Private Equity
Canadian private equity firm Tuckamore Capital Management has sold its interest in Gemma Communications, a Toronto-based provider of call centre outsourcing solutions. The total consideration was about $7 million. The buyer was DealNet Capital Corp (TSX-V: DLS). DealNet said the acquisition will lower costs for its consumer finance business and expand its operational footprint. Last year, Tuckamore's management attempted to acquire the publicly-traded firm in a deal backed by Birch Hill Equity Partners. The deal was terminated in July.
3 min read · 01 October 2015
Shareholders of Manac Inc (TSX: MA) have approved the previously-announced acquisition of the company by Québec investors and the Dutil family. In August, Saint Georges, Québec-based Manac, a manufacturer of specialty trailers in North America, agreed to be taken private by a consortium that is made up of Marcel Dutil, the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and Fonds Manufacturier Québécois. The deal, which is expected to close this month, values the business at $186 million.
5 min read · 01 October 2015
Canadian real estate private equity firm Tricon Capital Group has cancelled the previously-announced initial public offering (IPO) of its affiliate Tricon Investment Partners (TIP). Tricon President and CEO Gary Berman cited "market conditions" as the reason for not proceeding with the offering, which was priced to raise gross proceeds of about $140 million. TIP was intended to be the firm's platform for land and home-building investment activity in North America, carrying on and replacing the activity of Tricon's private funds.
3 min read · 01 October 2015
The Canada Pension Plan Investment Board (CPPIB) has agreed to partner with Wolf Infrastructure Inc to form a midstream energy infrastructure vehicle focused on opportunities in Western Canada. Wolf will identify and evaluate opportunities for the vehicle to acquire, expand and develop midstream assets supporting natural gas and oil and natural gas liquids production. CPPIB will provide the funding for acquisitions and the development of assets. It said the vehicle will initially invest more than $1 billion. The team at Calgary-based Wolf most recently led Mistral Energy Inc, which has been backed by U.S. private equity firm Riverstone Holdings.
3 min read · 30 September 2015
D.S. Handling Systems Ltd has agreed to purchase the royalty owned by Grenville Strategic Royalty Corp. The deal is the result of the company's acquisition by Monteco Ltd, a Toronto-based strategic capital firm. Based in Orangeville, Ontario, D.S. Handling is a designer and manufacturer of package and pallet conveyor handling systems. Grenville, a Canadian royalty financing firm, invested $1 million in the family business to facilitate a change in ownership.
7 min read · 30 September 2015
Crown Capital Partners, which recently secured $100 million for the initial close of its fourth fund, has provided $15 million in subordinated debt funding to Petrowest Corp (TSX: PRW). Headquartered in Grande Prairie, Alberta, Petrowest was founded in 2006. Businesses that operate under its umbrella provide pre-drilling and post-completion services to the energy industry, as well as general contracting and earth moving, transportation services, contract aggregate crushing, and heavy equipment rentals. Crown Capital, a Canadian specialty finance firm, extended $25 million in debt refinancing to Petrowest in June 2011.
3 min read · 30 September 2015
InstarAGF Asset Management is seeing stronger-than-expected demand from institutional investors for its flagship infrastructure fund and is confident it will close the first round of fundraising by year end, Chief Executive Gregory Smith told Reuters. Toronto-based InstarAGF plans to raise between $400 million and $450 million in the first close of its $750 million-targeted fund.
2 min read · 30 September 2015
Canadian Pacific Railway Ltd (TSX, NYSE: CP) has bought Steelcare Inc, a supplier of handling, transportation, transloading and storage of products for the domestic steel and metals industry. The value of the acquisition was not disclosed. Canadian Pacific said the deal will help it better equip and manage its supply chain and utilize the company's in-house expertise. It will also result in projected yearly revenue of about $10 million, Canadian Pacific said. Based in Hamilton, Ontario, Steelcare was a portfolio investment of Canadian private equity firm Argosy Partners.
4 min read · 29 September 2015
Plasco Energy Group Inc has been bought by RMB Advisory Services Inc, a firm owned by Roderick M. Bryden. Bryden, who is Plasco's founder, has been appointed chairman and CEO of the company, roles he previously held. No financial terms were released. Ottawa-based Plasco, a waste-to-energy technology company, filed for creditor protection in February and was acquired by its secured creditors, North Shore Power Group Inc and Canadian Water Projects Inc. Over the years, it has raised about $250 million in private equity and venture capital, according to Thomson Reuters. Its most recent backers have included Ares Management, Killick Capital and Soros Fund Management.
3 min read · 29 September 2015
Canadian private equity firm Yellow Point Equity Partners has closed its fourth buyout fund, ear-marked for investments of between $10 million to $35 million in mid-market companies. The amount raised by Yellow Point Equity Partners IV LP was not published. The Vancouver-based firm also announced Fund IV's debut investment in Edo Japan, a fast-casual Japanese restaurant franchisor. Founded over 35 years ago in Calgary, Edo Japan today has more than 100 locations across Western Canada. Its partnership with Yellow Point will focus on its continued growth. Yellow Point's other portfolio investments include Bravo Oilfield Safety Services Inc, a safety solutions provider to the energy industry.
3 min read · 29 September 2015
