Private Equity
Calgary-based 3esi has secured a growth investment from Rubicon Technology Partners, a U.S. private equity firm focused on lower mid-market enterprise software companies. The investment's value was not disclosed. Founded in 2005, 3esi is a provider of integrated portfolio, planning, and execution solutions for the upstream oil and gas industry. It plans to use its partnership with Rubicon to accelerate organic growth and undertake more strategic acquisitions. In September, the company bought Portfolio Decisions, a consulting and portfolio optimization software company. 3esi previously received funding from BDC Capital and other investors.
2 min read · 02 December 2015
AltaGas Ltd (TSX: ALA) has wrapped up its previously-announced acquisition of GWF Energy Holdings LLC, which holds a portfolio of three natural gas-fired electrical generation facilities in northern California. AltaGas bought GWF for US$642 million from Highstar Capital, a U.S. infrastructure investment firm. Based in Calgary, AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities.
4 min read · 01 December 2015
Brookfield Infrastructure Partners and Kinder Morgan Inc (NYSE: KMI) have agreed to jointly acquire a 53 percent interest in Natural Gas Pipeline Co of America LLC (NGPL), a U.S. interstate pipeline system that serves the Chicago market. The acquirers will pay about US$242 million to the majority stake's current owner, Myria Holdings Inc. The deal, which values the gas pipeline business at US$3.4 billion, including debt, is expected to close this year. It will see Brookfield Infrastructure, an affiliate of Toronto-based Brookfield Asset Management, increase its NGPL ownership interest from about 27 percent to 50 percent.
5 min read · 01 December 2015
Sleep Country Canada Holdings Inc (TSX: ZZZ), which tied up an initial public offering earlier this year, has launched a secondary share offering. The offering, priced at $18.50 per share, will generate at least $185 million in gross proceeds for selling shareholders, which include Canadian private equity firm Birch Hill Equity Partners. Following the offering's close, expected on or about December 17, selling investors will hold an ownership interest in the company of about 18.9 percent or less. Sleep Country, a Toronto-based specialty mattress retailer, was taken private by Birch Hill, Westerkirk Capital and other investors in 2008.
4 min read · 01 December 2015
The Delaware Supreme Court has upheld a US$76 million damage award against RBC Capital Markets for its role in the 2011 sale of ambulance company Rural/Metro but described its closely watched decision as a narrow one, Reuters reported. The court found RBC was liable for convincing the company's board to rush into a US$438 million buyout led by private equity firm Warburg Pincus.
3 min read · 30 November 2015
The Right Honourable Paul Martin, Canada's 21st Prime Minister, was recently named one of the recipients of the 2015 Startup Canada Awards. Martin was awarded the Adam Chowaniec Lifetime Achievement Award for his role in founding the CAPE Fund. Launched in 2009, the CAPE Fund is a $50 million private equity fund focused on investing in aboriginal enterprises and entrepreneurs. Its investments include Manitobah Mukluks, a footwear manufacturer, and One Earth Farms, an agri-food producer.
3 min read · 30 November 2015
Royalty financing firm Grenville Strategic Royalty Corp has bought out its investment in 4tell Solutions LP, a Toronto-based provider of performance governance software solutions and services for real estate and infrastructure organizations. Grenville, which invested in the company in late 2013, said it obtained an internal rate of return of about 42 percent and a 1.75 times cash on cash return. Earlier in November, 4tell announced it had secured an undisclosed growth investment from Rubicon Technology Partners, a U.S. investor in lower mid-market enterprise software businesses.
2 min read · 30 November 2015
Gryphon Investors has acquired a majority interest in The Original Cakerie, a Canadian manufacturer of frozen desserts for retail and food service customers. No financial terms were disclosed for the deal, which is expected to close this month. BMO Capital Markets provided financial advice to Gryphon on the transaction, while Houlihan Lokey did likewise for the company. Based in Delta, British Columbia, The Original Cakerie serves more than 300 customers in the United States and Canada. Gryphon Partner Dennis O’Brien said the company is "a uniquely attractive platform for expansion in the North American baked goods sector."
4 min read · 30 November 2015
Therapure Biopharma Inc, a portfolio company of Canadian private equity firm Catalyst Capital Group, has filed a preliminary prospectus with Canadian securities regulatory authorities for an initial public offering. The offering has not yet been priced, however, Bloomberg reported the company is seeking to raise at least $100 million. GMP Securities, CIBC World Markets and National Bank Financial are underwriting the sale. Based in Mississauga, Ontario, Therapure is a biopharmaceutical company focused on the development, manufacture, purification, and packaging of rare and complex biotherapeutics.
2 min read · 27 November 2015
KERN Partners, a Canadian energy private equity firm, has changed its name to Azimuth Capital Management. It said the name Azimuth, a navigation term, is intended to reinforce its commitment to "navigating the dynamic energy environment." Calgary-based Azimuth has $1.6 billion of assets under direct management and an additional $1.7 billion of commitments in a co-investment program. Co-founded in 2000 by Managing Partner Jeff van Steenbergen and Pentti Karkkainen, who stepped down from his management role in 2014, the firm has a team of 18 professionals. Earlier this month, Azimuth invested in Kaisen Energy Corp, a Canadian heavy oil producer.
2 min read · 27 November 2015
