Private Equity
Capital régional et coopératif Desjardins (CRCD) has invested over $10 million in Courchesne Larose Ltd, operator of a distribution network for fruit and vegetable suppliers. CRCD provided the funding to support Courchesne Larose's purchase of 50 percent of the assets of Dandrea Produce Inc, a produce grower and importer based in Vineland, New Jersey. The deal was closed in August. A family business with a history that goes back to 1918, Courchesne Larose has its headquarters in Montréal. CRCD is a retail fund managed by Canadian private equity firm Desjardins Capital de risque.
2 min read · 03 November 2015
The Canadian affiliate of Australia's SomnoMed Ltd (SOM: ASX) has bought Strong Dental, the maker of a dental appliance that helps treat sleep disordered breathing. The acquisition's total consideration was $700,000. Patrick Strong, the owner of Leamington, Ontario-based Strong Dental, will as a result of the transaction assume responsibility for the day-to-day operations of SomnoMed Canada Inc. SomnoMed is a portfolio company of Australian private equity and venture capital firm Kestrel Capital. Kestrel recapitalized the business and has funded its growth.
3 min read · 03 November 2015
Canadian pension fund manager OPTrust, in partnership with Netherlands-based PGGM and U.K.-based Universities Superannuation Scheme, recently agreed to buy all of the shares of Globalvia Infraestructuras SA. The deal is priced at €420 million ($606 million). Headquartered in Madrid, Globalvia is a concession management business that oversees 29 projects, most of them focused on highways and railways. The sellers in the transaction are Fomento de Construcciones y Contratas and Bankia. OPTrust and the two other pension funds have backed Globalvia for several years.
3 min read · 02 November 2015
The Canadian Imperial Bank of Commerce said it saw no merit in a lawsuit filed against it by a special purpose vehicle controlled by U.S. private equity firm Cerberus Capital Management, Reuters reported. The lawsuit filed late last week in New York relates to an October 2008 transaction in which CIBC issued a limited recourse note to Cerberus, which significantly reduced its exposure to the U.S. residential real estate market, during the depths of the financial crisis. CIBC says it had satisfied all its obligations by making 84 monthly payments totaling more than US$1.24 billion.
1 min read · 02 November 2015
Campus Crest Communities Inc (NYSE: CCG), which last month agreed to be acquired by Harrison Street Real Estate Capital for US$1.9 billion, has closed the sale of its evo Montréal joint venture. Evo is a student housing facility. As a result, Campus Crest now has no interests outside of the United States and has been released from a $56 million debt guarantee associated with the joint venture. The October agreement with Harrison Street accounted for the sale.
6 min read · 02 November 2015
Canadian Natural Resources Ltd has discussed spinning off royalty assets with some pension plans and strategic buyers, sources told Reuters. The company has engaged with the Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan and PrairieSky Royalty Ltd, said the sources. The value of the assets is estimated to range from $1 billion to $2.5 billion.
2 min read · 02 November 2015
MidOcean Partners has completed its sale of Noranco Inc to Precision Castparts Corp (NYSE: PCP). No financial terms were disclosed; however, as reported by PE Hub Canada in July, Precision said it had agreed to pay US$560 million for the business. Lazard advised Noranco on the transaction. Based in Toronto, Noranco is a supplier of complex machined components and assemblies for the international commercial and military aerospace sectors. Its sale also provided an exit to Canadian pension fund manager PSP Investments, which partnered with MidOcean in acquiring Noranco in April 2013.
2 min read · 02 November 2015
Australian logistics firm Qube Holdings Ltd said it and partners had bought a near 20 percent stake in freight firm Asciano Ltd, seeking to block a US$6.5 billion bid from Brookfield Asset Management, Reuters reported. Qube said it had picked up the stake with Global Infrastructure Partners and the Canada Pension Plan Investment Board.
2 min read · 30 October 2015
GFL Environmental Inc has agreed to acquire Matrec Services Inc, a solid waste business owned by Canadian trucking and logistics provider TransForce Inc (TSX: TFI). The deal, expected to close in early 2016, is priced at $800 million and will be funded in part by the issue of GFL shares to TransForce. Vaughan, Ontario-based GFL said the acquisition will make it one of the largest independent waste management companies in Canada and will facilitate its entry into Québec and Eastern Ontario. Backed by Hawthorn Equity Partners and Highbridge Principal Strategies, the company bought a group of Ontario-focused excavation and demolition businesses in July.
4 min read · 30 October 2015
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, has agreed to invest $140 million in a renovation project planned for Fairmont The Queen Elizabeth, a major hotel located in downtown Montréal. The hotel will close in mid-2016 until the project is completed in June 2017. Earlier this month, Ivanhoé partnered with the Blackstone Group to acquire New York's Stuyvesant Town and Peter Cooper Village.
5 min read · 29 October 2015
