Private Equity
An Australian regulator has knocked back an attempt by Canadian infrastructure giant Brookfield Asset Management to overcome competition concerns holding up its A$9 billion (US$6.53 billion) bid for port and rail firm Asciano Ltd, Reuters reported. The decision is a blow to a takeover proposal backed by Asciano and boosts the prospects of a rival bid from smaller Australian logistics business Qube Holdings Ltd.
2 min read · 26 November 2015
Regimen Partners, a Canadian private equity firm, has introduced two new members to its management team. Michael Walsh, formerly the CFO of Creation Technologies Inc, has joined the firm as executive vice-president, corporate development. Additionally, Bill Murray, a capital markets advisor and investment banker who previously served at National Bank Financial, joined as director, private equity. Vancouver-based Regimen also announced the opening of a new office in Toronto. The firm's recent investments include CRS CraneSystems Inc. Regimen became the company's majority shareholder in late 2014.
2 min read · 26 November 2015
Canadian private equity firm Novacap has made an investment in Onstream Pipeline Inspection Services Inc, a Canadian provider of pipeline in-line inspection solutions for the oil and gas industry. The deal's financial terms were not released. Onstream, which is based in Calgary, plans to use the partnership with Novacap to enhance its operations, engage in strategic growth opportunities, and accelerate funding of research and development programs. The investment was made through Novacap TMT IV LP, which raised $375 million in 2014. As reported by PE Hub Canada, Novacap earned a substantial return from this year's initial public offering of portfolio company Stingray Digital Group Inc.
3 min read · 26 November 2015
Canadian Oil Sands Ltd, which is trying to attract a white knight following a hostile bid from Suncor Energy Inc, needs more time to review options as more than two dozen parties have expressed an interest. The potential bidders include Blackstone Group, KKR & Co LP, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan, sources told Reuters.
2 min read · 26 November 2015
Centric Health Corp (TSX: CHH) has agreed to sell substantially all of the businesses within its physiotherapy, rehabilitation and medical assessments division to Audax Private Equity, the mid-market private equity arm of U.S.-based Audax Group. The all-cash deal, expected to close within 90 days, is priced at $245 million, plus an additional $5 million payment tied to performance thresholds. Peter Stymiest, COO of the Centric units being sold, will as a result of the deal become CEO of the new entity under Audax's ownership. Toronto-based Centric said it will use a portion of the net proceeds to lower its debt and reduce leverage. Last year, Centric sold its retail home medical operations to Birch Hill Equity Partners.
7 min read · 25 November 2015
Crown Capital Partners, Canadian specialty finance firm, has provided $20 million in subordinated debt funding to Distinct Infrastructure Group Inc (TSX-V: DUG). Based in Toronto, Distinct is a utility and telecom infrastructure contractor with capabilities in design, engineering, construction, service and maintenance, and materials management. The company said the deal supports its plans to expand capacity in Ontario and Western Canada to meet demand and continue growing. In September, Crown Capital raised an initial $100 million for its fourth fund, Crown Capital Fund IV LP. It subsequently invested in Petrowest Corp.
4 min read · 25 November 2015
A debt financing of about US$3 billion backing CVC Capital Partners and Canada Pension Plan Investment Board's US$4.6 billion buy of Petco is joining a US$14 billion pipeline of U.S. leveraged buyout loans that are waiting to be sold after another deal was pulled last week, Reuters reported.
3 min read · 25 November 2015
ViaWest Inc, a subsidiary of Shaw Communications Inc, this month agreed to buy INetU Inc, a managed hosting and cloud services provider headquartered in Allentown, Pennsylvania. The purchase price of US$162.5 million will be paid to U.S. private equity firm BV Investment Partners and other shareholders. INetU was recapitalized by BV Investment Partners in late 2012. ViaWest said the deal advances its offerings and strengthens its position as a hybrid information technology solutions provider. Shaw is a Canadian communications and media company.
4 min read · 25 November 2015
Canadian pension fund manager the Caisse de dépôt et placement du Québec has partnered in a consortium that acquired the 99-year lease of TransGrid, owner and operator of an electricity transmission network in Australia. The consortium, NSW Electricity Networks, was selected by the New South Wales government to buy the lease for about $9.9 billion. The Caisse will hold 24.99 percent of the equity, which represents an investment of $1.15 billion. Other consortium members included an affiliate of Abu Dhabi Investment Authority, Australia's Hastings Funds Management and Spark Infrastructure, and an affiliate of Kuwait Investment Authority.
3 min read · 25 November 2015
The Australian government may order the country's freight industry to restructure if port and rail giant Asciano Ltd is sold to Canada's Brookfield Asset Management Inc, a rival bidder told reporters, including Reuters. Australian logistics business Qube Holdings Ltd is trying to give Asciano's shareholders a reason to warm to its slightly higher indicative offer, which came after the target company had recommended Brookfield's US$6.5 billion buyout. Qube is partnering in its bid with Canada Pension Plan Investment Board and Global Infrastructure Partners.
2 min read · 24 November 2015
