Private Equity
Mark Sturrock has been hired by Monroe Capital to help expand its presence in the Canadian market. Based in Toronto, Sturrock will lead origination efforts in Canada on behalf of Monroe, a U.S. provider of senior and junior debt and equity co-investments to mid-market companies across North America. Before joining Monroe, Sturrock worked at Salus Capital Partners as a senior managing director. He has nearly 30 years of experience in the Canadian debt market, asset-based lending, commercial lending and international trade.
2 min read · 29 October 2015
The Canada Pension Plan Investment Board (CPPIB) has invested money with hedge fund firm Engineers Gate, its latest bet on so-called "quant" managers whose market bets are guided by elaborate computer algorithms, Reuters reported based on a recent disclosure. The size of the CPPIB investment in New York-based Engineers Gate wasn't clear. As of June, the firm had invested a total of US$645.7 million, including borrowed funds.
2 min read · 29 October 2015
Brookfield Property Partners LP has sold a 44 percent stake in its US$4.5 billion development on Manhattan's west side to the Qatar Investment Authority (QIA) in a project it said would be worth almost double that when completed, Reuters reported. Terms of the deal, which included forming a joint venture with the Qatari sovereign wealth fund, were not announced. Earlier this year, Brookfield and QIA partnered in London's Canary Wharf business district.
1 min read · 29 October 2015
Hong Kong’s Johnson Electric Holdings Ltd has completed its acquisition of Stackpole International, a Canadian supplier of engine and transmission pumps and powder metal components, primarily for automotive applications. The all-cash transaction valued Stackpole at $800 million. Stackpole, which will remain based in Ancaster, Ontario, was sold by an investor group led by U.S. private equity firm Crestview Partners. As reported by PE Hub Canada in August, Crestview was expected to see a more than 30 percent internal rate of return from the sale. Crestview and CITIC Capital bought the company from the Sterling Group for US$500 million in 2013. It was carved out of Gates Canada in 2011.
3 min read · 29 October 2015
The private equity arm of the Ontario Municipal Employees Retirement System (OMERS) is mulling a potential sale of Marketwired LP, a company that distributes press releases, sources told Reuters. OMERS Private Equity has been working with Bank of Montreal to explore potential options for Marketwired, which could be valued at as much as US$200 million.
2 min read · 29 October 2015
3 min read · 29 October 2015
U.S.-based EdgeMarc Energy Holdings LLC has closed an incremental US$300 million equity commitment, bringing its total commitments to over US$750 million. Teachers' Private Capital, the private equity investment arm of the Ontario Teachers’ Pension Plan, contributed to the latest deal, joining Goldman Sachs, an existing backer of the company. EdgeMarc is an explorer and producer of natural gas and natural gas liquids in Ohio and Pennsylvania. Founded in 2012, it has acquired 50,000 net acres in these states for drilling and production purposes.
3 min read · 27 October 2015
The Canada Pension Plan Investment Board (CPPIB) has acquired a 10.6 percent interest in a portfolio of logistics properties in the United States for US$350 million. CPPIB formed a joint venture with Global Logistic Properties Ltd (GLP) and three other institutional investors to own the portfolio at the same valuation GLP used when it bought its stake in February. The portfolio comprises 722 logistics assets, including warehouses, business parks and light industrial assets, located across the United States. Earlier this month, CPPIB entered into a partnership to invest in logistics assets in the United Kingdom.
2 min read · 27 October 2015
The Canada Pension Plan Investment Board, one of the country's largest pension fund managers, has opened an office in Mumbai as it scouts for investment opportunities on the Indian subcontinent, Reuters reported. CPPIB, which has already committed to invest more than US$2 billion in India, sees its long investment horizon aligning with the financing needs of India's economy.
1 min read · 27 October 2015
The Canada Pension Plan Investment Board (CPPIB), U.K.-based private equity firm BC Partners and co-investors have agreed to commit to about 30 percent of the equity in Altice's proposed US$17.7 billion acquisition of Cablevision Systems Corp, a U.S. cable operator. CPPIB and BC Partners said they are exercising their option to participate as part of an agreement to sell their majority interest in Suddenlink to Altice earlier this year. They will each fund 12 percent of the deal for about US$400 million each, with co-investors taking the balance. The transaction is expected to close in the first half of 2016.
3 min read · 27 October 2015
