Private Equity
Dundee Sarea, a private equity firm affiliated with Canadian holding company Dundee Corp, has secured an initial $112.5 million for its inaugural Dundee Sarea Acquisition 1 LP. The fund, which is targeted to raise over $200 million, reflects a partnership with the Caisse de dépôt et placement du Québec and RJR LP 2014, a Renaud family vehicle. Dundee Sarea plans to invest in mid-market companies in turnaround mode in North America and Europe. It will focus on manufacturing, distribution, industrial products, agriculture, energy and forestry-related industries. Fund I has made its first investment in Redecam Group, a U.S.-based air filtration business in the process of restructuring.
3 min read · 08 October 2015
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its tenth collateralized loan obligation (CLO) offering at about US$510 million. The transaction will be issued by a newly formed special purpose vehicle, backed by a diversified portfolio of syndicated leveraged loans. Onex has committed to buy and hold most of the equity for the life of the transaction. Upon the close of the offering, Onex Credit will manage more than US$6.5 billion, up from US$5 billion at the end of 2014.
2 min read · 07 October 2015
The privatization of Canadian specialty trailers manufacturer Manac Inc (TSX: MA) has been completed. As previously reported by PE Hub Canada, Manac agreed in August to be bought by a group made up of Marcel Dutil, the company’s founder, the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and Fonds Manufacturier Québécois. The deal valued Manac at $186 million. U.S. private equity firm American Industrial Partners was among the shareholders who signaled early agreement to the arrangement. Manac, which is based in Saint Georges, Québec, is expected to see its shares delisted from the Toronto Stock Exchange by October 8th.
3 min read · 07 October 2015
Brookfield Asset Management said it would spin off 35 percent of Brookfield Business Partners LP, which will own almost all of the asset manager's business services and industrial operations assets, Reuters reported. The Toronto-based firm said it would spin off the business by distributing a special dividend of about US$500 million, or 50 cents per share, to its shareholders in the form of partnership units.
1 min read · 07 October 2015
The Canadian affiliate of Big Rock Sports LLC has acquired KTL Canada Inc, a fishing tackle and outdoor recreation distribution company based in Mississauga, Ontario. No financial terms were disclosed. Based in Graham, North Carolina, Big Rock is an outdoor sporting goods distributor in North America. It said the acquisition will expand its presence in the Canadian market. Big Rock is a portfolio investment of U.S. private equity firm Bison Capital Asset Management. Bison and Big Rock management bought the business in 2007.
3 min read · 06 October 2015
Canadian mid-market private equity firm TriWest Capital Partners has appointed Dino DeLuca to the new position of chief operating officer (COO). DeLuca, who was previously a partner at law firm Burnet, Duckworth & Palmer LLP, will oversee a number of areas within TriWest, including administrative, finance, investor reporting and governance functions, as well as support of investment teams. As reported by PE Hub Canada in February, Calgary-based TriWest raised $500 million in the final close of its fifth fund, TriWest Capital Partners Fund V LP.
2 min read · 06 October 2015
Canadian oil and gas company Wild Wind Petroleum Inc has been launched with $123 million in equity funding. The investors are U.S. private equity firms Pearl Energy Investments and Natural Gas Partners (NGP). Based in Calgary, Wild Wind will be led by Executive Chairman David Beckwermert and President and CEO Bill Pollock. It will focus on the acquisition of oil and gas assets in Western Canada for the purposes of development and growth. Pearl's Billy Quinn and Chris Aulds and NGP's Brian Minnehan and Michael Voss will sit on the company's board of directors.
3 min read · 06 October 2015
IDI Gazeley, a.k.a. Brookfield Logistic Properties, has bought a portfolio of 13 logistics warehouses in the Netherlands. No financial terms were released. The portfolio, acquired from Eurindustrial NV, a Dutch real estate fund, includes 13 properties totaling over 190,000 square miles located across the Netherlands, including Amsterdam, Venlo, and Venray. The U.K.-based IDI Gazeley, an investor and developer of logistics warehouses and distribution parks, is owned by Brookfield Property Partners, an affiliate of Toronto-based Brookfield Asset Management.
3 min read · 05 October 2015
Bond Capital, recently named one of the world’s top performing mezzanine firms, has closed its fifth fund, earmarked for private debt and equity investments in mid-market companies in Western Canada and Northwestern United States. Vancouver-based Bond tied up Bond Capital Fund V LP in excess of $80 million in committed capital, which is more than twice the size of its predecessor.
3 min read · 05 October 2015
Canadian Solar Inc (NASDAQ: CSIQ) has purchased solar assets in Ontario from Kohlberg Kravis Roberts & Co (KKR). The enterprise value of the deal was $270 Million (US$203.7 Million). The acquired assets are three operating solar projects totaling 59.8 megawatts AC located in Sault Ste. Marie. Guelph, Ont.-based Canadian Solar, a solar power business, plans to assume the roles of both the owner and operator of the projects. In 2013, the infrastructure investment arm of KKR bought SSM Solar from an affiliate of Starwood Capital.
3 min read · 05 October 2015
