Private Equity
Midway Gold Corp has agreed to sell its 30 percent interest in a Spring Valley joint venture to Waterton Global Resource Management, a Canadian mining-focused private equity firm. The deal, which is expected to close by December 15, will reflect a minimum price of US$25 million. Waterton agreed to buy the other 70 percent of the joint venture from Barrick Gold Corp this week. The Spring Valley deposit is a large, porphyry hosted gold resource located in the Spring Valley Mining District of Pershing County, Nevada. Waterton already has a substantial portfolio of assets in the state.
5 min read · 13 November 2015
Shoes.com, a portfolio company of Canadian merchant bank Hardy Capital Partners, has bought Richer Poorer, a U.S.-based provider of socks, underwear and other accessories for men, women and kids. No financial terms were disclosed. Roger Hardy, co-founder and CEO of Shoes.com, said the deal is a "natural extension" of the company's online footwear business and shows its interest in expanding into the accessories and apparel categories. Vancouver-based Shoes.com has been part of several acquisitions made by Hardy Capital since mid-2014. In May, the company said it aimed to go public following a $45 million private placement.
3 min read · 12 November 2015
A division of IPS Corp has acquired the solvent cement assets of Schwartz Chemical Corp, a Canadian provider of solvent cements, primers and cleaners used in plumbing projects. No financial terms were disclosed. IPS, a U.S.-based manufacturer of solvent cements, specialty plumbing products and specialty adhesives, said the deal is part of its Canadian growth strategy. IPS was acquired by U.S. private equity firm Nautic Partners in February.
2 min read · 12 November 2015
Canada Pension Plan Investment Board, one of the world's biggest pension funds, reported gross investment returns of 1.6 percent in its fiscal second quarter on Thursday, driven largely by a boost in net investment income, Reuters reported. CPPIB said it ended the period on September 30 with net assets of $272.9 billion.
2 min read · 12 November 2015
GDI Integrated Facility Services Inc (TSX: GDI), a portfolio company of Canadian private equity firm Birch Hill Equity Partners, has closed its buy of Ainsworth Inc, a subsidiary of CEDA International Corp. The previously announced deal was priced at $20.5 million. Toronto-based Ainsworth is a provider of a range of technical services to building clients across Canada. Montréal-based GDI, a provider of janitorial and related commercial facility services, completed a going public transaction in May.
3 min read · 12 November 2015
Canadian online investment platform NexusCrowd has collaborated with Downing Street Realty Partners on a $12 million real estate project in the Greater Toronto Area (GTA). Downing Street, a Canadian real estate investment manager and merchant bank, is the lead investor in the project, which will focus on redeveloping three industrial properties in the region. NexusCrowd is raising $500,000 from accredited investors for the initiative. In September, NexusCrowd completed its first transaction, which involved a $100 million retail mall development in the GTA.
4 min read · 12 November 2015
Barrick Gold Corp said it will sell its stake in four non-core assets in Nevada for US$720 million, putting the Canadian mining business firmly on track to meet its 2015 debt-reduction target amid a multi-year slump in gold prices, Reuters reported. One of the buyers of the Nevada assets is Canadian mining-focused private equity firm Waterton Global Resource Management.
2 min read · 12 November 2015
Mark Anthony Group Inc has agreed to sell certain beer and cider brand rights and other assets to Belgium's Anheuser-Busch InBev (AB InBev). The brands, all created by Vancouver-based Mark Anthony, include Mike's Hard Lemonade, Palm Bay, Okanagan Premium Ciders and Stanley Park Beers. Mark Anthony did not disclose the deal's financial terms; however, Reuters reports AB InBev agreed to pay US$350 million. Upon the close of the deal in the coming months, Mark Anthony said it plans to focus on its wine and spirits business. AB InBev has been a portfolio investment of U.S. and Brazilian private equity firm 3G Capital since 1989.
3 min read · 11 November 2015
New Flyer Industries Inc (TSX: NFI) has agreed to buy Motor Coach Industries International Inc (MCI), a manufacturer of intercity coaches in North America. New Flyer agreed to pay US$455 million ($603 million) in cash to MCI's current owner U.S. private equity firm KPS Capital Partners. The deal is expected to close by the end of the year. Winnipeg-based New Flyer, a maker of heavy-duty transit buses, said the acquisition will provide it with growth and diversification opportunities, as well as potential synergies and new sources of collaboration. KPS bought Des Plaines, Illinois-based MCI in 2010. New Flyer was backed by Harvest Partners between 2004 and 2008.
9 min read · 11 November 2015
British private equity firm Hilco Capital says production at the Toronto factory of Tilley Endurables has risen since Hilco bought the Canadian hat and clothing maker this past summer. Tilley also has new leadership with the recent hire of former New Balance executive Andrew Prendergast as president and CEO.
2 min read · 11 November 2015
