of U.S. private equity firm GenNx360 Capital Partners. In May, the company acquired Valmar Airflo Inc.
2 min read · 15 December 2015
Almost half of hedge fund firms plan to roll out a new hedge fund by the end of next year despite regulations challenging how they market, the Alternative Investment Management Association (AIMA) reported. The hedge fund trade body's study said 44 percent of managers planned to launch a hedge fund by the end of 2016. Managers with more than US$500 million were more likely to be preparing a new hedge fund than those with less than US$500 million.
2 min read · 14 December 2015
