Private Equity
Martin Schady, a partner at Canadian mining private equity firm Magris Resources, has been appointed to the board of directors of First Quantum Minerals Ltd (TSX: FM). Schady has spent the past 25 years working at a number of metals and mining companies, including Barrick Gold Corp. Earlier this year, Magris led the US$500 million acquisition of Iamgold Corp's Niobec niobium mine north of Québec City.
2 min read · 29 September 2015
Cadillac Fairview Corp Ltd, the commercial real estate arm of the Ontario Teachers' Pension Plan (OTPP) has acquired a 25 percent stake in a development joint venture in Mexico. No financial terms were released. The venture holds interests in six premium quality retail-office mixed-use projects under development in Veracruz, Queretaro, Mexico City and Leon. Cadillac Fairview is partnering with a group of Mexican investors led by Grupo Sordo Madaleno, an architecture and real estate development firm.
3 min read · 29 September 2015
Affiliates of Gibraltar & Co Inc have filed a final prospectus with Canadian securities regulatory authorities for the initial public offering of Gibraltar Growth Corp, a special purpose acquisition corporation (SPAC). The offering will seek to raise up to $115 million in gross proceeds, including proceeds obtained from an over-allotment option granted to underwriters. As previously reported by PE Hub Canada, the Gibraltar SPAC is focused on acquiring and growing consumer-facing companies in North America with an enterprise value of up to $750 million. The offering is expected to close on or about October 2nd.
6 min read · 29 September 2015
British private equity firm Apax Partners has agreed to acquire an interest in Ideal Protein, a Canadian proprietary weight loss and wellness solutions company. No financial terms were disclosed. Gatineau, Québec-based Ideal Protein has developed a comprehensive protocol for helping individuals achieve and maintain their weight-loss goals. Founded in 2004 by Dr. Tran Tien Chanh, it has partnered with more than 3,000 physician offices, medical clinics, multi-provider practices, chiropractors and pharmacies in Canada and the United States. The partnership with Apax, intended to support the acceleration of Ideal Protein's global growth, is expected to close in the coming weeks.
4 min read · 28 September 2015
Burger King France, a master franchisee of the Burger King brand in France, has proposed to acquire Quick Group, a quick service restaurant business operating mainly in France, Belgium and Luxembourg. The deal, the financial terms of which were not released, is expected to close this year. Burger King France is owned by Groupe Bertrand and Restaurant Brands International Inc (TSX, NYSE: QSR), the Oakville, Ont.-based parent of Tim Hortons Inc and Burger King Worldwide Inc, which were combined by 3G Capital for $12.6 billion in 2014. Burger King France is buying Quick from Qualium Investissement, a French private equity firm.
5 min read · 28 September 2015
Japan's Nipro Corp (TYO: 8086) has agreed to acquire Infraredx Inc, a cardiovascular imaging company focused on the diagnosis of coronary artery disease. Infraredx, which is based in Burlington, Massachusetts, is a portfolio investment of Canadian specialty finance firm Difference Capital Financial (DCF). DCF invested US$5 million in convertible debentures of the company and said it expects to receive about that amount from the deal, subject to certain conditions. Earlier this month, DCF sold its majority interest in WorldGaming.
3 min read · 25 September 2015
Great Canadian Gaming Corp has received government approvals for its purchase of Casino New Brunswick, a casino, hotel and multi-use entertainment and convention centre located in Moncton. The deal, valued at about $95 million, is expected to close early next month. The sellers are Canadian private equity firm Clairvest Group and Sonco Gaming New Brunswick LP. Clairvest said it expects to receive gross proceeds of about $55 million from the transaction.
4 min read · 25 September 2015
Claude Resources Inc (TSX: CRJ) has repaid a $25 million special situations loan provided by Crown Capital Partners, a Canadian specialty finance firm. Crown Capital extended the debt facility to the Saskatoon-based company in April 2013. Claude Resources is a fully integrated gold mining business with assets located in northern Saskatchewan. Crown Capital this month raised an initial $100 million for its fourth debt and quasi-equity fund, Crown Capital Fund IV LP.
2 min read · 25 September 2015
Canadian specialty finance firm Crown Capital Partners has initially closed its fourth special situations debt fund, Crown Capital Fund IV LP. Fund IV secured $100 million, meeting its first close target. The Calgary-based firm is seeking $300 million in total for the fund. It said additional closings will occur within the next three years as deal opportunities are identified. As reported by PE Hub Canada in June, Crown Capital has been pursuing a two-track fundraising process that includes proceeds obtained through its initial public offering (IPO). The IPO was completed in July. Capital raised from both sources will support the firm's expanded program for investing debt and quasi-equity in mid-market companies.
4 min read · 25 September 2015
Total Energy Services Inc (TSX: TOT) has decided it will not proceed with a previously-announced plan to buy Strad Energy Services Ltd (TSX: SDY), a Calgary-based well-site infrastructure solutions provider. The company said Strad implemented a shareholder rights plan, or "poison pill", that requires a takeover bid to remain open for 120 days in order to qualify as a "permitted bid". The plan's length poses undue risk, Total said. Canadian private equity firm Richardson Capital has invested in Strad in the past. It continues to hold an interest in the business.
3 min read · 24 September 2015
