Private Equity
Cable and Wireless Communications PLC (CWC), which earlier in 2015 bought Caribbean telecom provider Columbus International Inc, has agreed to be acquired by Liberty Global PLC. The cash-and-stock deal gives CWC a total equity value of about US$5.3 billion. Liberty Global said the acquisition will create a premier regional broadband and wireless platform with 10 million subscribers. CWC bought Columbus for US$3.025 billion in March, giving an exit to an affiliate of Portland Private Equity, a firm led by Canadian billionaire Michael Lee-Chin. As part of the deal, Portland retained exposure to the acquired business.
10 min read · 18 November 2015
Pt Arctic Fund I LP, the inaugural fund of private equity firm Pt Capital, has raised initial commitments totaling over US$125 million. Limited partners who participated in the fund's first close included Arctic indigenous-owned businesses, the firm said. Founded in 2013, Anchorage, Alaska-based Pt Capital will focus exclusively on deal opportunities in the Arctic. It plans to invest in and grow companies in several Arctic regions, including northern Canada.
2 min read · 18 November 2015
Toronto-based colour cosmetics brand Nudestix Inc has secured a minority capital investment from Alliance Consumer Growth (ACG), a U.S. consumer-focused private equity firm. The investment's value was not disclosed. Nudestix, which has created a streamlined collection of makeup pencils, said the partnership with ACG will help the company to further accelerate global distribution of its products, expand new product innovation, and continue to generate consumer awareness and trial. Founded in 2014 by President and CEO Jenny Frankel and her daughters, Nudestix's products are sold by retailers in Canada, the United States and around the world.
4 min read · 17 November 2015
Ontario Teachers' Pension Plan has agreed to acquire a majority interest in APCO Holdings Inc, a marketer and administrator of vehicle service contracts sold by auto dealers across the United States. No financial terms were disclosed for the deal, which is expected to close in December. U.S. private equity firm Stone Point Capital, which has backed Norcross, Georgia-based APCO since 2007, will remain a shareholder in the business. Jane Rowe, Ontario Teachers' senior vice-president, private capital, said the company is positioned to benefit from favourable industry dynamics and recent organic and acquisition-led growth.
4 min read · 17 November 2015
Resolute Forest Products Inc (NYSE, TSX: RFP) has acquired Atlas Paper Holdings Inc, a Miami, Florida-based manufacturer of tissue products, including recycled and virgin paper grades. The purchase price was US$156 million, including working capital. The seller in the deal was U.S. private equity firm Peak Rock Capital. Atlas, formed out of the combination of Accurate Paper Holdings and Atlas Southeast Papers, was bought by Peak Rock in 2013. Montréal-based Resolute, which provides a range of forest products, said the acquisition gives it "an immediate position in the multi-billion-dollar North American consumer tissue market."
7 min read · 17 November 2015
The JET Group has acquired Sellstrom Manufacturing Co, a maker of personal safety equipment based in Schaumburg, Illinois. No financial terms were disclosed. JET Group, a marketer and distributor of tools and equipment to industrial, construction, safety, welding and automotive markets, said the acquisition adds to its product portfolio. It will also create opportunities for growth in the United States and globally, the company said. Based in Vancouver, JET Group and its affiliates were acquired by Penfund, a Canadian private equity firm, from Diamond Investment Group Ltd in November 2012.
2 min read · 16 November 2015
Reliance Infrastructure Ltd (RInfra) has agreed to sell a 49 percent equity stake in the company's Indian power distribution operation to Canadian pension fund manager Public Sector Pension Investment Board (PSP Investments). No financial terms were disclosed. The operation is to be spun out into a special purpose vehicle called Reliance Energy, with RInfra holding the controlling interest. Reliance distributes power to nearly 3 million residential, industrial and commercial consumers in the suburbs of Mumbai. RInfra, an affiliate of the Reliance Group, said it will use the transaction's proceeds to reduce debt.
3 min read · 16 November 2015
Dutch pension fund manager APG Asset Management and Canada Pension Plan Investment Board signed an agreement to own and develop logistics real estate in South Korea with warehousing developer e-Shang, with planned initial investments of US$500 million, Reuters reported. E-Shang is partially backed by U.S. private equity firm Warburg Pincus.
1 min read · 16 November 2015
Three of Canada's largest pension fund managers have agreed to acquire Skyway Concession Company LLC, which operates the Chicago Skyway toll road, for US$2.8 billion, Reuters reported. Canada Pension Plan Investment Board, Ontario Municipal Empoyees Retirement System and Ontario Teachers' Pension Plan will each own a 33.33 percent interest in the asset.
2 min read · 13 November 2015
Canadian private equity firm Clairvest Group recently realized its investment in Linen King LLC, a U.S.-based textile rental business that provides commercial laundry services to the healthcare and hospitality industries. The nature of the exit was not specified by Clairvest, which noted the event in its fiscal 2016 second quarter results. The firm invested US$8.6 million in Linen King in October 2011. Clairvest also exited Casino New Brunswick as a result of last month's sale to Great Canadian Gaming Corp.
4 min read · 13 November 2015
