Private Equity
Roots Canada, one of the country's most recognizable clothing brands, said its co-founders have sold a controlling stake in the company to U.S. private equity firm Searchlight Capital Partners to spur the brand's next phase of growth, Reuters reported. Co-founders Michael Budman and Don Green will remain actively involved in the company and will be substantial investors.
1 min read · 26 October 2015
Canadian buyout and related private equity deal-making was robust in the first three quarters of the year, despite a slower Q3 2015, according to final data released by Thomson Reuters. Disclosed deal values hit $16.1 billion at the end of September, a result that exceeds full-year totals of six of the past seven years. In all, 306 deals were done in this period, on pace with the same time in 2014. Canadian private equity investors have also been increasingly active in international deals of late. To date this year, they have led or participated in 113 foreign deals with a total value of $125 billion. Fundraising in the domestic market collected $6.8 billion in the first nine months of 2015, which is down year over year.
4 min read · 26 October 2015
Canadian private equity firm Ironbridge Equity Partners recently agreed to purchase all of the assets of Advance Engineered Products Ltd, a designer and manufacturer of tank truck and trailer equipment. The source of the news was an August website post by Krohnert Industries Inc, a distribution partner to the company. No financial terms were noted. Ironbridge also agreed to acquire the shares of Dumur Industries, an Advance affiliate, the post said. Regina, Sask.-based Advance, founded in 1984, was granted protection under the Companies' Creditors Arrangement Act (CCAA) in April.
2 min read · 26 October 2015
PaperWorks Industries Inc, which in July bought CanAmPac ULC, said it plans to consolidate all of its Canadian folding carton production into a manufacturing facility in Kitchener, Ontario. The facility was previously a division of CanAmPac, a paperboard and consumer packaging supplier. PaperWorks said it will invest more than $11 million over the next year to expand operations in Kitchener. Based in Philadelphia, Pennsylvania, the company is backed by U.S. private equity firm Sun Capital Partners.
2 min read · 23 October 2015
Concordia Healthcare Corp (NASDAQ: CXRX, TSX: CXR) has completed its purchase of Amdipharm Mercury Ltd, a London, U.K.-based pharmaceutical company. The deal, announced in September, was valued at US$3.3 billion, including debt. The sellers included European private equity firm Cinven, which as a result of the transaction will assume a 14.2 percent investment stake in Concordia. Concordia, which has its headquarters in Oakville, Ontario, said the acquisition has diversified its drug portfolio and increased its size to more than 200 products sold in over 100 countries.
7 min read · 22 October 2015
Canadian mid-market private equity firm Birch Hill Equity Partners recently promoted Andrew Fortier to partner. Fortier, who joined Birch Hill in 2011, played a leadership role in three portfolio investments: Shred-it International Inc, GDI Integrated Facility Services Inc and Marsulex Environmental Technologies Corp. All three companies have been involved in liquidity events of late. Shred-it, for example, was acquired earlier this month by Stericycle Inc for US$2.3 billion, while GDI went public in May. Fortier was previously a vice president at U.S. private equity firm Audax Group.
2 min read · 22 October 2015
Corsa Coal Corp (TSX-V: CSO), a supplier of premium quality metallurgical coal, has entered into a private placement deal to generate gross proceeds of US$7.25 million. The investors include its majority backer, U.S. private equity Quintana Capital Group, as well as Canadian private equity firm Sprott Resource Corp, and two vehicles controlled by a trust settled by the late Adolf H. Lundin. Corsa also agreed to amendments to a US$25 million credit agreement with Sprott Resource Lending Corp. Based in Canonsburg, Pennsylvania, the company has an office in Toronto. Last year, Sprott Resource invested in Corsa's purchase of PBS Coals Ltd.
6 min read · 22 October 2015
Calgary-based Steelhead Petroleum Ltd has been launched with initial financing from ARC Financial Corp, a Canadian energy private equity firm. The investment's value was not disclosed, however, Steelhead said it is looking to deploy about $150 million to $200 million of equity to capture and develop quality oil resource opportunities. It plans to focus on conventional assets with large original oil in place and low declines that can be optimized through full-cycle field development. Chris Seasons, a senior advisor and director of ARC, will chair Steelhead's board of directors. In June, ARC closed its eighth fund, ARC Energy Fund 8, at $1.5 billion in committed capital.
2 min read · 22 October 2015
Educational publisher Nelson Education Ltd has appointed a full slate of board directors, following the sale of the company to its financial investors, effective October 1st. As reported by PE Hub Canada in June, Nelson, which recently obtained creditor protection, agreed to yield control of the business to its first lien lenders. The new board reflects senior representatives of these lenders, which include Ares Management, Mudrick Capital Management and Sound Point Capital Management. Toronto-based Nelson and its U.S.-based affiliate Cengage Learning were bought by Apax Partners and OMERS Private Equity in 2007.
6 min read · 21 October 2015
Belleville, Ontario-based Strathcona Energy Group, a holding company focused on renewable energy solutions, has raised US$250 million in construction funding. The backer was 1784 Solar LLC, which is managed by U.S.-based solar investment firm 1784 Capital Holdings. Strathcona said the proceeds of the deal will help complete the construction and installation of commercial solar projects.
2 min read · 21 October 2015
