Private Equity
Pelican International Inc, a Laval, Québec-based plastic boat manufacturer, has obtained a minority investment from the Fonds de solidarité FTQ, a Canadian private equity and venture capital firm. No financial terms were released. Pelican designs and makes kayaks, canoes, fishing boats, paddle boats, utility sleds and other crafts for the outdoor sports industry. Its products are sold and distributed in over 53 countries. The company said the partnership with the Fonds de solidarité FTQ will support its global growth plans, which include a second plant and the purchase of plastic extrusion and processing equipment to increase output.
3 min read · 08 December 2015
Expectations of a takeover frenzy in global mining have been dashed by falling commodity prices, leaving the field open for private equity funds looking to deploy billions of dollars, Reuters reported. Funds are tight-lipped about their investment plans, but typically operate in mature markets like Australia and Canada.
3 min read · 08 December 2015
POZEN Inc (NASDAQ: POZN) and Tribute Pharmaceuticals Canada Inc (TSX-V: TRX) have amended merger plans to create a new parent company, Aralez Pharmaceuticals Inc. The changes to the previously-announced deal include moving the domicle for Aralez from Ireland to Canada. In connection with the transaction, an investment syndicate has confirmed its commitment of up to US$350 million in growth capital for the combined entity. The financing will be led by U.S. healthcare investment firm Deerfield Management with participation from QLT Inc, Broadfin Capital and JW Asset Management. The POZEN-Tribute merger is expected to close in the first quarter of 2016.
10 min read · 08 December 2015
Canadian cloud services provider WatServ has received an investment from the private equity group of Brookfield Asset Management. No financial terms were disclosed. Based in Waterloo, WatServ is a provider of cloud computing solutions for the operational management of hosted Microsoft Dynamics products. It said the partnership with Brookfield will provide the company with the necessary resources and guidance to expand at an accelerated pace. Founded in 2005, WatServ has offices in the United States and the United Kingdom.
2 min read · 08 December 2015
Cott Corp (NYSE: COT) (TSX: BCB) has agreed to acquire Aquaterra Corp, a portfolio company of Canadian private equity firm Birch Hill Equity Partners. The deal is valued at $62 million and is expected to close in January 2016. Founded in 1882 as Laurentian Water Co, Aquaterra delivers water, coffee and other kitchen supplies directly to homes and offices. Cott, a U.S.-based beverage producer, said the acquisition gives it a national direct-to-consumer route distribution fleet in Canada with about 70,000 customers. Aquaterra entered Birch Hill's portfolio in 2006 when the investor bought Danone Waters of Canada and renamed it Aquaterra. The company has since completed two acquisitions.
6 min read · 08 December 2015
Canadian private equity firm TorQuest Partners has sold its majority interest in Array Marketing, a Toronto-based provider of visual merchandising solutions to cosmetic brands, to The Carlyle Group. No financial terms were released; however, TorQuest told PE Hub Canada that it earned more than five times its investment from the sale, as well as a 61 percent internal rate of return. TorQuest acquired Array in June 2012 and supported investments that helped to improve operations, expand international capabilities, and enhance service to clients. The company's sale represents TorQuest's third liquidity event this year. In May the firm sold Kissner Milling Co Ltd, and in September it agreed to sell Pinova Holdings Inc.
2 min read · 07 December 2015
Walter Capital Partners, a new Canadian private equity firm, has been launched with an initial commitment from The Walter Group of Companies. The commitment, totaling $100 million, is expected to be supplemented by capital from other sources, including Managing Partners Pierre Fitzgibbon and Éric Phaneuf. Walter Capital plans to invest without predetermined horizons in private small and medium-sized companies looking to accelerate their growth. As an affiliate of the family-run Walter Group, the firm will source opportunities and manage investments from its headquarters in Montréal and a second office in Boston.
4 min read · 07 December 2015
NXP Semiconductors NV (NASDAQ: NXPI) has closed its buy of Freescale Semiconductor Ltd (NYSE: FSL), a manufacturer of semiconductors based in Austin, Texas. The previously-announced deal valued Freescale at US$16.7 billion, including debt. NXP, which is based in Eindhoven, The Netherlands, said the deal has created the world's top maker of automotive electronics, with revenue of over US$10 billion. Taken private in 2006, Freescale was backed by Canada Pension Plan Investment Board and other private equity investors. Earlier this year, the company bought Ottawa's CogniVue Corp.
4 min read · 07 December 2015
Ontario Teachers' Pension Plan (OTPP), the owner of U.K.-based Bridon, has agreed with Belgium's Bekaert to combine the ropes and advanced cords operations of the two companies. No financial terms were released. The new business, Bridon Bekaert Ropes Group, will have 19 manufacturing entities in 11 countries. It will be jointly owned by Bekaert and OTPP, with the former holding a 67 percent stake, and the latter a 33 percent stake. The partners said the combined business will account for about € 600 million (US$653 million) in sales annually. Teachers' Private Capital, the private equity arm of OTPP, acquired Bridon from Melrose Industries in 2014.
2 min read · 07 December 2015
Twinkies maker Hostess Brands LLC is in talks to acquire Give and Go Prepared Foods Corp, a Canadian maker of thaw-and-serve sweet baked goods such as Two-Bite Brownies, sources told Reuters. The Toronto based-company's owner, OMERS Private Equity, hopes a deal could value Give and Go at as much as US$800 million, one of the sources said.
2 min read · 07 December 2015
