Private Equity
Brazil's OAS Investimentos SA, whose parent company is under creditor protection, agreed to sell a 24.4 percent stake in Invepar to Brookfield Asset Management, a source told Reuters, in a key step aimed at staving off bankruptcy. Creditors of the parent company approved the sale under the condition that Brookfield dropped a plan to extend a debtor-in-possession loan.
2 min read · 10 November 2015
The battle for Australian stevedoring and rail giant Asciano Ltd has escalated after ports business Qube Holdings Ltd made a US$6.3 billion offer that narrowly beats a rival bid from Brookfield Asset Management, Reuters reported. One of Qube's institutional partners is Canada Pension Plan Investment Board.
3 min read · 10 November 2015
Gary Jonas Computing Ltd, a subsidiary of Constellation Software Inc (TSX: CSU), has acquired the assets of PAR Springer-Miller Systems' hotel technology business from PAR Technology Corp (NYSE: PAR). No financial terms were released. Founded in 1984, Springer-Miller has a presence in hotel and spa markets in North America, Europe and the Asia-Pacific region. Toronto-based Constellation, an acquirer, manager and builder of vertical market software businesses, is a portfolio investment of OMERS Private Equity.
2 min read · 09 November 2015
G.C. Andersen Partners Capital LLC, an affiliate of New York investment bank G.C. Andersen Partners LLC, has provided a senior credit facility of $80 million to support G. Cooper Equipment Rentals Ltd's purchase of SMS Rents. The deal, announced last month, will see Cooper acquire the Canadian rental equipment services provider by the end of the year. G.C. Andersen is the exclusive financial advisor to Cooper on the deal. Toronto-based Cooper is a portfolio company of Canadian private equity firm SeaFort Capital.
3 min read · 09 November 2015
Canadian Natural Resources Ltd will sell most of its royalty assets to PrairieSky Royalty Ltd in a $1.8 billion (US$1.4 billion) deal, joining other oil producers in shedding assets to weather a slump in crude prices, Reuters reported. It was previously reported that Canadian Natural was in talks with Canada Pension Plan Investment Board, Ontario Teachers' and PrairieSky to offload its royalty assets.
2 min read · 09 November 2015
The Institutional Limited Partners Association (ILPA) has named Tanya Carmichael as chair of its board of directors. Carmichael is the director of global funds, private capital at Ontario Teachers' Pension Plan. Before joining Ontario Teachers in 2006, she was an executive director in CIBC World Markets' private equity funds group. Toronto-based ILPA is a member-driven organization focused on promoting the interests of private equity limited partners.
2 min read · 06 November 2015
Canadian private equity firm Catalyst Capital Group plans to invest a minimum of $10 million in the education of insolvency and corporate restructuring professionals. It has committed an initial $2.5 million to the law school of London, Ontario-based Western University to develop a program covering both students and professionals. Newton Glassman, founder and managing partner of Catalyst, said the firm believes it is “part of our responsibility to support the education of all stakeholders in this critical area of Canada’s credit markets.”
3 min read · 06 November 2015
U.S. private equity firm Warburg Pincus has agreed to acquire ITG Investment Research, the Calgary-based energy financial research group of ITG (NYSE: ITG). Under the terms of the agreement, Warburg Pincus will pay US$120.5 million in cash. It plans to invest in the energy research group to enhance its product offering and service capabilities, and to continue its growth for institutional and oil and gas clients. The deal is expected to close by the end of the year.
4 min read · 06 November 2015
Brookfield Asset Management shelved a US$6.5 billion buyout agreement with Australian port and rail giant Asciano and said it will launch a formal takeover offer instead, threatening a rival proposal and raising the antitrust regulator’s role in deciding the outcome, Reuters reported. Qube Holdings Ltd and its partners bought a 20 percent stake in Asciano in October.
2 min read · 06 November 2015
IAM Private Debt Group, an affiliate of Integrated Asset Management Corp (TSX: IAM), has wrapped up fundraising for its fifth private corporate debt fund. Fund V, which raised an initial $385 million in October, secured $672 million of committed capital in a final close. It is the largest fund yet raised by IAM Private Debt Group, which has accounted for over $2.4 billion since 2004. Fund V will show continuity with past funds, making fixed rate, fixed term loans to mid-market opportunities in Canada. Typical uses of the capital include refinancings, acquisitions, plant modernization or expansion, management buyouts and project financing.
3 min read · 05 November 2015
